What is a loan against property?

A loan that you can avail of by mortgaging your property As the name implies, a loan against property is one that is either owned by the borrower or by his guarantor, who is typically a parent. is offered in return for the property's worth. Because this property is mortgaged, the bank will continue to hold the title and legal ownership of it until the loan is repaid. The loan against property is a secured loan, in case of loan default, the bank can take over the property and auction it to recover loan dues.

In this loan the homeownership stays with you, you can use and rent out the property. If you can't repay the loan amount, you can sell your property and pay off the loan.

You can apply for a home loan online by following these steps.

Find different lenders: Find online lenders that offer home equity loans and compare their loans, fees, and other fees.

Check your eligibility: Check your eligibility criteria such as age, income, property ownership, and credit score to check your eligibility for a loan.

Fill out the application: Go to the GRD INDIA'S website and complete the loan application, including your personal information, property information, and loan requirements.

Upload Important Documents: Upload all the essential documents like property-related documents, proof of income, bank statements, certificates, etc. on GRD India&rsquo's website.

Pending Verification and Approval: The lender may physically inspect and verify your provided information. Once the verification is completed, the lender will approve the loan applicant.

Sign the contract: If the loan is approved, the lender will send you a contract. Read the agreement carefully and sign it if you understand all the terms and conditions.

Loan disbursement: Once the contract is signed, the loan amount will be transferred to your account.

It is necessary to choose a reliable lender and before applying read the loan terms carefully.

Property Loan Eligibility Criteria:-

• Eligible ages are from 21 to 70 years old.
• The eligible minimum wage is Rs 25,000.
• Qualified for Professional, Salaried, or Self-Employed Person.
• Loan up to 75% of the property.
• Eligible property is Residential, Commercial, or Industrial Property.

How is Eligibility for LAP Calculated

Listed below are some general and common factors that determine LAP eligibility.

• Nationality
  You must be a citizen of India and submit documents to prove your claim.
• Work and Income
  To determine your loan eligibility, your lender will ask you to provide details about your work and income to demonstrate your professional and financial stability.
• Balance history
  A three-digit credit score, which reflects your payment history and other types of credit, will be a major factor in determining your eligibility for the LAP.
• Bank connection
  If you have a good relationship with the lender, you will not qualify for the LAP. Also, the lender will offer you better terms and conditions in terms of loan amount, interest rate, loan term, hidden fees, and processing fees.
• The market value of the property
  Your lender reserves the right to adjust the loan amount and the Mortgage loan in Delhi terms based on the market value of your additional property. Also, depending on the value of your property, the market value of the property must be greater than the calculated loan amount.
• Property Location
  The lender will require you to be the current property owner, and if you are applying jointly, you will need to show multiple ownership of the property. The property cannot be mortgage loan in Delhi to another financial institution.