Documents Required for Loan Against Property

Documents Required for Mortgage Loan

Looking to get a loan against your property with hassle-free documentation? Hero FinCorp has got you covered with their streamlined application process. Why waste your time gathering a slew of documents just to get funds when Hero FinCorp provides an instant loan against property approval with minimal paperwork?

Hero FinCorp Loan Against Property Documents

A loan against property is notable for its higher loan value and ability to deal with any major financial crisis. When an emergency occurs, you would not want to waste time gathering documents for loan approval. At Hero FinCorp, we understand what it is like to be in a cash crunch situation. As a result, we have eliminated the time-consuming documentation process for a loan against property approval. Whether you are a self-employed professional or a business owner running a manufacturing unit, retail outlet, and so forth, the documents required for a loan against property only include basic KYC proofs and a few property-related documents.

Mortgage loan documents are an important aspect of a loan against property application. With the list of received documents Hero FinCorp verifies the details with the submitted application form. Hero FinCorp only provides loans against property to self-employed individuals, and the following is a list of loans against property documents required for instant approval.

Documents Required For Loan Against Property

Mandatory Documents

Duly filled application form, PAN Card

Proof of Identity

Aadhar Card, ID Card, Driver's License, and Identity Card issued by GOI

Proof of Address

Passport, Driver's License, Utility Bill, Voter ID Card, Lease/ Rent Agreement, Registry Copy, Property Tax Receipt, GST Certificate

Proof of Business Existence

GST Certificate, UDHYAM Certificate, Partnership Deed Copy, Trade License, Certificate of Practice

Signature Proof

Banker's Verification, Passport, PAN Card

Proof of Income

Last three years' Income Tax Returns (ITRs), Income Statement, Profit and loss Statement Balance Sheet, Bank Account Statement (previous six months)

Property Related Documents

Complete set of documents pertaining to the property in question

Things to Keep in Mind when Applying for a Loan Against Property

Repayment capacity

Consider the impact of loan repayment on your overall financial plan and budget accordingly.

Necessary documents

Always understand the loan requirements before submitting loan application.

Total cost of additional charges

Make timely payments by knowing all the charges associated with your loan. to avoid any negative impact on your credit score and future borrowing opportunities.

Frequently Asked Questions (FAQs)

Do I need to provide original KYC documents for mortgage loan approval?

No, you only need to provide a copy of your KYC documents, such as your PAN card, Aadhar card, and so on. However, when applying for the loan, keep the originals with you in addition to the photocopies. Your lender may require the original documents for cross-checking.

Is insurance required for the property I want to mortgage?

Yes, insurance is mandatory to mortgage a property with a financial institution. It covers the loss or damage to your property caused by natural disasters. It is also advised to obtain a mortgage loan insurance. If the borrower dies and the outstanding balance is large, the insurer will pay the remaining balance to the lender.

How long does it take to for the loan against property disbursement?

Mortgage loan processing takes slightly longer than other loan types. The reason for this is that the lender sends a surveyor to inspect the property and determine its value based on the condition and a few other factors. Aside from that, the documents you submitted play a key role in determining the loan disbursement time.

How do I submit a Loan Against Property documents?

Loan Against Property documents can be submitted through our portal or you can visit our branch office.

Can I get loan against the property without income proof?

Income proof is a mandatory requirement for a Loan Against Property. So without income proof loans are not possible.

Does a co-applicant have to submit documents in a loan against property?

Yes, a co-applicant has to submit documents such as identity proof, address proof, income proof, and property papers for a Loan Against Property.

Can I get loan against property without income proof?

Income proof is a mandatory requirement for a Loan Against Property. So without income proof loans are not possible.