Access to a large corpus of funds can boost the possibility of you buying a new office space or financing your child’s overseas education. A loan against property is one way that you can get the money you need. Thissecured loan gives youample funds at a nominal interest when you pledge a property. For example, the Bajaj Finserv Loan Against Property gives you an amount up to Rs.3.5 crore based on the value of the property, residential or commercial, that you pledge. To make your loan experience more comfortable and your application process more streamlined, take a look at how a loan against property is processed.
Confirm your details
Post filling the application form, a representative will contact you to verify your financial and property details. You credit score is also checked in this step. Based on this, a loan offer will be made to you.
Submit the necessary documents
In this step, you will need to submit documents that verify the information and your eligibility for the loan. Common documents include your identity proof, address proof, income proof, and property papers to validate your application. You may be asked to submit additional documents based on your lender. Some lenders like Bajaj Finserv offers you doorstep service, where a representative will collect all the relevant documents from your home.
Await the verification of the documents
Once you have submitted all the requested documents, your lender will verify them. This includes tallying and verifying your personal,income, employment, and property details with respect to the application form and your document docket. Some lenders may request a face-to-face verification as well or send someone to your home or office to ensure authenticity.
Get the sanction letter from the lender
Upon successful completion of the validation process, your lenderwill make you an offer for a loan against your pledged property. This means that your lender has confirmed the authenticity of the documents you have submitted and considers you creditworthy. You can also view the loan terms at this stage.
Await the property evaluation and legal check
When you accept the offer, your lender will start the second phase of verification. In this stage,the lender systematically evaluates your property and the related papers through legal and on-ground channels. This is done to ensure that the property has the required value and is not under any legal dispute.
Get the funds into your account
Once the entire verification process is wrapped up,your lender will proceed with the final disbursal. Lenders like Bajaj Finserv take only up to 72 hours to complete these processes and disburse the funds directly into your bank account. You will also receive your online access to the account at this stage and can manage your money online with ease.
Keep this process in mind when you are considering applying for a loan against property and choose a lender who not only offers you the needed funds at a competitive interest, but also completes the process within a timeline to suit urgent needs.
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