What is the basic condition required for a loan against property

One of the important factors that have to be present in a loan against property is the ownership of a property. There are a few conditions that are related to this ownership and one of them is that it should not be under any other mortgage. This is to ensure that there are no loans that are already outstanding against such a property and only then can there be a loan taken against the property. It is not very important as to whether the property is lying vacant or you are residing in it because the ownership of the property is more than enough for the entire transaction to go through.