The Criteria For Loan Against Property

What loans can I avail against a housing land for personal use in India?

Individuals looking for a personal loan against a housing land in India should opt for a mortgage loan. This is commonly known as a loan against property or property loan. Individuals have to mortgage their property and they get a loan against it from their chosen lender. It is a type of secured loan and has no end-use restrictions.

This means that using the borrowed funds, individuals can invest in personal life goals, expansion of their business, or even pay for medical expenses.

The eligibility criteria for a mortgage loan are as follows: • Individuals should be a citizen of India.

• The borrower should have a steady flow of monthly income.

• Professionals should hold some good years of working experience.

• Non-professionals or self-employed individuals should have an attractive business vintage.

• Borrowers should have a good number of working years left.