You want a personal loan to purchase a plot, the banks help the best way to get it but not everyone is aware of the various terms and conditions of such loans. It is essential for everyone to know how a personal loan for purchasing property works as it might be your last chance of getting home ownership. To be eligible for a personal loan for property, you will have
to meet the following criteria:
- 18 years old and above
- Not more than two claims registered in the last five years
- No record of defaults
- This type of loan is not available for those with bad credit history in the last six months.
- Must have a good reasoning and need to purchase property other than their home. Further, you will have to provide them with proof of income. In addition, your guarantors or co-borrowers must have a good reputation and must offer additional guarantees. You should not borrow any amount beyond the estimated value of your property.