Although a loan against property is backed by an asset, lenders approve this loan only to eligible candidates to ensure a timely repayment. It is also a measure to curb the increasing delinquency rate in this sector. Therefore, intending borrowers should follow some simple tips to get prompt approval on this loan application.

Tips to get an instant loan against property approval

Following are the most effective tips to get your loan against property sanctioned with better rates and terms.

• Maintain a good CIBIL score

Like other credit products, lenders check the CIBIL score of the applicant before sanctioning a loan against property. Preferably, it should range above 650 for a secured loan like this. Moreover, lenders also consider the credit profile of intending borrowers before sanctioning this loan.

• Meet eligibility criteria

Fulfilling the loan against property eligibility parameters is another way to acquire instant approval. Nevertheless, individuals should also consider the lender-specific eligibility while applying for this credit. it includes

1. Applicants should be a residing citizens of India

2. Must have a steady monthly income

3. Age should range from 28 to 58 for salaried applicants and 25 to 70 years for self-employed applicants.

Note that lenders will not sanction a loan against property without income proof.

• Choose the right property

The loan against property approval also depends on the property to be mortgaged. For instance, a new property located in a prime location with all modern amenities is likely to better qualify for this credit.

• Submit the documents

You should also know beforehand the loan against property documents required to ensure a faster loan approval. It includes-

1. ID proof

2. Address proof

3. Income proof

4. Employment proof

5. Property title deed

Meeting the eligibility and completing the documentation is essential to secure the best interest rates besides prompt approval. You can also use a loan against property interest rate calculator to pick the best lender.

• Choose a longer tenor

Another way you can ensure faster loan approval is by selecting a longer tenor. This credit comes with a tenor of up to 20 years, and a longer tenor reduces the EMI burden. Therefore, lenders can ascertain timely repayment. However, for better estimation, you should access a loan against property EMI calculator.

If you can follow these tips diligently, lenders are most likely to approve a loan against property application in the first go.