How to get loan against property?

Hello. You can learn how can I get loan against property by visiting the official bank or lender’s website and clicking the apply button on the loan page. I have expanded the steps below. So, you can check that out to avoid confusion and submit your application successfully.

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How to Take Loan Against Property?

I availed of a loan through Bajaj Finserv a year ago. I have shared the process with you below.

1. Visit the

   Loan Against Property page on the Bajaj Finserv website

   .

2. Then, click the ‘Apply’ button on the right corner of the screen.

3. Fill in your PIN code and click the ‘Proceed’ button.

4. Provide your personal information.

5. Select the loan type, net monthly income, area pin code and the needed loan amount.

6. You will receive an OTP on the number you entered in step 4. Enter the OTP and authenticate your phone number.

7. Now, fill in additional information, such as your current EMI amount/any other debt, property location, and PAN card number.

8. Lastly, click the ‘Submit’ button.

You have successfully filed your loan application. The representative will get in touch with you after this. As far as how much loan can I get against property is concerned, the figure is dependent on the value of your property. So, you must figure that out to know the value. I hope this answer helps you.

In India owning a property is much more than having a roof over your head. It is also a means to arrange huge funds whenever circumstances demand. You may want a huge loan amount from the bank to send your kid abroad or to marry off your daughter. If you own a property completely, you may think of getting a loan against property. But how to get loan against property? If you are struggling with this query, I can help you. Read on to know about how to get LAP, documents required and eligibility conditions to be fulfilled.

The process to get loan against property may vary from lender to lender. It also depends on your own financial conditions and previous credit records. However, in this section, you can find out the general process which is commonly followed in financial institutions.

• Go to the official website of the lender and fill the application form for loan against property or you can visit the bank and ask for an application form for the same.

• Upload or attach the valid documents for verification such as photo id, income proof, credit history, bank statements, property ownership documents, etc.

• Now the bank will evaluate your application and ascertain your eligibility for the loan.

• Once approved, you will get the loan sanctioned and loan amount will be disbursed. 

• You will get the repayment information, and other necessary information from the bank regarding your loan against property.

Now that you have determined how to get loan against property and how to get loan on agricultural land, let us look at the basic eligibility requirement for this secured loan. 

• They must be resident of India

• Should be at least 28 years of age*

• A minimum work experience of 3 years

• Should be resident of India

• At least 25 years of age

• Should have a steady source of income

To apply for loan against property, you must have the following documents with you:

A copy of any of the following as proof of residence:

• Photo ID: Aadhaar card, voter id, PAN card

• Telephone Bill

• Electricity Bill

• Employer's Card

• Latest Bank Statement/ Passbook 

• Salary slip for the previous 6 months (if applicable)

• Form 16 for the previous 2 years

• Copies of all the property documents

These are all the details about how to get loan against property.