Loan Against Property

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Loan Against Property

 

Eligibility & Documentation


In today's quick-paced environment, your access to credit should support your aspirations and goals. To give you a quick and simple experience, we've eradicated all barriers to financing and optimized our loan processing methods. My Mudra’s Loan Against Property has simple eligibility requirements, and we simply need the most minimal papers to approve a loan.

 

 

Salaried People

Self-Employed People

Business

Age

Applicant must be at least 25 years old at the time of loan application and should be a maximum of 65 years at loan maturity

Applicant must be at least 25 years old at the time of loan application and should be a maximum of 65 years at loan maturity

Proprietor / prime partner / key director should be 25 years old at the time of application and should be a maximum of 65 years at loan maturity

Eligibility criteria

Salaried individuals working with LLP / private limited / public limited companies

Proprietor / Partner / Director

Self-employed professionals like chartered accountants, company secretaries, and doctors

Partnership or private limited companies engaged in manufacturing, servicing or trading

Work history

1 year of overall experience and 2 months with the present employer.

· Must be running the same business for last 3 years

 

· Professionals with qualification of CA / CS / doctor with minimum 1 year of practice.

Business stability/history of minimum 3 years in the same business.

Income

Net monthly in-hand salary should be Rs.25,000

Gross annual income should be a minimum of Rs.3 lakh

Annual turnover should be a minimum of Rs.10 lakh

Citizenship

Must be an Indian

Must be an Indian

Must be an Indian

 

Documents Required To Avail My Mudra’s Loan Against Property

 

 

Salaried Individuals

Self-Employed Individuals

 

 Identity Documents

PAN Card, Aadhaar Card

PAN Card, Aadhaar Card

· Firm/Company PAN Card, GST Registration Certificate

(If applicable) and Other Applicable Registration

 

· KYC of Partners / Directors PAN Card and Aadhaar Card

Address Proof

· Electricity bill for owned premises

 

· Rent agreement for Rented premises

 

· Passport

· Electricity bill for owned premises

 

· Rent agreement for Rented premises

 

· Passport

· Electricity bill for owned premises

 

· Rent agreement for Rented premises

 

· Passport for Partner / Directors

Income Documents

Salary slip of the latest month

.Income Tax Returns along with computation for the latest 2 years

 ·Profit/Loss statement and balance sheet for the latest 2 years

· Income Tax Returns along with computation for the

latest 2 years

 

· Profit/Loss statement and balance sheet for the

latest 2 years

· GST Returns

Bank Account Statement

Salary credit bank account statement of latest 3 months

Operative bank account statement for the latest 6 months

Operative bank account statement for the latest 6 months

Property Documents

If already finalised along with legal & technical clearance of the property

 

eligibility

How to improve your Loan Against Property Eligibility?

Follow these tips to improve your Loan Against Property Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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