Loan Against Property
FinCorp
Hero
Presented by Hero FinCorp
INTRODUCTION
A loan against property is a secured loan where the borrower pledges their property as collateral to secure the loan. It's an important financial product that can help individuals and businesses meet their financial needs.
ELIGIBILITY CRITERIA
To be eligible for a loan against property, the borrower must meet certain criteria such as minimum age, income, property ownership, and credit score. The loan amount is typically based on the value of the property.
TYPES OF PROPERTY
Residential, commercial, and industrial properties can be used as collateral for a loan against property. However, the property should be free from any legal disputes or encumbrances.
BENEFITS OF LOAN AGAINST PROPERTY
There are several benefits of taking a loan against property, such as lower interest rates compared to unsecured loans, longer repayment periods, and flexible repayment options. Additionally, the loan can be used for a variety of purposes such as funding education, starting a business, or consolidating debts.
DOCUMENTS REQUIRED
To apply for a loan against property, the borrower needs to submit several documents such as property documents, income proof, bank statements, and identity proof. The documentation process can vary depending on the lender.
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