If you are facing a cash crunch and are wondering what to do, it is time to relax! The good news is that now you can leverage your existing commercial, residential, or immovable property to avail of a loan against it easily. It is quite easy to get a loan against property, provided you meet all the requirements and the eligibility criteria. Since these are secure loans, the interest rate on these loans is lower than the others and offers a longer loan repayment tenor. As they have no usage restriction either, they can be used for business and personal requirements which is an added advantage. Thus, to get a loan against property easily, follow the given ways.

Documents Required for a Loan Against Property

To get a loan against property one must fulfill certain requirements and criteria. Given below are the documents required for property loan for quicker loan disbursal:

• ID proof of the loan applicant – like an Aadhaar card/PAN card/Passport/Voter’s ID/Driving license
• Proof of residence of the loan applicant – Electricity bills, Phone bills, etc.
• Pay Slip of the applicant for the last 3 months
• Latest bank statement 
• ITR Certificate 
• Property Documents – Title deed/Agreement/property tax receipts, etc.

** Please note at the time of processing the loan some additional property loan documents may be required. In such a case the lending bank’s representatives may communicate with the borrower for the same.

Eligibility Criteria for a Loan Against Property

To avail of a loan against property, the following eligibility criteria must be fulfilled. 

Self-Employed Applicants:

• The concerned loan applicant must be an Indian citizen.
• The age limit of the borrower must be between 25 years and 70** years for self-employed people.
• Will need to show business continuity of a minimum of 5 years. 
• The property to be mortgaged must be owned by the borrower.
• A good CIBIL score of more than 750 is a must.

** The higher limit of the age is the age considered at the time of loan maturity.

Salaried Employees

• Must be an Indian citizen.
• The age limit for the borrower is in between 23 years and 62** years for salaried applicants.
• 3 years of minimum work experience in an MNC or private/public sector firm must be shown for salaried borrowers.
• The mortgaged property must be owned by the applicant
•  A CIBIL Score of 750 plus is mandatory.

Summing Up

Thus, the above-mentioned ways can help you get a loan against property easily and at lower interest rates. You can either apply for it online or visit the nearest branch of the lender. Make sure you have all the property documents with you and fulfill the mentioned eligibility criteria to enjoy access to an easy loan against property. However, always keep in mind that your asset here is stake and defaulting loan repayment could lead to a loss of the asset. Thus, it is easy to get a loan against property but the borrower must also have a plan for repayment to enjoy its benefits.