{"id":5341,"date":"2020-05-13T20:19:46","date_gmt":"2020-05-13T14:49:46","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=5341"},"modified":"2020-05-13T20:19:46","modified_gmt":"2020-05-13T14:49:46","slug":"what-are-things-to-check-for-loan-against-property","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/what-are-things-to-check-for-loan-against-property\/","title":{"rendered":"What are things to check for Loan against Property?"},"content":{"rendered":"\n<p>Loan against property is a loan that is\ngiven by Banks and NBFCs to any person that owns a property. The reason why you\nmight have not heard a lot about this loan is that people only opt for this\nwhen they require a huge loan amount.&nbsp;<\/p>\n\n\n\n<p>In India, the majority of Banks and\nNBFCs provide loans against property to any person that owns a property. This\nproperty can be anything from residential to commercial or industrial. It is\nalso considered to be a secured loan that means there will be an asset that\nwill be kept as collateral.<\/p>\n\n\n\n<p>Because of this being a secured kind of\nloan, it is highly possible to get a lower loan against property interest rate.\nYes, the interest rates are lower than most of other loan types because of the\nsecured factor.<\/p>\n\n\n\n<p><strong>Is\nthere a loan against property eligibility?<\/strong><\/p>\n\n\n\n<p>Yes, we must keep you aware of the\ncriteria that have been set by Banks and NBFCs in India. These criteria must be\nfulfilled by a person if they wish to apply for a loan against property.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Individual\u2019s age &#8211; 18 years+<\/li><li>Indian citizen<\/li><li>Owner of a property (residential, commercial, industrial)<\/li><\/ul>\n\n\n\n<p>Things Banks check when you apply for a\nloan against property?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Banks will check if you fulfill the basic criteria.<\/li><li>Post that they will check your property papers and evaluate your property.<\/li><li>This valuation will consider all factors right from year of purchase to current market rates and the real estate industry.\u00a0<\/li><li>Once that\u2019s done, they will give you up to 45-70%* of your property\u2019s value as the loan amount.<\/li><\/ul>\n\n\n\n<p>Please remember that loan against\nproperty is for people that wish to own a huge amount to clear expenses and\nemergencies like higher education abroad, medical emergencies, etc.<\/p>\n\n\n\n<p>It will be wise for you as a loan\napplicant to maintain each document of your property. If documents are not\nfully complete, then your loan application will take a longer time to get\napproved. Hence if you wish to get the loan amount in a quick span of time,\nthen maintain all documents.<\/p>\n\n\n\n<p>If you wish to get the best loan against\nproperty (mortgage loan) experience, kindly contact us on our website and Apply\nHere!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Loan against property is a loan that is given by  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