When you think about information technology in India, the city that first comes to mind is Bangalore. Located in the state of Karnataka, this vibrant city serves as a hub for the innovators of India. It has some of the best colleges in the country and houses some of the most lucrative business enterprises in India. Additionally, this city is also densely populated with students, business owners and professionals. All this means that Bangalore is a great place to own real estate in. With the ever-rising value of property, owning the asset in a metropolitan is extremely beneficial as this gives rise to an array of financial options.
You can choose to either rent out your property or in the event that you need significant funds, take a loan against property in Bangalore. This is advantageous because a loan against property in a booming city like Bangalore would guarantee you a higher sanction amount as the property rates are much higher than most other cities in India. When opting for a loan against property in India, or more specifically in Bangalore, you need to know that the loan against property eligibility criteria varies as per the city and the lender.
Read on to know about the loan against property documents required to be eligible for substantial funding in Bangalore.
These documents are an indication of income as well as job stability, and takes into account the reputation of your employer. When gauging a loan application, a lender needs proof that you will be able to make payments and these documents help make that case for you. The documents required are as follows.
- Payslips: 3-6 months
- IT returns: 1-3 years
- Form 16: Employer issued
- Letter from employer: Stating your term of employment
- Employment certificate
- Bank statement: 6 months’ statement of the salary account
- Investment proof: Fixed deposits, shares, and others
These documents are an indication of ownership of the property being pledged. These need to be accurate and up-to-date as they play an important role in the approval of a loan against property. The documents required are as follows.
- Sales deed
- Copy of Agreement
- Share Certificate
- Maintenance bill (latest)
Personal Identification Documents
These are also known as KYC documents and they are important for the lender to verify your identity. This is a standard requirement across all lenders and the acceptable documents are as follows.
- Aadhaar Card
- Voter’s ID
- Driver’s License
- Employer’s Card
- PAN Card
In addition to these, you’re also required to provide address proof. The documents for this are:
- Electricity bill
- Utility bill
- Maintenance bill
Gathering all the essential documents is vital to your application for a loan against property in Bangalore. Lenders are strict with their verification and this also extends over to their valuation of your property. Furthermore, before you settle for a lender, ensure that you have picked the best offer in the market. This means that you should avail of nominal interest rates and additional loan against property features. For example, the Bajaj Finserv Loan Against Property in Bangalore offers some of the best features in India in addition to its competitive interest rates.
You get to benefit from the doorstep service, which means that a representative will come to your home in Bangalore and assist you with processing your loan. The loan against property tenure is also flexible and can range from 2 to 20 years so you can choose it according to your income and preferences. You can also opt for the Flexi facility, which lets you borrow as you go from the loan account, and pay interest on the amount you utilise. This feature reduces your need to apply for an additional loan and helps you manage your finances better.