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Lending and borrowing are very common these days and have become inseparable parts of our lives. At some occasions whenever your life milestones are apart, it is the funds which become the important need of the time. However, we save enough money to use during the needs but sometimes we fall in a shortage of money and to fulfill the requirement, we need to borrow. There are several ways to borrow money and among all these sources "Loan Against Property" from ShubhBank is the best option because of the lower interest rate on LAP as compare to other secured loans. To avail so, you should own a property but it’s not only criteria to fulfill as there are few factors that affect your eligibility of loan against property that need to be fulfilled.

Credit Score: It is the most important criteria to check for the eligibility of loan. A CIBIL score refers to a numeric expression to check the past loan repayment history and any outstanding bill payments of loan seeker. The creditworthiness of client depends on the previous records of existing loans.

Property Papers: Whenever you "Apply For Loan Against Property" at ShubhBank, your property should be free from any legal issues. It is the prior thing in the checklist of any lender. If your property is under any kind of legal issue then there are greater chances of rejection of your loan application. You have to submit the full set of documents including title deeds, building plans, and other relevant documents.

Tenure: It is the time period in which you have to repay the principal amount along with interest rate on it. If you want to have short loan tenure, your monthly installments will be higher and vice versa. In case your income is less and you want short tenure for loan, you application is likely to be rejected.

Professional History: The job stability is another factor to be checked by lender when you avail Loan against Property. However, changing a job is a step forward on ladder to get better opportunity but it can be taken as negative remark for the lender. To fulfill the eligibility, one must need to be employed for minimum of 2 years in same company.

Property Insurance: Along with other criteria, insurance of the property is also need to be considered by lender. If you have insurance on property, it may act as safeguard on your financial interest and lender fell safe from facing an NPA.

The loan against property is an easier and pocket friendly way to secure the funds. Whenever you avail such loan, always remember if unfortunately you end up in not paying the loan installments, lender is authorized to sell your pledged property to recover the loan money. So, always be disciplined in your loan repayments. If you opt a Loan against property from ShubhBank, pay it off on time to enjoy the best benefit of owning a property.


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