Eligibility Criteria

What you mean by Loan against property salary Eligibility Criteria?

Do you need loan for personal or business purpose? Pledge your residential or commercial property as a collateral & get up to 90% of property value as a loan amount & enjoy other exclusive benefits. Just have a look forward to eligibility.

Loan against property Eligibility Criteria

Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness …etc.

Loan Against Property Eligibility Criteria for Salaried Individuals

 

  • • Age Limit of Salaried Individuals – 28 to 60 years of age
  • • Work experience of salaried Applicants – Minimum 3 Years
  • • Should be being at public, private companies or MNC
  • • CIBIL Score should be above 750
  • • Nationality – Resident of Indian

 

Loan Against Property Eligibility Criteria for Self-Employed Individuals

 

  • • Age Limit of Self –Employed Individuals – 25 to 70
  • • CIBIL Score should be above – 750
  • • Minimum Years of doing Business – 3-5 Years
  • • Nationality – Resident of Indian

 

Note: – Maximum Loan Amount of Salaried Individual can avail up to 1 Cr & Self- Employed Individual can avail up to 3.5 Cr.

What are the factors generally affecting Loan against property salary Eligibility Criteria?

There are few factors that generally affects Eligibility Criteria as given below: –

Stability of income: – This is one of the prime factor determining applicant repayment capability. Due to lack of regular sources of income your eligibility gets lower & loan application would face rejection.

Bad Credit Score: – You might be pledging your property as collateral while applying for loan, but lenders will look forward to credit score, if it ranges in between 300 – 650 then most likely your chance of getting loan reduces.

Choice of shorter tenure: – Usually, shorter tenure is good for them whom have multiple sources of income, they are capable of paying higher EMI on monthly basis, but when it comes to salaried person your overall expenses are dependent on monthly salary if it not up to the mark, then prefer to choose longer tenure as it will give you relax to pay smaller EMI which don’t affect you do other things & even lenders also give preference longer tenure applicant.

What are the ways to increase Loan against property salary eligibility?

To increase loan against property eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level: –

Opt for Longer Tenure: – If you want to pay smaller EMI remembering not to influence your personal expenses then choose a longer tenure, it will not only give you comfort to pay but also help you increase your eligibility.

Do Payments timely: – Always pay bills on time, avoid having several credit card as it harm your credit score which led to lower score reduces chances of loan approval, do all payments timely without giving excuses to yourself as it enhances your chances of increasing eligibility.

Documents Required

INDIVIDUAL
  1. PHOTOGRAPHS 2

  2. PAN CARD COPY

  3. AADHAR CARD + PASSPORT

  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF

  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE

  6. LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT

  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)

  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS

  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK

  10. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER