Loan against property, popularly known as LAP is one of the best substitutes for personal loan. Almost all banks and NBFCs in India offer LAP to its customers. LAP is basically where you get a loan amount by keeping your property as collateral to the bank or NBFC. You can get a loan by keeping your residential as well as commercial property as collateral. The loan amount given by the bank or NBFC depends on the current value of the property and loan borrower’s financial history.
An asset such as land, a house or other commercial property can be used as collateral for a loan. Money makes the world go round. If you are facing a shortage of funds to meet emergencies or urgent expenses, a loan against property in Nashik can ease your financial apprehensions. You don’t have to sell your property; an LAP gives you the freedom to get multipurpose funds by pledging the same. Ruloans has partnered with several well-known banks and NBFCs to provide you with a choice of LAP options. Ruloans will offer you hassle-free loan against property in Nashik at reasonable rates.
The term Loan Eligibility broadly refers to your qualifications for a loan. Loan against Property eligibility criteria is based on parameters that are common to most banks and NBFCs. Specific criteria vary in accordance with individual lender requirements. Such criteria are used as a standard to resolve issues such as the number of funds to be lent, the tenure, and the interest rate.
Eligibility criteria for Loan against Property in Nashik are listed below:
Age - Your age should be minimum of 21 years, and a maximum of 68 years at Loan Maturity.
Nationality - You should be a Resident Citizen of India without having defaulted on any previous loans, and without any Criminal Record.
Credit Score - Your credit score should be 650 or higher.
Eligible Entities - If you’re a salaried individual, you should be working with a Private Limited Company, or a Public Limited Company. As a self-employed person, you should be a Proprietor, Partner, or Director. Partnership or Private Limited Companies engaged in manufacturing, servicing, or trading are eligible for LAP.
Income - As a salaried person, you should have a salary of Rs.25,000. As a self-employed individual, your gross annual income should be a minimum of Rs.3 lakh. A firm or a company requires an annual turnover of a minimum of Rs. 10 lakh.
Work Experience or Business Vintage - You should have a minimum of 1 year of experience with your current employer as a salaried person. If you are a self-employed person, you should be in the same business for the last 3 years. As Professional CA, CS, or Doctor, you need a minimum of 1-year of practice. A firm or a company needs business stability or a vintage of a minimum of 3 years in the same business.
Comments