Loan Against Property- Eligibility & Documents Required
Navigate the fast-paced world with ease. Accessing credit shouldn't hinder dreams. At Fatafat Finance, we've simplified loan processing for you, ensuring a quick journey to complement your desires. Our Loan Against Property, powered by Fatafat Finance, turns property value into golden opportunities. Qualify effortlessly based on age, income, property ownership, credit score & stability. Minimal paperwork - ID/address proofs, property deeds, income/business validations, valuation reports & bank statements - secures your stride toward prosperity. Your property's potential, amplified with Fatafat Finance.
Loan Against Property Eligibility Criteria
| Eligibility criteria | Requirement |
|---|---|
| Age | Applicants are required to be within a specific age, often between 18 to 65 years |
| Property Ownership | You should be the legal owner of the property being offered as collateral |
| Income | Salaried individuals and self-employed individuals must meet certain minimum income levels. |
| Creditworthiness | Your credit score and credit history play a significant role in determining eligibility. |
| Property Valuation | The value of the property you're pledging as collateral is evaluated to ensure it meets the lender's criteria |
| Repayment Capacity | Lenders evaluate your debt-to-income ratio to ensure that you can comfortably manage loan repayments alongside your existing financial commitments |
| Documentation | Need to provide necessary documents such as property-related documents, income proof etc |
| Age of Property | Lenders might consider the age of the property when assessing its value and eligibility for the loan. |
Note: The above-mentioned eligibility list is indicative. Additional eligibility criteria may be required during loan processing.
Documents required For Salaried Individuals:
Fatafat finance's Loan Against Property follows a simple documentation process. If you are a salaried individual, you need to submit the below documents:
| Description | Salaried Individuals |
|---|---|
| Identity Proof | Aadhaar card, Passport, Voter ID, or any other government-issued ID |
| Address Proof | Utility bills, Aadhaar card, Passport, Voter ID, or other acceptable proofs |
| Income Proof | Salary slips for the last few months, Form 16, and bank statements |
| Employment Proof | Employment letter or offer letter from the current employer |
| Property Documents | Copy of property documents being offered as collateral |
| Passport Size Photographs | Usually, a few passport-sized photographs are required |
| Bank Statements | Bank statements showing salary credits and other transactions |
Note: The above-mentioned eligibility list is indicative. Additional eligibility criteria may be required during loan processing.
Documents required For self-employed:
Fatafat finance's Loan Against Property follows a simple documentation process. If you are a self-employed, you need to submit the below documents:
| Description | Salaried Individuals |
|---|---|
| Identity Proof | Aadhaar card, Passport, Voter ID, or any other government-issued ID |
| Address Proof | Utility bills, Aadhaar card, Passport, Voter ID, or other acceptable proofs |
| Income Proof | Income tax returns (ITR) for the last few years, audited financial statements, and balance sheets |
| Business Proof | Business registration documents, GST registration, business license, etc |
| Property Documents | Copy of property documents being offered as collateral |
| Passport Size Photographs | Usually, a few passport-sized photographs are required |
| Bank Statements | Bank statements of business and personal accounts |
Note: The above-mentioned eligibility list is indicative. Additional eligibility criteria may be required during loan processing.
Additional Documents
When applying for a property loan, providing additional documents beyond the standard requirements can help strengthen your application and improve your chances of approval.
| Description | Salaried Individuals |
|---|---|
| Property Documents | Original property papers, sale deed, title deed, approved building plans, etc |
| Legal and Technical Clearance | Clearance certificates to establish the property's legality and technical feasibility |
| Declaration of Loans | Details of any existing loans against the same property, if applicable |
| CIBIL Report | Credit score and credit report detailing your credit history |