It may happen to anybody that a considerable sum of money is required to meet up some sudden expenses like medical expenses or educational expenses and marriage expenses. It may so happen that you have policies to take care of all of your expenses, but they are not sufficient to meet up the costs or is not possible to liquidate them prematurely. So what do you do? In the ordinary course, one takes loans from family and friends, but if the requirement is huge, it is not possible for them too to cater to your needs. Well, it is always better to take a loan against your property and meet up the requirement without asking any personal help.

The Eligibility Criteria:

The “Loan Against Property Eligibility” varies according to the profession. There is a set of eligibility criteria for the salaried class and another set for the self-employed with the standard except that the assets should be in the name of the person taking loans.

• For Salaried Class

Age – It can be between the ages of 33 years to 58 years to take the credit mortgaging the property having the full title rights.

Service Sector– You can either working in a big multinational company, a private company or be an employee of the public sector. Depending upon your designation, the salary and the value of the mortgaged assets the amount of loan will be decided along with the time frame for repayment and the quantum of EMI’s.

Permanent Resident – One should be the permanent resident of the country to get the loan keeping the property mortgaged.

• For Self-Employed Class

Age – The age of the person taking credit should be between 25 years to 70 years, and the title of the assets should be in his or her name.

Working Area – You can be self-employed in any field but should have a regular source of stable income so that one can repay the credit in time paying the regular EMI’s.

Permanent Resident – For self-employed people, the person should also be a permanent resident of the country.

The Documents Required:

It is better to know the loan against property documents required and proceed accordingly so that the loan is processed smoothly. Here again, the documents vary a bit according to the occupation.

Salary Slip And IT Returns – For the salaried class one has to submit the latest salary slip and for the self-employed one has to provide the balance sheets. In both case’s submission of the IT return acknowledgment is a must.

Bank Statements – For the salaried class one has to produce the bank statement of the previous three months, and for self-employed, it is six months.

Identity And Address Proof – One has to submit the PAN card Number and the Adhaaar card number along with a photocopy as a proof of identity and address.

Copy Of The Document To Be Given For Mortgage – This is the major requirements, and one has to submit the same to the financial institutions.

Overview:

There are many financial institutions in the country providing credit against assets; however, you should be eligible to get them. Before proceeding to get the loans you should know the loan against property eligibility. One should always have an idea of the “Loan Against Property Documents Required” for secure processing of the mortgage.