Age
You must be at least 25 and no older than 75 at loan term.
Loan Against Property Eligibility
- Loan up to ₹7.5 Cr
- Quick Sanctioning
- Maximum Funding on Property Value
When it comes to mortgage loan criteria, Hero FinCorp understands that each borrower has unique financial circumstances. That's why we offer flexible eligibility criteria to help self-employed and salaried. We have tailored mortgage loan solutions to fit your requirements. A loan against property can provide you with critical funds to face any financial challenges. The easy application process, affordable interest rate, and simple qualification criteria make this loan the best option for large funding requirements.
At Hero FinCorp, we ensure that you get a mortgage loan without much hassle by keeping the eligibility criteria for a loan against property to a bare minimum. Contact us today to learn more about our eligibility requirements and get started on your loan application.
Financial emergencies can come knocking at your door at any time. It is not always possible to have sufficient cash reserves on hand to deal with them. Also, if you are planning on starting a new business, getting married, or sending your child abroad for higher education, you will need a large sum of money. In these situations, a loan against property is the best option to cover your funding needs.
To ensure you have easy access to funds, Hero FinCorp has kept the loan against property eligibility criteria as simple as possible. The following table details our qualifying criteria:
You must be at least 25 and no older than 75 at loan term.
A mortgage loan is only available to Indian nationals.
You must run a profitable business; salaried individuals aren't eligible for mortgage loans.
Your business must have been active for at least three consecutive years at the time of application.
The loan is available for a flexible tenure of 15 years. If you reach the age of 60, your repayment period will not be extended.
You can get up to 75% of the property's value or Rs 5 crores, whichever is less. The loan amount depends on your income, age, and property condition.
We do not have a predefined minimum monthly income requirement for this loan.
Loan Against Property eligibility is calculated based on various factors such as the value of the property, the borrower's income and credit history, and the loan-to-value (LTV) ratio. We provide loans against property up to 75% of the property's value. The borrower's income and credit score plays a crucial role in determining eligibility. A higher income and credit score increases the chances of loan approval and reduces interest rates.
Mortgage loans are classified as secured loans. As a result, the eligibility criteria for a loan against property are straightforward and are based on the following factors
You should have a stable income to be eligible for a Loan Against Property.
The applicant should be in the age group of 25 to 75 years.
You should be an entrepreneur or self-employed professional to be eligible.
Your property must be in a prime location, whether residential or commercial.
A good credit history with a CIBIL score of 750 or above is required.
You may have planned to secure substantial financing through a property loan, only to find you're ineligible after using the eligibility calculator. However, focusing on these factors can significantly improve your loan eligibility.
Review your credit report for errors or defaults before submitting your mortgage application.
Consider adding a co-applicant with good credit and stable income to reduce debt.
Choose a longer repayment tenure to reduce monthly debt obligations with average income.
Include secondary income from rent, freelancing, or business to improve loan eligibility.
