Remember the Mediterranean cruise you always wanted to go on? Or the destination wedding you always wanted to throw? All these, however, seem far away prospects what with today’s spiralling prices and limited income. You’re stuck in a rut—your daily routine consists of going office from your Gurgaon home and vice versa. But the world doesn’t end like this: you can see your wishes come true thanks to loan against property (LAP).
You can get immediate funds through LAP by placing your property as security.
Like home loans or personal loans, you need to fulfill certain criteria to be able to eligible for LAP. Read on to know more about this facility and other things related to it.
Why One Should Avail Lap
The possibilities of lap are limitless. You can use the money wherever and whenever you want. The processing is simple, fast, and secure. Eligible people will get approval very quickly. So, getting a loan against property in Gurgaon is simpler than you think.
Loan Against Property Eligibility
It may vary from one lender to another. But there are some common factors that lenders usually consider before approving a lap.
- Income of the borrower
- Previous repayment history
- Current Debts
- The market value of the mortgaged property
- Borrower’s employment status
- Credit score
- Current financial standing
Lenders prefer to give loans to those who can pay off while he/she is still employed. That’s why for loan against property, India (lenders in India) set the maturity age as 60 for salaried individuals and 70 for self-employed professionals.
Note: Credit score is a numerical summary of your credit history. Your CIBIL score varies between 300 and 900. Anything above 750 is considered a good score. Anything below 500 is a poor score.
Loan Against Property Documents Required
- Application form with attached photo
- Residential proof of current address
- Valid photo identity proof
- Salary slips(at least three)for salaried individuals, proof of business existence, certificates of educational qualifications for self-employed professionals
- Form no.16 for salaried individuals. They will also need last 3 years’ IT returns(self and business),last 3 years’ balance sheets and p&L statements.
- Business persons should produce their respective business profiles, last3years’ It returns(self and business), and last 3 years ’balance sheets and p&L statements.
- .Bank statement of the last 6 months for both salaried individuals and self-employed professionals.
- A cheque for the processing fee.
Loan Against Property Features
- Loan against property is available for all
- Depending upon the lender, one can avail loans up to 60% of the market value of the property
- For a loan against property, the tenure of repayment can be as long as 15 years for
- A lender does not put barriers on the usage of the sum. One can do whatever they want with the sum.
- Documentation is minimum and quick disbursal is another facility of lap.
So, it can be said that the lap is here to help you fulfill your most precious wishes. It’s one of the best ways to raise money when the market is showing a declining trend. As a salaried individual, just submit the necessary documents and get a loan against property in Gurgaon without any hassle. It’s the easiest way to pursue your dreams and see them come true.
Other than banks, NBFCs like Bajaj housing finance Limited offers maximum loan amount up to Rs. 3.5crore. You can pay off the entire sum with interest over a long period of 20 years.
Bajaj also brings you pre-approved offers for a personal loan, home loan, EMI finance on different products and other financial services. Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.