Loan against property in India are easily avaialable

Loan against property has very few eligibility criteria also the term for repayment is long, with flexible conditions.

• Banks granting loan against property, in general require below mentioned criteria to be fulfilled for loan against property eligibility
• Age of the applicant must not be less than 21 years and it cannot be more than 60 & 65 years for salaried and self employed respectively
• Annual income should be Rs.1, 20,000 for salaried and it should be Rs.1, 50,000 for self employed
• Should be in business or service for the last 3 year (self employed) and 1 year (salaried)

Documents required to ensure loan against property eligibility include:-

• Identity proof- photo PAN card, passport, driving license
• Age proof
• Signature proof- PAN card or passport
• Residence proof (latest municipal tax payment receipt)
• Income proof (form16 along with salary certificate from the employer) and last 6 months main bank account statement (for salaried class)
• Income tax returns for past 3 years, income certificate from appropriate revenue authority (BDO/SDO) and last 6 month bank account statement
• Property documents that is to be mortgaged against the property

Minimum loan amount of loan against property is around 2 lakh and it depends upon the market value of the mortgaged property nearly 50% of commercial property and 60% of residential property. Loan against property will let you realize your dreams; it is repaid in EMI which is calculated on the basis of loan tenure which is 1-15 years and interest charged which is variable and ranges from 10-14% for different banks and different applicants based on the money they borrow and the plan they choose i.e. either floating or fixed.