Loan Against Property – Overview 

Loans have become a part and parcel of one’s life. It is looked as a strong assistance to meet the long-term and short-term financial requirements in the course of one’s journey. With the change in lifestyle and increase in consumer demands, planning your finance well in advance is inevitable. While investments yield return, some milestones such as children’s education or marriage or a well-planned international holiday require additional financial assistance.

Loan against property is a popular financial product wherein one can use their property to secure a loan. This loan can be used for personal purposes or for meeting major expenditure. Banks and financial lenders offer this loan against property on a residential building or commercial establishment or land. The property will need to be mortgaged with the bank. The loan amount is based on the market value of the property.

Since it is a secured loan, most banks are inclined to offer this loan without much hassle and take less time for processing. This means easy money for the borrower to meet certain goals. With many players in the market offering the same product, it is possible to customize this loan according to one’s needs. This loan is made available to salaried professionals, self-employed, NRIs who own a property or in the name of their family member.

Loan Against Property – Eligibility

There is an eligibility criterion in place by most banks to avail loan against property:

• • Own residential or commercial properties in own name or family member.
  • Should be an individual who is an employee, professional, self-employed or income tax assessed or NRI.
  • Minimum annual net income of Rs. 3 lacs
  • Maximum age limit of 70 years.

Loan Against Property – Documents

For Salaried Individuals: 

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

• Ration Card
• Telephone Bill
• Electricity Bill
• Voter’s ID Card

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

• Voter’s ID Card
• Employer’s Card

Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months

Salary slip for the previous 6 months showing all deductions

Form 16 for the previous 2 years

Copies of all the property documents of the concerned property to be pledged for the loan.

For Self Employed Professionals/Individuals:

Certified Financial Statement for the previous 3 years.

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

• Ration Card
• Telephone Bill
• Electricity Bill
• Voter’s ID Card

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

• Voter’s ID Card
• Employer’s Card

Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months.

Copies of all the property documents of the concerned property to be pledged for the loan.

How to apply

1. Visit our website : www.starpath.co.in
2. Click on the ‘Apply for Loan‘ button.
3. Fill in the application form with your details as required.
4. Submit your application.
5. Provide the necessary documents and information as requested.
6. The amount will be transferred to your bank account after verification of your eligibility and documents.