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Eligibility Criteria For Applicants Applying For A Loan Against Property

By Author: Aishwarya Mahurkar
Total Articles: 291

One can never be sure how an individual can fare financially in the future. The best way to stay protected in such a way is to invest in the right assets. One such option is property. Investing in property will provide you with not only a valuable asset, but a means to earn income and funds. You can rent it out, or you can even take a property loan.


If an individual is looking to get a loan against this property, he must first satisfy the eligibility criteria of the loan requirements. The criteria for the loan against property eligibility may differ from one financial institute to another. Given below are some of the common factors that must be satisfied to get this loan:


Salaried Individual


As an individual who is salaried, getting a property loan may seem like a risky option. However, with the right planning and a with an acceptable credit score, one can easily satisfy the loan against property eligibility. However, one must first be a permanent employee with the government or a reputed company. He must be over the age of 21 years and below the age of 60 years. Additionally his minimum net monthly income must be over Rs. 12,000 per month.


Professional


One of the main criteria’s that is taken into consideration of such a loan is the profession of the individual. An individual who is the professional field of medical, engineer, architecture, chartered accountant etc. is eligible for the property loan if he holds a steady income or job in that particular field. He must also be over the age of 21 years and under the age of 65 years.


Self – employed individual


As a self-employed individual, holding property to one’s name is common. But in order to utilize the benefits of the property, he should be a financially stable in terms of income and tax payments. In addition to this, as per the loan against property eligibility, one must also be in the same business for a minimum of 3 to 5 years. He must be over the age of 24 years and under the age of 65 years. His income most also be over Rs. 1,50,000 per anum.


Property eligibility


It is not only the owner that must be eligible for the loan but also the property that is being submitted for collateral. The said property must be free from any legal tangles. The documents pertaining to the ownership of the house should also have clear titles registered to the name of the applicant.


When applying for any loan, there is always a risk of rejection. While such a rejection can hamper the financial planning of an individual’s financial planning, one can take certain steps to ensure there is a low chance of rejection during the application process. Knowing the eligibility criteria is one step to ensure that your application is accepted.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the different types of home loan products such as Home improvement / renovation loan, loan against property eligibility.

Total Views: 120Word Count: 515See All articles From Author

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