In case of any emergency, a loan against the property can help. If you want to get an urgent loan for your kid’s education or start a new business, a loan against property is the best solution. A land mortgage loan is an easy-to-get loan and comes under the loan against property category.
Before applying for a loan against property, calculate everything with a mortgage loan EMI calculator and then initiate the process based on your affordability.
The basic rule for such a loan is to put your property as collateral, and the lender can easily provide you with a loan against it. Here are a few things you need to understand about the eligibility criteria-
- If you are a salaried employee
The borrower should be between 33 to 58 years of age, and the person should be a permanent salaried employee in government and public sectors.
- If you are self-employed
If you are a resident of India and your age is between 25 to 70, you are eligible for a loan against the property. You need to submit a salary slip, bank statement, PAN card, and address proof.
Documents required
The documents required for salaried individuals to avail a land mortgage loan are
- Salary Slips
- IT returns
- Adress Proof
- Pan Card/Aadhar Card
- Bank accounts
- Mortgage Property Documents
The documents required for self-employed people to avail a land mortgage loan are
- Pan Card/ Aadhar Card
- Bank Accounts
- Mortgage Property Documents
- Address Proof
If you fulfill all the defined eligibility criteria, then apply for a land mortgage loan for any personal need. But before you initiate the loan process, always calculate your EMI with the mortgage loan EMI calculator.
