How Long Does It Take to Get a Loan Against Property?

Posted on Friday, July 28th, 2023 | By IndusInd Bank

IndusInd Bank offers loans against property to help applicants meet their personal and business requirements. Both salaried and self-employed professionals are eligible to get a loan against property. Upon verifying an applicant’s details, IndusInd Bank sanctions the loan amount. Apply with IndusInd Bank for a smooth application process and attractive interest rates.

In times of need, your property can prove to be your biggest asset. Be it a residential or a commercial property, you can pledge this asset as collateral to secure a loan in the event of a financial crunch. With a loan against property, you get access to the funds you need without forfeiting possession or ownership of your real estate.

The loan amount can be utilised for multiple personal and business purposes – education, weddings, or expanding  business. At IndusInd Bank, we offer hassle-free and smooth loan against property solutions designed to meet your goals in life. You can unlock the hidden value of your property and fulfil a wide range of financial needs, while availing high loan amounts with comfortable repayment tenures.

With IndusInd Bank, applicants also benefit from a quick and easy application process and attractive interest rates. Here we discuss the eligibility criteria, documentation and how long it takes to get a loan against property with IndusInd Bank.

Eligibility Criteria to Get a Loan Against Property

The following are eligible to apply for a loan against property with IndusInd Bank:

• Individuals and proprietorships
• Partnership firms
• Private limited companies
• Closely held public limited companies that aren’t listed on any stock exchange

 Following are the eligibility criteria for self-employed and salaried individuals.

In both cases, the applicant must be at least 21 years old at the time of application. Additionally, the maximum age at the time of loan maturity should be lower than the applicant’s retirement age (for salaried individuals). Self-employed individuals should be less than 70 years of age.

Documentation for Loan Against Property

Applicants must furnish the following documents as part of the loan application process with IndusInd Bank:

• Duly filled application form with photograph
• KYC documents: Valid identity/residence/signature proof
• Proof of income: Income tax returns/salary slips/financials
• Bank statement for the last 6 months
• All documents of the property offered as security
• A cheque for processing fee

Application Process for a Loan Against Property

With IndusInd Bank, you can apply for a loan against property in any of the following ways:

• Fill up the application form for a loan against property online. After this, a bank representative will contact you to help you through the process.
• Call our phone banking number available on our website.
• Visit your nearest IndusInd Bank branch.
• For existing IndusInd Bank customers, relationship managers can guide them through the application process.

How Long Does It Take to Get a Loan Against Property?

As with any other loan product, the time it takes to get a loan against property depends on individual loan applications. IndusInd Bank considers the applicant’s income, credit history, and monthly financial obligations as part of the loan approval process. Once the applicant’s details and documents are verified, the loan amount is sanctioned and disbursed to their bank account.

For fast loan approvals, ensure you fit the eligibility criteria and keep all required documentation ready before applying for a loan against property online.

Get a Loan Against Property with IndusInd Bank

IndusInd Bank allows you to raise funds with a loan against property with an easy loan application process, attractive loan amounts, competitive interest rates, and comfortable repayment tenures.

Give wings to your dreams with IndusInd Bank. Apply today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.