Things to know about the process of Loan Against Property | Mortgage Loan

 

Know more about the process of Loan Against Property

                   Access to funds by taking a loan against property opens the possibility of buying a car, office, or any other needs which you want to fulfil.  A loanagainst property is one of the easiest ways for getting funds. It is a secured loan that gives you an adequate amount of funds at a nominal interest rate. Let’s know more about the process of loan against property.

Fill the Loan Application Form

First of all, you need to fill the application form in which you have to fill in personal details, details about your occupation, and property which you use as collateral security. Make sure to fill in these details correctly and submit the application form.

Verification of your Details

When you submit the application form, the representative will verify your personal details including the employment and property details. After the verification, your credit score is checked and a loan will be offered to you.

Submit the Required Documents

Once you will be eligible for the loan you will need to submit the following documents:

• Identity Proof: PAN card, Aadhar Card, Voter ID, Passport, Driving License, Govt issued I-card.
• Address Proof: Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old).

• For salaried person 

1. Form 16 (Last 2 years)
2. Latest 6 months’ salary slips.
3. Last 6 months bank statement

• For a self-employed person

1. Certificate and Proof of Business Existence (For Self-employed): PAN, sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI.
2. Age Proof: PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate.
3. Last 2 years ITR.

 Wait for verification of documents

After submitting all the documents, you have to wait for the verification of the documents by the lender. 

Sanction letter offers by the Lender

Once the process is successfully validated, the lender will sanction the loan amount based on creditworthiness and your valuation of the property. At this stage, the lender provides you the sanction letter.

Evaluation of Property and legal check

When you accept the sanction letter, the lender will evaluate a property and related documents legally. It is done to ensure that your property has legal value and is free from any legal disputes.

Get funds in your Bank account

When the process of property verification is done, all is set now. The lender will proceed with the final disbursal and get the funds credited to your bank account within the given time. Normally the amount will be credited to the bank account within 48 to 72 hours.

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