Loan Against Property (LAP): Overview

A loan against property is a loan against your house or even a plot. If all the land titles are in place, you have an income and you are eligible then this is the cheaper loan option for you. Though the interest rates on this loan are higher than that of a home loan, it's cheaper than that a personal loan or a loan against security.

LAP: Eligibility Criteria

Compare Loan Against property (LAP) eligibility amount as per your income for various tenure from various banks for residential as well as commercial properties.

A loan against property (LAP) is a very good alternative if you need capital. Your property must have no outstanding ownership dispute associated with it and should not be mortgaged. If you can make repayments from your earnings, there is nothing to stop you from availing this loan facility.

LAP: Eligibility Criteria: Basics

This loan comparator gives you one-point access to all lenders who are willing to lend capital based on inputs such as property type, value of property etc.

There are various eligibility criteria that you will need to meet to be able to get a loan against property.

Unlike other loans which are taken for specific purposes, such as home loan or auto loans-these loans can be taken for any purpose.

Even though you are taking a loan against your property, you need to show that you have income.

Eligibility criteria for LAP

The loan amount sanctioned depends on a host of factors. Primarily, it depends on your income, the cost of the property to be mortgaged and repayment track record is also a deciding factor. So, while you are looking for a loan against property lender, simultaneously make concrete efforts to identify a property. The eligibility criteria for loan against property will vary from one bank to another.

Salaried Individuals:
Eligibility criteria for salaried employees are broadly along the following lines:

- Minimum age of applicant: 21 years
- Maximum age of applicant at the time of loan maturity: 60 years
- Minimum Net Monthly Income: Rs. 12000 p.m.

Self-employed Individuals:
Broad eligibility criteria for self-employed employees:

- Minimum age of applicant: 21 years
- Maximum age of applicant at the time of loan maturity: 65 years
- Minimum Annual Income: Rs. 150000 p.a.