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Have a property and want to start a new business by pledging that property?
Loan against your property is known as Mortgage loan. If you own a house you can give it up as collateral and get required finance for your business.
Loans are provided by the lender which is a financial institution such as a bank or a mortgage company. There are two types of loan widely offered to customer:
Fixed interest rate loan: It is the type of loan where interest rate remains constant for the life of the loan.
Fluctuating/Variable interest rate loan: It is the type of loan where the interest rate is fixed for the period but then it fluctuates with the market interest rates.
Loan Against Property Eligibility Criteria for Salaried Individuals:
Loan eligibility requirements for salaried individuals include:
Note that the home loan qualifying requirements are only a guideline and may include additional requirements.
Loan Against Property Eligibility Criteria for Self-Employed Individuals:
Loan eligibility requirements for self-employed individuals include:
Note that the home loan qualifying requirements are only a guideline and may include additional requirements.
A loan against property are the most preferred secured loans in India as applicant are free to use the fund as they deem fit.
Provide any of the following as collateral for the mortgage loan:
The first step is filling the application form with all the relevant personal details.
The next step is to document submission.
Next comes the document processing and verification. In this step they will also conduct a credit enquiry to check your CIBIL score and credit report. Your loan application shall move to next step only if the the authority finds that the CIBIL score and credit rating is satisfactory.
You will receive the sanction letter after the successful completion of all the above steps. Sanction letter mainly contains the following details:
• Loan amount
• Rate of interest
• Tenure of repayment
• Type of interest rate
You need to sign the sanction letter and send it to the lender to accept their offer.
You need to pay one time secure fee after you sign the sanction letter.
The lender shall perform legal and technical check before disbursing your loan through their representative.
You will receive the final agreement after the lender has performed all their checks. Finally the loan get disbursed into your account.
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