Building personal property is the lifetime dream of every person. Not everyone has the ability to carry loads of money with a finger click. In this modern era, even a single pen is not come from a penny, one need to manage his daily expenses to afford all sorts of luxuries of life. When any financial emergency occurs, cutting down the daily expenses is not the primary solution. AT this time, one can plan to avail Loan Against Property. It is an all purpose loan as one can use it solve all sort of financial emergencies.
As its name implies, a loan given against some kind of property like a home or some commercial property is known as Property Loan. It is a secured loan that one can be availed by pledging any personal property. This loan can be used for different reasons.
One can use this loan for paying education expense of the child.
€ For investing in some kind of business.
€ Financing children marriage.
€ Purchasing of a new property or land.
€ Funding dream vacation.
As it is a secured loan, a person assures a guarantee to refund the whole loan amount within the specified period of time. The tenure period varies from 15 to 25 years. Thus, it involves longer tenure periods and one have a maximum time to make repayments with shorter EMI's.
Various banks like State bank of India, Punjab National Bank, ICICI bank and others have some of their eligibility criteria which must be fulfilled at any cost. These factors are:
Income: A person should possess an income of Rs 15,000 net take home to avail Property loan.
Credit Score: A person must have a credit score between 700 and 1000 to avail the loan at low Loan Against Property Interest Rates.
The interest rate is very low in this loan option as it is secured loan backed up by some sort of property.
Who are eligible for this loan and what are the documents required for availing this loan?
Salaried and self employed people are eligible for availing this sort of loan.
For Salaried People, following are the different documents needed:
€ Form 16.
€ Salary Proof.
€ Identity proof.
€ The minimum and maximum age for availing this loan are 24 Yrs and 65 Yrs respectively.
Self employed people:
€ ITR of last 3 years.
€ 6 month bank statements.
€ Identity and Address Proof.
€ Thus, availing property loan can help you to reduce all of your financial problems.
As its name implies, a loan given against some kind of property like a home or some commercial property is known as Property Loan. It is a secured loan that one can be availed by pledging any personal property. This loan can be used for different reasons.
One can use this loan for paying education expense of the child.
€ For investing in some kind of business.
€ Financing children marriage.
€ Purchasing of a new property or land.
€ Funding dream vacation.
As it is a secured loan, a person assures a guarantee to refund the whole loan amount within the specified period of time. The tenure period varies from 15 to 25 years. Thus, it involves longer tenure periods and one have a maximum time to make repayments with shorter EMI's.
Various banks like State bank of India, Punjab National Bank, ICICI bank and others have some of their eligibility criteria which must be fulfilled at any cost. These factors are:
Income: A person should possess an income of Rs 15,000 net take home to avail Property loan.
Credit Score: A person must have a credit score between 700 and 1000 to avail the loan at low Loan Against Property Interest Rates.
The interest rate is very low in this loan option as it is secured loan backed up by some sort of property.
Who are eligible for this loan and what are the documents required for availing this loan?
Salaried and self employed people are eligible for availing this sort of loan.
For Salaried People, following are the different documents needed:
€ Form 16.
€ Salary Proof.
€ Identity proof.
€ The minimum and maximum age for availing this loan are 24 Yrs and 65 Yrs respectively.
Self employed people:
€ ITR of last 3 years.
€ 6 month bank statements.
€ Identity and Address Proof.
€ Thus, availing property loan can help you to reduce all of your financial problems.