Taking a loan against property has become easy these days as ShubhBank has introduced its online portal to get a loan. If you are an owner of residential or commercial property then you can easy secure a mortgage loan from any financial institution of your choice. One should fit into eligibility criteria and must have some important things in hand to “Apply For Loan against property“. If you are in urgent need of quick funds to fulfill your financial needs, we suggest to keep in mind the following must have’s to get such loan.

Ownership of property: This loan is secured only if you own a piece a property in your name whether it’s a residential or commercial property; either villa or a shop; any property registered on your name is eligible for the loan. In case, multiple people own a property, they can get a loan as co-applicants but if you singly own a property then ownership papers should clearly state you as owner.

Property’s value to be mortgaged: Alongside your eligibility, a lending institution also checks the property’s eligibility. The property you are about to mortgage should not be much older as well as should not be under any legal conflict. The loan quantum to be approved is finalized upon the market value of the property.

Banks and other lenders approve only 70 to 80% of loan amount as per the current value of the mortgaged property. Hence, one should know the value of property and then proceed with the loan processing.

Check your credit score: One must have a strong credit history to apply for a loan against property. It all depends upon your financial history, profession and income and you existing loan repayments etc. Most of the lenders process your loan if you have a credit score above 750.

Processing fees of loan: You can also “Apply For Loan against property Online“ however it’s online or offline, a lending institute always charge you some basic processing fees. It may range from 1-2% of the total loan quantum approved to you. Therefore, it is always better to know about the processing fees your lender will be charging to you and then go for the loan amount that you need.

Repayment capacity: It is an important component to get approved for any of the loan. Every lender checks the repayment capacity of the borrower to approve his/her loan against property across India. This paying back capability depends upon how much you earn in a month, your credit history and your profession in a reputed organization. It is advisable to perform a check on what you can really afford to pay back your loan amount in a fixed period, even before applying for it.

Thus, now you know all the must have’s for getting a loan against property from any lender, so make sure to check your eligibility criteria to fulfill your financial requirements and emergencies. Hence, choose the ShubhBank to secure a loan against property with best features you can ever get.

Loan against Property is a financial tool that you can secure when you pledge or mortgage your property to the lender. It is a secured loan as far as the lender is concerned. In case you default on repaying on repaying the loan amount for any reason, the lender can retain the rights of your property. So, one should only pledge their property when he/she is sure to repay the loan.

Before you “Apply For Loan against property“ you should plan your budget and save for long term financial goals that you can foresee. Besides all your planning, there are some uncertain situations which need to be addressed with additional funds. Let’s have a look to find out how Loan against Property can raise funds in some typical situations.

Education and Wedding Expenses: A higher education of your wards and their wedding are long-term financial affairs. You would normally plan them earlier in life and save up for it. There are specific loans offered by lenders for both higher studies and marriage. You can consider the fact that interest rates and repayment conditions on it are more convenient in comparison with these specific loans. You must be sure to repay the loan depending upon your income and saving.

Business Funding: You have to mortgage an asset when you avail a loan against property. As mentioned earlier, if you are unable to repay the loan, you could lose the right on your property to the lender. Therefore, utilize the loan money for purpose that is not too risky. That is why; it is good to secure this loan to expand your existing business rather than starting a new business as your business profits needed to be steady to pay off the loan easily.

Medical Emergency: As one’s age grows, medical expenses usually increase. The best way to plan this is to get a health insurance policy in your early age that can help you to manage the medical expenses later in life. But in case, you skip this step, there are high chances to shell out all your savings in tough times. “Loan against property Online“ is not a best way to fund medical expenses but emergency but it can certainly help you out.

Down Payment for new Home: When you secure a home loan, the lending institution will only finance up to 80% of the market price of that home. The rest 20% will need to come from your pocket. If you are buying a luxury home, the down payment itself will cost into many lakhs. Generally, you should have saved for that but if not then you need to borrow somewhere.

You can also pick up a personal loan or loan against property to raise the funds but remember, the rate of interest on these loans is higher than the home which can result in a financial burden on your pocket.

At the end, you would see that LAP is a good option when you need to raise funds to fulfill your requirements but it is always great to compare all the available offers and finalize a calculated decision.

Yes that’s right! Your real estate assets in your old age could become your biggest source of financial security to help you in many more ways. At the age of 50, if you could be facing any financial needs such as paying for your children higher education, wedding expenses or you may grabbed any excellent opportunity in business and looking to invest in new start-up which requires a large sum of fund in a short time then the most safest, fastest and convenient way to organize the finances is to opt for Loan against Property.

A mortgage loan can help you by unlocking the financial property of your residential or commercial property. There is a wide range of mortgage loans available for you to meet your financial emergencies, whether they are for personal needs or professional ones. It is recommended to look out for a well-established financial partner like ShubhBank, who has presence with vast network across the country.

Our institution offer great skills and experience with fully customized mortgage loan that comes with exclusive features and a range of tailored benefits such as top-up and balance transfer. Your idle property could become your gateway to fulfill all your dreams and life- long goals in the most affordable manner. One could “Apply For Loan against Property“ as long as you have all the required documents.

Documents required for Loan against Property: The basic paperwork required for such loan includes loan application form with passport sized photograph, ID proof, residence proof, PAN card, latest 6 months bank statements, Form 16(if you are salaried individual), business evidence, business financials and income tax returns( if you are self-employed), property’s title documents etc. If your documents get verified, you can avail the loan quantum of 60-70% of your property’s market value.

Eligibility Criteria for Loan: The criteria for “Loan against Property Online“ or offline are usually based upon your repayment capacity. The repayment capability results from the various factors that include your income, your partner’s income, and debt to income ratio, your qualification and your profession. Thus, an old age property owner would also be eligible for a Loan against Property if you fit into the eligibility criteria asked by the particular lending institute.

Hence, your age doesn’t matter in such context, if you are looking for funds to fulfill your personal, professional or educational needs, getting a loan against property could be your ideal solution. It is important to search for a lending institution with a good track record and services besides alluring benefits. It is best to choose one that is equipped to take proper care of your requirements and personal documentation.

In addition to that, the eligibility criteria for loan against property are not assessed on the basis of your age only but there are other careful considerations of multiple factors listed above. It is advisable to choose a reputed financial institution like ShubhBank to apply for a Loan against Property which understands and fulfill your needs with maximum features suitable for you.