loan against property lowest interest rate 9.15% Loan against propertyLoan against property interest rate :-
Solution 4 Finance provide reliable Loan against property/loan on property Rate of interest depends on property and income, If have both are good then we can go through bank if have any issue in income and and property then we move in other banks and Nbfcs there can meet client profile . After landing rate Hikes loan against property rate also increase now lowest interest rate is 9.15%
loan against property Loan tenure :-
Loan against property loan tenure Minimum tenure 5 years and maximum 15 years , Repayment option after 6 months, Loan against property eligibility:-According to property value bank can offer 55% to 80% loan amount that depends bank to bank, According to income we can maximum funding loan amount because we can considered all types of income, We can consider cash income or cash rental also .Best service loan against property lowest interest rate 9.15% / Loan against property.
Loan Against Property Eligibility Criteria
When considering a loan against property (LAP), it’s crucial to understand the eligibility criteria set by lenders. This type of loan allows you to borrow money by mortgaging your residential or commercial property. Here’s a detailed look at the general eligibility criteria:
1. Age:
For Salaried Applicants: Typically, applicants should be between 21 to 60 years of age.
For Self-Employed Applicants: The age range generally accepted is 25 to 70 years. 2. Employment Status: Salaried Applicants: Must have a stable job with a reputable company and a minimum of 2-3 years of work experience. Self-Employed Applicants: Should have a stable business with a minimum continuity of 3-5 years in the current business.
3. Income:
Salaried Applicants: Must meet the minimum monthly income criteria set by the lender, usually around ₹25,000 or higher depending on the location and lender policies. Self-Employed Applicants: Should show sufficient income to demonstrate repayment capacity, verified through income tax returns, profit and loss statements, and other financial documents.
4. Property Type:
Acceptable Properties: Lenders usually accept residential properties (self-occupied or rented), commercial properties, or land (subject to certain conditions). Property Location: The property should be within the approved geographical limits of the lender and have clear, marketable title deeds.
5. Credit Score:
A good credit score (usually 700 and above) is essential for approval. Better interest rates and loan terms could potentially be obtained with a higher credit score.
6. Existing Liabilities:
The applicant’s existing liabilities (other loans, credit card dues, etc.) are taken into account to assess the repayment capacity.
7. Loan Amount:
The loan amount typically ranges from 50% to 70% of the property’s current market value, depending on the lender’s policies.
8. Documentation:
For Salaried Applicants:
Identity documentation: voter ID, passport, Aadhaar card, PAN card, etc.
Proofs of address include utility bills, passports, Aadhaar cards, and so on. Income Proof: Latest salary slips, Form 16, and bank statements for the past 6 months. Property Documents: Title deeds, NOC from the housing society, and property tax receipts.
For Self-Employed Applicants:
Identity documentation: passports, Aadhaar cards, PAN cards, etc.
Proofs of address include utility bills, passports, Aadhaar cards, and so on. Income Proof: Income tax returns for the last 2-3 years, profit and loss statements, and bank statements for the past 6 months. Business Proof: Business registration certificate, partnership deed, or any other relevant document. Property Documents: Title deeds, NOC from the housing society, and property tax receipts.
Why people choose – Solution4Finance ?
We have approx. 15 year experience in loan and finance we associated with Govt. and privet banks and NBFCS , According to property and clients income we can offer best, We provide door stapes service to our clients, Maximum loan amount with minimum documents fast services in Delhi NCR region, That why people love to Solution4Finance
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