Seamless Transactions: Apply for Loan Against Property Online

Over the last few years, the demand for loans against property has increased substantially. Loans against property are loans availed of against a residential or commercial property or a piece of land that the borrower owns. Since these loans are secured in nature,

lenders charge a low rate of interest on these loans. Further, loans against property come with zero end-use restrictions alongside a long repayment tenor. These benefits have increased the demand for property loans. If you are planning to apply for a loan against property, you must familiarize yourself with the loan against property online process. Doing this will allow you to abstain from making mistakes that may hamper your loan against property eligibility. Here is what the loan against property process entails. 

1. The process to apply for a property loan starts with researching for a reliable, reputed and trustworthy lender and negotiating with them for the best loan interest rates you can get alongside other beneficial terms and conditions, such as a long repayment tenor or a high loan sanction. 

2. After you have decided on the lender you wish to go with, the next step of the process is to make a formal application to your chosen lender. These days, one can apply both online and offline. Filling out the loan against property application form, whether online or offline, would require you to disclose some information about yourself and pay a one-time, non-refundable processing fee.

3. After you have made the application, your lender will go through the information provided and decide if they want to proceed or not. If they show a willingness to sanction you a loan, you will be asked to provide certain documents, such as income, address and identity proof documents alongside all the documents of the property you wish to pledge as collateral.

4. Your lender will now authenticate each of the documents provided by you and verify all the information contained in it. They will then hire a legal expert to check the property and the property papers provided by you. If you pass the loan against property verification stage, you will move to the next stage where your lender will release a loan sanction letter containing details of the loan offer they wish to make you. You can either accept this letter and sign a soft copy of it to move to the next step or if you are unhappy with any of the terms and conditions mentioned in the document, you can discuss with your lender and ask them to change those specific loan terms and conditions. 

5. Once you send the signed copy of the loan sanction letter, your lender will release the loan amount into your account, after which you will start paying your EMIs to your lender. 

This is the entire loan against-property application process in India. If you are planning to apply for a loan against property online, check loan against property eligibility beforehand and move with the home loan application process only if you meet your lender's eligibility criteria. Further, get clarity on all the documents you will need during the loan against the property online application process. Keep soft and hard copies of all the required documents ready with you to experience hassle-free loan processing. Lastly, use a loan against property EMI calculator to plan your repayment and prepayments if you want to become debt-free before the agreed loan tenor. Doing these things will make your loan against property journey easy and hassle-free.