A loan against property is the loan availed by pledging an immovable property as collateral with a lender. The property can be residential or commercial. One can easily avail of loans up to 3 crores using the loan against property.

Conditions To Fulfil While Availing a Property Loan

You can avail loan against a property if you meet some eligibility terms, such as:

1. You can pledge properties that are residential in nature. It is not a problem if your property Is occupied by tenants and is rental in nature.
2. You can also avail loan against property using a land property type
3. Commercial properties can be used as collateral during loan against property application provided your documents are clear,
4. You need to have a stable income and be an employee of an established MNC, private sector or public sector.
5. You need to have a high CIBIL score of up to 750 or above.
6. Your age needs to be between 21 to 60
7. You need to be a resident citizen of India.
8. If you are self-employed, you need to show a steady source of profits for two years.

You can use a free online loan against property LTV calculator to understand the maximum loan against property eligibility based on the nature and value of your property.

To apply for a loan against a property, you can install your lender’s app and follow three to four steps. The loan will be credited in lesser time than usual due to the digital processing of documentation.

Additional Read: How to Avail a Loan Against Property Without Income Proof?