How to Check Loan on Property 2020 | How to Check if Property is Mortgaged in India
How to Check Loan on Property? We take loans on property when we don’t have resources to buy a property. These loans are financed by some institutions like banks and financial companies. We need many documents before filing a loan and this loan is approved if we are approved by a bank. Many things are considered before approving a candidate his financial status, his income draft, address proof, his past records, etc.
However, People nowadays take loans to buy a property they want from authorized banks and they are allotted a specific time to pay the amount to the bank in the form of Installments.
Loan on properties is taken by giving a specific security as a guarantee against the amount taken.
Moreover, If you are unable to pay the loan then after sending a notice thrice a time to you, the bank will cease your property and will organize auctions to obtain their amount.
Why People take Loans:
- To buy a house.
- For getting their son and daughter married.
- To expand their business.
- Funding a medical treatment
- Funding their dream vacation.
- For their further education.
What kind of properties can be mortgaged from a loan:
Moreover, We can take loan on our self-oriented or rented residential properties as we can present them as a guarantee against a loan. We can also take loan on shop to start a business.
What are the Eligibility criterion for initiating a Loan:
1. The individual’s age should be 24 and above:
Individual under the age of 24 is not eligible to take loans.
2. The individual should have a permanent job whether in government sector or in a reputed private company:
However, If the individual has a permanent salary and a permanent job then the bank will offer him loans.
3. Self- employed people:
If a person is self employed and he has a good and regular salary, then is able to take a loan from the bank.
4. Self- employed professionals:
Moreover, The professionals can get a loan easily as compared to the others because of their good salary and income records.
5. A person with good account history:
If your bank account has a good history without any flaws then you are able to take a loan.
6. You must not be bank corrupt:
Bank normally do not offer loans to people who are bank corrupt because of their poor bank records.
7. Repayment debt records for other loans, credit cards ,etc:
However, Your records about other loans are also considered before offering a loan to you.
Documents required to apply for a Loan:
1. Application forms:
You need a application form to apply for a loan. It is mandatory without it you can’t apply for a loan.
2. Passport size photographs:
However, Bank requires your passport size photographs. It should be identical and clear.
3. Identity and research proof (Aadhar card, PAN Card):
It is mandatory to submit your identity details. You can submit your PAN ( permanent Account Number) card or Aadhar card or any other Identity card.
4. Address proof:
Moreover, Address proof is mandatory if you apply for loan, you can submit your electricity bill or any other bill.
5. Education qualification:
If you’re a self employed professional, your educational qualification will be required. And if you’re a student and if you apply for education loan then your marks sheet will be required.
6. Current Salary slips:
However, They will ask you for your current salary slips and your income details to verify that you will be able to pay the EMI’s or not.
7. Certificate and proof of business existence:
Your business existence certificate is very important to verify about your business. They will offer you loan if you have a well established business.
8. Processing fee cheque:
The customer provides a cheque to bank and in return the money is debited in the borrower’s savings or current account by the bank.
9. Last six months back statements:
Moreover, Your last six months bank statement is required . It will decide whether you are eligible for a loan or not. For that your transactions should be up to date without any flaws.
10. Form 16:
This form depicts that the TDS has been deducted and deposited with the authorities on behalf of the employee.
04. Balance sheet:
However, This depict a person’s total assets and how these assets are financed either through debt or equity.
04. Last 3 years income tax returns:
If you pay your income tax regularly than you are eligible for taking a loan. Thus, The bank will be giving you loans if you are a regular income tax payer.
How to check Loan on Property:
Moreover, Many people take loans to fulfill their needs either home loans, car loans, or any other. It is restricted to check about one’s loan as no other person can find out your details about your loans but their are ways by which we can find out that whether their is a loan taken on your property or not.
It is the record of all your properties and a contract or confirmation documents signed between bank and you. Every passed loan has a registry and you can go through it and find out about it. It is the basic document to find out loan taken on property.
2. Visit the Bank:
You can visit the bank and find out about the loan taken, Moreover they will resist while giving details about the loan but they can provide you with basic information about the owner and other loan details.
3. Ask the Owner:
Moreover, You can directly ask the owner about the loan. If he is willing to sell you the house he will share every possible details with you. Sometimes they sell their properties because of the fact that they are unable to pay the EMI’s and they are facing a financial crisis.
4. EMI slips:
You can also see the EMI slips which the owner has. By them you will get to know about the loan which was taken against property. If a person is unable to pay the EMI’s then after 3 dues the bank will issue a notice and will organise a auction for your property.
5. Transaction details:
Moreover, The loan amount was transacted in the borrower’s account and it has a slip for that. By that you can know about the loan details.
By considering all these points you can know or check for a loan against a property. And if you want a loan you can check all the above mentioned eligibility criterion and the documents required for it.