How to Apply for a Loan Against Property
A loan against property is a type of secured loan that you can borrow from a genuine lender in lieu or with the pledge of an undertaking that you are taking a loan in respect of your property, a commercial flat, industrial property, or any other real estate asset you have. This loan is also known as a mortgage loan which you (a salaried or self-employed professional) can easily borrow. For getting a big fund to meet your financial obligations or for making your dream come true, this loan is trending these days. You should know everything like loan term, tenure, rate of interest and the application process before choosing this loan. You should ensure that you are taking this loan by keeping your property at stake.
This loan provides a big fund in order to manage your financials very easily. One can easily take this loan with co-owned or individual property. You have to submit your property sale deed, ownership documents and related papers which you have asked for during the loan application process. In this loan approval, you will get a very short time, which means your loan application will be approved very quickly.
Know the Application Procedure for a Loan Against Property
If you are applying for a loan against property, then you should know the complete documentation procedure. Follow all the steps provided here:
Go through the website of the lender: The first and foremost thing you should know in a loan application is to do research and development tasks first. Before choosing a secured or unsecured loan, you have to go online and do thorough research on every loan provider. After some time, you will get the right lender who offers genuine interest and less tenure. You can check the reviews, customer testimonials, and ratings of the website you are opening. It will give you the best option every time for availing of a secured loan against property.
Fill Up your Application Form: Now, it’s time to fill up the application form. You need to ensure that you are covering all the sections carefully. Fill all the mandatory boxes carefully and then proceed next. While filling up your application form you have to provide the correct details and upload the necessary documents very carefully as any minor mistake may lead to the rejection of your loan application.
Confirm your Data: Now, you need to confirm all the information you have provided to your lender be it related to personal information, education details, salary-related information or data regarding your property.
Your financial institution will ask you regarding the information you have provided to them. They will send you an email, SMS or call for the intimation process that they have provided some information with your data. They may ask you some questions about your application form. Your credit score or CIBIL will be checked summarily in this step. So make sure to provide your lender a good credit score.
Submit Relevant Details and Documents: Now, it’s the documentation time when you are required to submit necessary documents related to your bank account, assets you hold, credit history, salary status or employment, any debt in hand or not etc. You have to upload all the required documents in the prescribed format and then proceed. You will need to provide:
- Address proof: Adhaar card, Voter ID, Passport etc
- Identity proof: Passport, Driving Licence, Aadhaar card
- Age proof: Matriculation mark sheet, Date of Birth certificate from a government authority
- Property-related documents: Sale deed, property ownership papers
- Credit report documents: Credit report statement, CIBIL report etc
Now, Wait for the Verification to Complete: Now, relax on your couch and wait for your loan application to get approved from the lender’s side. Verification personnel will visit your property for the verification of details and will ask you some questions like when you are living here, the area, the value of the property, etc. The representative will check the validity and the authenticity of the property related to one’s property. You have to provide all the details.
On the receipt of your application form, you will get an email that your application is accepted, please wait for the verification to complete. Do the same. Your financial institution will cross-check all the records you have provided in the application form. You have to wait til the legal process is not completed by their side. They may ask you whether to present on their premises for the physical verification process. There, you need to take all the necessary documents in hard copy for loan against property.
Get the Loan Amount Disbursed in Your Account: After waiting about a week for the legal verification and the authentication of your assets and properties, you will get the loan amount disbursed to your account. Now, you can easily use this fund to meet several types of financial needs and to make your future goals come true.
Summary
A loan against property is a secured loan that needs collateral. In this loan, you have to submit your home, office apartment or any residential building you own or a co-owner in the same. The complete process is easy and provides less interest on your amount. Provide all the details carefully and wait for the verification to complete.
