Loan Against Property Eligibility

Loan Against Property Eligibility 

While applying for a loan against property, the lender will ask you to meet the basic eligibility requirements. Fulfill the required eligibility criteria based on your occupation and age to avail the loan. Your age, nature of employment, monthly income, value of the property are some of the key factors considered by the lender to evaluate your eligibility. 

Refer the below mentioned Loan Against Property eligibility criteria to know more. 

Unlike the unsecured loan, the loan against property involves a security that is the property, which the borrower can mortgage in case the loan is not repaid by the borrower. Hence, it is a type of mortgage loan. 

Loan Against Property Eligibility Details 

In the table is the general eligibility criteria set by financial lenders offering a Loan Against Property. 

Minimum Age limit 

21 years 

Maximum Age limit 

65 years – 70 years 

Employment Status 

Salaried or self-employed individual 

Minimum Income 

Rs.3 lakh p.a. 

Work Experience 

Minimum experience of 1-5 years 

Interest Rate 

9.80% p.a. - 16.50% p.a. 

Maximum Loan Amount 

Up to Rs.25 crore 

Credit Score 

CIBIL score of 750 or more 

Repayment Tenure 

15-20 years (Maximum) 

Loan against Property Eligibility for Salaried and Self- employed 

While the eligibility for loan property may very bank to bank. Borrowers who have a stable income can be considered to be creditworthy because of their steady, easily verifiable incomes, especially if they have excellent Credit scores. 

Any salaried who is a permanent employee of an organization can apply for LAP (Loan Against Property). 

Listed below are the common eligibility conditions that a borrower needs to fulfill in order to get a loan against property: