Loan against property eligibility
Loan against property eligibility
A loan against property is a secured loan that can be taken by pledging their residential or commercial property as collateral. The amount of loan is decided by the value of your property.
There are various types of properties against which you can get a loan against property such as: -
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Self-owned: residential property, Piece of land, Residential property, Commercial property, rented commercial property, Rented residential property.
Eligibility criteria for loan against property
Eligibility criteria for loan against property depends on many factors such as total work experience, credit score, age of an individual, monthly salary, business income, etc.
For self-employed applicants:
- Age criteria for self-employed individuals is between 25 to 70 years of age.
- Credit score must be above 750.
- Existing business should be at least 3 to 5 years.
- Applicant must be the resident of India.
- Self-employed applicant can get maximum loan amount up to Rs. 3.5 crores.
For salaried applicants:
- Age criteria for salaried individuals is between 28 to 60 years of age.
- Credit score must be 75 or above.
- Applicant must be at private, public companies, or Multi National Company (MNC).
- Work experience should be a minimum of 3 years.
- Applicant should the resident of India.
- Salaried applicant can get maximum loan amount up to Rs. 1 crore.