Loan Against Property
A loan against property or mortgage loan is a secured loan which is sanctioned by custody an asset as mortgage with the lender. This asset can be a house, owned land, or any other commercial buildings. The asset remains as security with the lender till the entire loan against property is repaid.
Types Of Loans Against Property
Loan against residential or commercial property – You can take mortgage loan against your property either residential or commercial.
Loan against property for self-employed- Self-employed avail loan facility up 3.5 crores.
Loan against property for salaried- loan against property is available to salaried individuals upto 1 crore.
Lease rental discounting – if an individual earn fixed rental from a property he owns, than he can opt for lease rental discounting loan.
Who Provide Mortgage Loan– Banks and other money lenders provide loan against property. You can directly reach out to them by online or offline
Requirements To Avail Loan Against Property
Documents required for mortgage loan are
Salary slip/ Bank statement
PAN Card/ Adhaar Card
Copy of the documents of property to be mortgaged
How to apply for Mortgage Loan – You can apply online or directly visit the bank or money lenders office. You need all the basic documents to avail mortgage loan or loan against property.
Benefits of Loans Against Property –
High Loan Amount – In case of mortgage loan you can get high loan amount easily.
Quick Disbursal – Loan against property or mortgage loan process in 72 hours and it can be disburse in 4 days.
Convenient Tenure – Repayment tenure for mortgage loan various from 2 years to 20 years.
Minimum Documents – For avail facility of mortgage loan, you need minimal documentation.