Loan against property in Delhi is one of the best financing options to avail credit from a financial institution. There are many advantages associated with loan against property like attractive interest rates, tenures of longer duration, faster processing time etc. One additional benefit associated with a loan against property in Delhi is that you can also get a longer tenor compared to other loan products. Let us look at procedure to get a loan against property in Delhi in detailed manner –
- Application form – As a borrower, you need to first fill the application form for getting a mortgage loan against property. You need to submit application form along with necessary documents for loan processing. These documents would be different from salaried to self employed customers. These documents would include KYC documents, Income documents, property documents and other set of documents including any loan schedules etc.
- Due Diligence – It is one of the most important steps in loan against property process. This step would include legal, technical valuation and FI of the customer. Legal report would determine if the borrower has a clear and marketable title of the property free of encumbrances. Technical valuation report would estimate the current market valuation of the property and specifications of the current property.Current market value of the property is one of the most important factors in loan against property in Delhi as loan amount is provided as a certain percentage of market value of property.
- Personal discussion – A personal discussion would include discussing your case with a credit expert. It is the most important step in your application process. You should discuss each and every part of your application like your current income, business vintage/job experience, business model, number of dependents, purpose of loan etc with the credit expert to clearly ascertain your repayment potential for mortgage loan against property. A credit expert is a sanctioning authority for your loan application and you need to be frank and genuine in this stage of process.
- Analysis – In this step, your loan proposal would be analyzed by keying in all important factors.In this step your proposal would be analyzed by keeping in mind 5c’s of credit viz capacity, collateral, capital, conditions and character. If your loan proposal is found to be eligible then, a final loan amount would be offered to you.
- Disbursement – After mutual agreement on terms and conditions between both parties (borrower and lender), a loan agreement would be signed by them stating all conditions and covenants (both negative as well as positive). After this step, disbursement would be done for borrower from bank.
A loan against property in Delhi is one of the most useful products for a borrower to fulfill his credit needs. The above mentioned process can be completed within few days to provide loan to the eligible borrower.