Loan against property is an excellent financial instrument that enables individuals to utilize their immovable assets, like residential or commercial properties, to secure funds. But, such a financial move requires careful consideration and an intricate application process. The digital age has simplified this process, giving borrowers the advantage to submit a loan against property application online right from the comfort of their homes.
Let’s dive into the step-by-step guide that will facilitate the online application process for your loan against property.
Understanding Loan Against Property
Before beginning the online application process, it’s crucial to have a clear understanding of what a loan against property is. It’s basically a secured loan availed against residential or commercial properties owned by the applicant. The loan amount is usually a percentage of the appraised market value of the property. However, lending policies vary across banks and non-banking financial companies (NBFCs).
Steps to Submit a Loan Against Property Application Online
Applying for a loan against property online is a convenient and straightforward process. By following a few simple steps, you can secure the funds you need without the hassle of paperwork. This guide will walk you through the essential steps, from researching lenders to submitting your application and awaiting approval.
1. Research and Compare Various Lenders
The initial step is to find a trusted lender. Explore multiple websites and portals that offer a loan against property. Look at their interest rates, loan tenure, repayment terms, and other related details. By comparing different lenders, you can choose the most suitable one that aligns with your financial requirements and property valuation.
2. Check Eligibility Criteria
Every lender has their own set of eligibility criteria for loan against property application. These typically include age, income, job stability, credit score, and property value. Ensure that you meet these criteria before applying.
3. Fill the Online Application Form
Once you’ve chosen a suitable lender and have confirmed your eligibility, visit the lender’s official website to fill out the online application form. This form asks about your personal details, income, the purpose of the loan, the property you propose to pledge, and your preferred loan tenure. Make sure you furnish these details accurately to avoid any discrepancies later.
4. Upload Necessary Documents
After filling out the online form, the next step is to upload relevant documents for verification. This may include your ID proof, address proof, income documents, property papers, and photographs. In a digital platform, you can easily scan and upload these documents for verification.
5. Submit the Application
Once you’ve filled the form accurately and uploaded all necessary documents, recheck everything thoroughly before hitting the submit button. Upon successful submission, you will receive a confirmation along with your application number for future reference.
6. Await Approval and Disbursements
After submission, your loan against property application will go under a process of verification and valuation. If everything goes smoothly, your loan will be approved and the lender will disburse your loan amount. The entire process might take a few days based on the lender’s policy.
7. Property Verification and Loan Sanctioning
After receiving your application, the lending institution sends its representatives for a physical verification of the property. After successful verification, the sanctioned loan amount is disbursed to your bank account.
Conclusion
With the advent of digitization, submitting a loan against property application online, especially through platforms like Bajaj Finserv, has become a hassle-free process. An online application not only saves time and paperwork but also allows for quick approval and disbursement. Just ensure that you understand all terms and conditions thoroughly before securing a loan against your property. Always remember, your property is at stake, so making informed decisions is imperative.
