Indiabulls Loan Against Property - Eligibility Criteria
Every financial institution offers loans to applicants only when they satisfy their eligibility criteria, and it is the same with Indiabulls Loan Against Property. Here are some factors that are considered by Indiabulls while ascertaining the eligibility for the applicants:
- Who can apply: Self-employed professionals, small & mid-sized businesses, partnership firms, and private or closely held companies.
- Age: To get a Loan Against Property from Indiabulls, the applicant should not be above 75 years of age by the completion of the repayment period. This is perhaps the most important eligibility criteria to apply for the Loan Against Property with Indiabulls. When the applicant crosses the age limit, they cannot apply for the loan, but in case the spouse meets the age criterion, the Loan Against Property can be obtained under their name.
- Repayment capacity: It is very important that the person applying for loans must have the potential to earn and the capacity to repay the loan. The applicant must have a job or business that will pay a steady monthly income so that they can pay the EMIs every month. Additionally, the monthly income should be adequate to cover the cost of living of self/family as well as the EMIs.
- Documents and clearances of the property: It is important to have all the necessary documents related to the land or residential or commercial property against which you wish to get a loan. Some of the documents required include registration documents, property tax documents, mutation certificate, etc. Similarly, the property should have clearances from concerned authorities that they have no issues with mortgaging the property to get a loan. There are many departments that are involved in the procedure, and you must get no objection documents from relevant departments to get a Loan Against Property to make the process quick and hassle-free.
