A Loan Against Property is a popular type of loan as it is one of the cheaper loans available in the market. You can use the loan amount for any purpose – like debt consolidation, business expansion, education expenses, personal expense, family or medical emergency. It is similar to a personal loan in this sense. The property that you plan to mortgage should be free of any legal or financial encumbrances and you should have a clean title deed. If there is more than one owner of the property, then all the owners need to be co-applicants on the loan.
You can go to the nearest branch of your lender and have a representative help you with the application process. You can also download the application form from some of the lender websites. You can also call, sms or email the customer service centers. Once you have submitted the application, the decision could take up to a few weeks.