A "low interest" loan shouldn't mean you have very little interest in paying it back!
To apply for a loan, you must provide certain documents. Those documents serve as proof that you match the eligibility criteria. Even if you match the criteria, the loan won’t be approved if you fail to furnish the specific documents. Therefore, it is important to ensure that all the necessary documents and information are provided when applying for a LAP.
Mentioned below are some of the important documents required for a salaried employee:
| Required proofs | Acceptable documents |
|---|---|
| Proof of income |
|
| Proof of income for NRIs |
|
| Proof of identity |
|
| Date of birth proof |
|
| Proof of address |
|
| Signature Proof |
|
Listed below are some important documents self-employed applicants must provide to apply for a LAP:
| Required Proofs | Acceptable documents |
|---|---|
| Proof of income |
|
| Proof of identity |
|
| Date of birth proof |
|
| Proof of address |
|
| Signature Proof |
|
Loan against property as the name indicates is a type of loan that is taken by pledging one’s property. The property acts as a collateral. One can pledge any kind of property like a residential building, commercial space, or just a plot to avail a loan against property.
If you have a property registered under your name, you can approach lenders asking them for a loan against your property. The lender will assess the market value of your asset and will sanction the loan if the title is clear. The lender will approve a certain percentage of the market value of the property as a loan which you can use for any purpose. People take loan against property for many reasons like expanding your business, education, studying abroad, taking a vacation, or for medical treatments.
A loan against property eligibility calculator is an online tool that tells you, by entering basic information about yourself, if you are eligible for a loan against property. This will take a lot of factors into consideration including the city an individual lives in.
Other factors that the calculator takes into consideration are total liabilities and assets of the borrower, repayment capability, the value of the property, age and qualifications of the applicant, number of dependants, income of the applicant’s spouse, and the legality of the property.
Both, salaried individuals and self-employed customers, can apply for a loan against property. However, based on the occupation, there are certain criteria that they must fulfil in order to be eligible to apply for a LAP.
Mentioned below are the eligibility criteria for salaried employees:
Mentioned below are the eligibility criteria for salaried employees:
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
