posted on 2019-09-14 11:42:23 by Admin
If you own a property, and you require some extra financial support, then you can utilize your property to cope up with your needs. You must be familiar with the fact that the requirement of funds other than the fixed monthly income is a common experience, especially with the increasing demands each day.
You can apply for a loan against property in case of a financial emergency at any point in time. It is a secured loan, taken through some financial institutions against any vacant or self-occupied property that is owned by you. The Banks or the non-banking financial companies calculate the concerned property to find out its present market value, and a specific percentage of the property’s total value is disbursed as a loan. You can also call it the LTV or Loan to Value Ratio. Therefore, at the time you apply to receive Loan against the property; you get to control the value of your commercial or residential land while experiencing the possession of the same.
If the property against you need to take a loan is self-occupied then you will be offered with 70% of the property’s current market value. And, in case the property is vacant, then you will be offered with 60% of its current market value.
Why choose loan against property?
You can apply for a loan against property for several reasons. For example, you can get this financial support for business investment, planning a dream vacation, wedding expenses, or any medical purpose, etc. Therefore, for any of your important financial needs, you can take a loan against property. No matter the land is commercial, residential or just a vacant plot, you can raise a request for the required financial help at LoanAdda.
Loan against property eligibility:
To apply for a loan against property, the applicant should:
Have a CIBIL score of more than 650
For the salaried applicants, the age limit is 23-58 years
For the self-employed applicants, the age limit 23-65 years
Have 3 years of work experience
3 months salary slips/ 6 months bank statements
Log-in fee (as per terms)
Should be an Indian citizen