All You Need To Know About Loans Against Property

They are loans you can borrow by mortgaging a piece of property. Your house or land acts as collateral or security. The lender can forfeit it in case you do not repay the loan. Since these are secured loans, the interest rates are lower than personal loans.

Check the loans against property interest rates before applying. It ranges between 11-15%. Make sure you get the best rates.

What Property Can You Mortgage ToTake a Loan? 

You can mortgage a wide range of properties to take a loan. It can be a plot of land or a house. You must be the owner of it. In case it has joint owners, both of them need to apply for the loan.

What Documents Do You Need For Loans Against Property?

You must have all the documents related to the property. It includes the title of the property, the electricity bill, and proof of residence. Apart from that, you require the following documents.

• Your voter id card or any other identity proof

• PAN card

• Your telephone bill

How To Know Your EMI?

You can use the loan against property calculator from Fullerton India to get an idea about your EMI. You just need to enter the loan amount and other details. It will display your EMI.

Final Word

Make sure you can repay the loan before applying. You need to remember that the lender can seize your property in case of non-payment.

Must Read: 3 Common Misconceptions about Loan Against Property in India