Loan Against Property

The following documents are required for Shakthi Loan Against Property for both salaried and self-employed applicants:

• Salaried
• Self-Employed

Document Type	Salaried
Application Form
Identity Proof PAN (Mandatory) Voter ID Passport Driving Licence Aadhar Card
Address Proof Passport Voter ID Driving Licence Aadhar Card

Document Type	Self-employed
Application Form
Identity Proof PAN (Mandatory) Voter ID Passport Driving Licence Aadhar Card
Address Proof Passport Voter ID Driving Licence Aadhar Card

Before applying for a loan against property, it is essential to keep a few things in mind to ensure a smooth and hassle-free process. The following are the factors to consider

Eligibility criteria

• The first step is to thoroughly review the eligibility criteria specified by the lender. Each financial institution may have specific requirements concerning age, income, and property ownership.

• Ensure you meet these prerequisites is essential to avoid rejection and save time during the application process. Common eligibility criteria include being a resident Indian citizen and falling within a specified age bracket if income is considered typically between 25 to 70 years.

Loan amount and tenure

• Assessing your financial needs and borrowing capacity is fundamental in determining the appropriate loan amount required. Analyze the purpose for which you require the funds and calculate the estimated amount accordingly.

• Consider the loan tenure that aligns with your repayment capability. A longer tenure may result in lower EMIs, but it may also lead to paying more interest over time. Conversely, a shorter tenure could mean higher EMIs but reduced interest expenditure.

Interest rates and fees

• Comparing the interest rates of various lenders is crucial to securing the most favorable loan terms. Lower interest rates can significantly impact the overall cost of borrowing.

• While examining interest rates, inquire about processing fees, prepayment charges, or other hidden costs associated with the loan. Being aware of these fees ensures there are no surprises during the loan tenure.

Property valuation

• Before proceeding with the loan application, it is prudent to obtain an accurate and fair valuation of the property being offered as collateral. The amount you can avail for a loan against property will largely depend on its valuation. Ensure that the valuation is conducted by an authorized and reputable valuer to avoid any discrepancies.

Repayment capability

• Carefully evaluate your financial stability and income sources to ascertain your ability to manage the loan EMIs comfortably throughout your tenure.

• It is essential to maintain a sufficient buffer in your finances to accommodate any unforeseen circumstances that may affect your repayment capacity.

Credit score

• One of the critical factors influencing loan approval is your credit score. A higher credit score indicates responsible financial behavior and enhances your chances of securing favorable loan terms.

• Obtain a copy of your credit report and review it for accuracy. If your credit score is lower than desired, consider it before applying for the loan.

Loan terms and conditions

• Thoroughly read and understand the loan terms and conditions provided by the lender. Pay particular attention to clauses related to prepayment, foreclosure, and any other special features.

Here's a step-by-step guide to applying for a loan against property:

• Click the 'APPLY LOAN ONLINE' button available on the webpage.

• Choose the type of loan you wish to apply for, either a home loan or a secured business loan (loan against property).

• Provide essential details such as your full name and mobile number.

• You will receive an OTP (One-Time Password) on the mobile number you provided. Enter the OTP to verify your contact information.

• After verifying your phone number, generate and submit your OTP.

• Enter your PAN Number and current city/location details.

• Click on the 'SUBMIT' button to complete the application process.

For more details, please refer to Schedule of charges (https://www.iiflhomeloans.com/schedule-of-charges).

Options for repaying LAP Loan typically vary based on the borrower's needs, interest rate policy, loan purpose, and tenure. Lenders commonly use different modes to calculate the repayment schedule. The following are some of the usual repayment options:

• Equated Monthly Instalments (EMIs): Under this payment schedule, borrowers make equal monthly payments comprising both the principal and interest components of the loan.

• Bullet payments: This repayment mode involves paying the accumulated interest during the loan tenure and settling the principal amount at the end of the specified period. It is typically offered for a fixed term.

• Prepayment: Borrowers can prepay the loan amount before the tenure expires. This option is open for those with available cash who want to clear their debt sooner.

• Electronic Clearance Service (ECS): This method is designed for borrowers who do not hold an account with the lending financial institution. It allows the lender to deduct the scheduled repayment amount directly from the chosen bank account.

Verify the repayment options with the lender while applying for the loan to select the most suitable plan for your needs.