Loan against property is type of mortgage loan and is available for both the salaried and self-employed borrowers to help them fulfil their business and personal needs.
This loan is usually taken for expanding business, acquiring assets, education needs, marriage, etc. The loan is granted against the mortgage of the residential/commercial/industrial property. The end use of the loan should be from the uses allowed by the bank. The borrower is required to declare the end use of the loan in its application form.

Eligibility Criteria for Loan Against Property

The eligibility criteria for Loan Against Property

Salaried individuals
  • You should be between 33 to 58 years of age.
  • You should be a salaried employee in an MNC, a private company or the public sector.
  • You should be a resident of India.
Self-employed individuals
  • You should be between 25 to 70 years of age.
  • You should be a self-employed individual with a regular source of income
  • You should be a resident of India residing in the following cities

How To Apply For Loan Against Property?

At SME Paisa, you can apply for Loan Against Property online or offline. Walk into our nearest branch office for a free consultation and guidance regarding an ideal funding option suiting your needs. Or, you may choose to apply online and get an instant approval for funds. Remember to keep a soft-copy of documents required for Business loan ready for upload in case of an online application

Document Required for Loan Against Property

The list of documents required for a Loan Against Property application includes:

  • Latest Salary Slips
  • Bank account statements of the previous 3 months
  • PAN card/Aadhaar card
  • Address proof
  • Copy of the documents of the property to be mortgaged
  • IT returns
  • Self-employed individuals
  • Bank account statements of the previous 6 months
  • PAN Card/Aadhaar Card
  • Address proof
  • Copy of the documents of the property to be mortgaged

Frequently Asked Question

Your loan can serve a variety of needs, everything from home renovation to debt consolidation and more.

If all your documents are in order the loan should be credited to your account in 24 hours.

Yes, but it comes with a marginal charge. You can read about it

Loan is a term-loan offered by a financial institution at defined interest rate to be repaid within specific tenure. Whereas, cash credit is a short-term working capital loan in the form of a credit limit offered by a bank to an enterprise.

We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.