It is a loan where the money is lending you and holds your property until the loan is repaid. Once you repay the loan, you get back your property. If you fail to repay the loan amount then the lender can attach the property and dispose of it to recover the unpaid dues.

This is a popular type of loan. It is the cheaper retail loans available. There are different types of loan against property interest rates. In fixed interest rate whole interest rates remains the same. In the floating rate of interest the interest rate changes according to prevailing market rates.

Eligibility Creteria For Loan Against Property-

Residency - Some lenders require that the applicant needs to be a resident of India.

Minimum net income- the process can be different for salaried and self-employed individuals.

Minimum age- The minimum age varies. Some lenders require the applicant to be at least 21 years of age, but more generally, the minimum age is 24 at the time sanction of loan. It hardly ranges from 58 to 65 years and can even go up to 70 years with some lenders.

Employment status- include salary employees with government or professionals, like doctors, engineers, architects, chartered accountants with a regular source of income.

What are the documents required for a loan against property?

Personal information, contact details, details of the property, photograph, Identity proof, Address proof, date of birth proof, etc.

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