What you mean by Loan Against Property Eligibility Criteria?
Loan against property can help you to manage your personal & business requirements. Get up to 60% of property value with flexible tenure. Make sure you own residential, commercial or industrial property.
Loan Against Property Eligibility Criteria
Generally, Loan Against Property Eligibility Criteria depends on various factors like age of individual, monthly salary or business income, total work experience & CIBIL Score ..etc.
Note: – Maximum Loan Amount of Salaried Individual can avail up to 1 Cr & Self- Employed Individual can avail up to 3.5 Cr.
What are the factors generally affecting Loan Against Property Eligibility Criteria?
There are few factors that generally affects Loan Against Property Eligibility Criteria as given below: –
Borrower Age: – Lenders are concerned about your age, because the tenure will be decided on your current age, suppose if your age reached nearby 60 above or will be reaching within a 2 –3 years, then in this case your loan will be rejected.
AImpact of earlier loan Rejection: – Generally, Financial institutions check your record that have you ever applied for loan & that has been rejected, if yes then it will also show on your credit profile which will affect your loan application.
Incomplete Property Documents: – Incomplete Property Documents: – Due to Incomplete Property Documents you will not get a loan, therefore, ensure that you have all the mandatory property documents with you like title deed, having approval from relevant authority, when you apply for loan against property.
Applicant Income: – Might be you are pledging your home as a collateral/security even though you need to show a regular source of income while applying for loan against property.
Low Credit Score: – Remember Lender check your credit score to know your repayment history like paying your bills on time or late, how much credit card you own & how far you maintain them properly, do you have existing loan or not by calculating these all-credit scores predict number if you have low credit score less than 750 then likely your loan application gets rejected.
What are the ways to increase Loan Against Property eligibility?
To increase Loan Against Property eligibility, you need to consider Top 5 points as given below, this will aid you in increasing your eligibility level.
Maintain a Credit Score above 750: – Maintain a Credit Score above 750: – Good Credit Score can be achieved only if you maintain a good record by paying bills on time, Paying EMI, not having multiple credit card & such other factors.
Repay Debt earlier: – Try to clear existing loan first, as it will help you getting better credit score and increase your eligibility criteria. Even you can be able to save money and stop paying your interest unnecessarily.
Prefer Longer Tenure: – Generally, a longer repayment period allows you a lot of time to pay back the principal loan amount which escape your by compressing overloaded monthly EMI.
Build better relationship with preferred lender: – If you are looking to avail loan, you will definitely search multiple banks & NBFC to compare the best deal which suits your needs & requirement, once you have fixed that from this bank or NBFC to avail loan, you must start build better relationship with preferred lender by opening account & maintain good transaction will help to enhance the chances of eligibility level.
Add your Family Member as Co- Applicant: – Various Banks & NBFC allow this feature to enhance your eligibility. You can add your working parents or your spouse as a Co-applicant while applying for loan against property, if you meet the eligibility criteria you will be able to get higher loan amount as you can afford to pay EMI without any restriction.