Loans against property are secured loans offered based on the value of the collateral property. Borrowers can seek loans by attaching any residential, commercial, or industrial property owned by them as a guarantee for their short-term immediate need of funds. The article provides an ultimate guide for easy instant loans against property.

Research Thoroughly

Loans against properties are large mortgages, and comparing applicable interest rates, processing fees, charges, and tax deductions is crucial for borrowers before finalizing the right lender. It is convenient for them to visit the lender’s official website to avail of interest rates and an online loan against property EMI calculator.

Maximum LTV Ratio

While comparing the interest rates on loans, applicants must ensure they fetch the lending institution that offers the maximum loan amount toward the collateral property. The LTV (Loan-To-Value) ratio represents the amount of loan available based on the market value of the property.

Loan Eligibility and EMIs

Once the right lending partner is selected, the eligibility criteria as per the institution must be confirmed. A loan against property EMI calculator for pre-calculation of monthly installments is easily available in the loan against property instant apply section.

Prepare Necessary Documents

When applicants follow a loan against property instant apply online option, they necessarily need soft copies of all the documents like identity proofs, address proofs, bank statements, property registration documents, ownership proofs, and declaration deeds related to the property. Keeping documents prepared fastens the loan application procedure.

Verification and Approval

After the documents are submitted, the institution verifies them and forwards the process for KYC verification which is the mandatory practice promoted by the Government of India. The successful KYC verification is forwarded for final approval and according to the institutional process, the loan amount is credited to the borrower’s account.

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