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.