Know How To Apply For Loan Against Property In Surat At Low Interest Rate

The economy of Surat depends on a diverse range of manufacturing and industry segments, including diamonds, textiles, automobiles and many other fields. All these sectors need a ceaseless supply of cash to continue business operations. 

Therefore, at times of financial crunch, residents and business persons of Surat can leverage their immovable assets property and apply for a loan against property. This financial product allows individuals to use funds as per requirement without end-use restrictions. Here, individuals can learn about the application process for a loan against property in Surat and ways to secure a loan at reduced rates.

Steps to apply for a loan against property in Surat

Here is a step-by-step guide on the application procedure for a loan against property in Surat.

Step 1 – Visit the official website of a lending institution of preference. 

Step 2 – Navigate to the Loan Against Property application form. Enter correct personal and income details in the relevant boxes. 

Step 3 – Cross-check data and submit the application form. 

Property loan applicants of Surat have to wait for further instruction from the lender’s representative to complete the application procedure. 

To ensure smooth and quick approval of loans against property, individuals must know about eligibility and document requirements. 

Eligibility criteria to apply for a loan against property

Both salaried and self-employed individuals can avail loans against property. Hence, the eligibility criteria are discussed separately as per employment status.

Eligibility requirement for a salaried individual

  • Applicants must be Indian citizens.  
  • Applicants must be employed with a public or a private sector company or an MNC.

Eligibility requirement for a self-employed individual

  • Applicants must be Indian citizens.
  • Applicants must be self-employed with a steady income source.

Documents required for property loan application

Following is a list of documents needed to apply for a loan against property in Surat.

Necessary documents for a salaried individual

  • Proof of identity and address (PAN card, Aadhaar card, Voter ID, Passport, Driving Licence, utility bills, or any other government-approved photo identity and/or address proof)
  • Proof of income (latest salary slips, PAN card/Form 60, Income Tax Returns, bank account statement for the last 3 months)      
  • Proof of employment (Identity card issued by the employer)
  • Property documents (copy of documents of the property to be mortgaged, Title documents as required by the legal team)

Necessary documents for a self-employed individual

  • Proof of identity and address (identity and address proof are the same for both self-employed and salaried applicants)
  • Proof of income (primary bank account statements for the last 6 months, Income Tax Return, financial documents such as Balance Sheet and Profit and Loss Statement, PAN card/Form 60)
  • Proof of employment (document of business ownership, such as partnership agreement and registration certificate)
  • Property documents (copy of documents of the property to be mortgaged, Title documents as required by the legal team)

There are various types of online calculators available with a loan against property. For instance, there is a loan against property eligibility calculator (that helps to decide the loan amount). 

In addition, individuals of Surat can use a loan against property EMI calculator to find out suitable EMI. Here, individuals have to enter the loan amount, tenor and interest rate to get results. Applicants can try various combinations to decide on EMI.

Till now, individuals have gained knowledge regarding the application process for loans against property. Now, they must learn about the ways to get reduced rates of interest on loans against property.  

Ways to get reduced interest rates on loans against property 

Below are discussed several ways to secure a loan against property at lower rates. 

  • Individuals of Surat have to maintain a high CIBIL Score (750 or above) to get reduced rates on property loans.
  • The type of mortgaged property (residential and non-residential) and their location and conditions affect interest rate (newly constructed properties fetch lower rates and vice versa). Individuals having options for both new and old properties can leverage the former for monetary benefits. 
  • Lending institutions check property details before sanctioning the loan and ensure the property in question is free from legal disputes. Thus, to ensure faster approval and reduced interest rates, individuals must resolve disputes (if any).
  • A shorter loan tenor may attract high-interest rates and vice versa.
  • Applicants must conduct market research, compare lenders and settle for a lender that offers reduced rates.

Leading financial institutions offer high-value loans against property at competitive interest rates. 

These financial institutions also extend pre-approved offers to make the loan availing process hassle-free. These offers are also available on other financial products such as home loans, loans against property etc. Individuals can check their loans against property by entering names and contact details.   After fulfilling the eligibility criteria set by lenders and submitting documents, individuals can easily get a loan against property in Surat. In addition, they can follow the ways or tips mentioned above to get a loan against property at lower rates. 

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