What Is The Eligibility Criteria For Loan Against Property?

 Anyone looking to arrange a considerable amount at a lower interest rate should apply for a loan against property (LAP loan). 

A loan against property is available when you keep your property as collateral with a lender to secure a significant amount. 

If your property is located in a good area and is in prime health, you can also get the lowest loan against property interest rate. This way, you can save on repayments easily. 

But to apply for loan against property, you need to meet certain eligibility terms and furnish documents. 

Let’s learn more in this post!

Standard loan against property eligibility terms at a glance 

1. Your age should be between 28 and 58 years. 

2. You should be a Salaried employee working with an MNC, Public or a Private Limited Company. 

3. You should be a resident citizen of India and have property in a location where your lender operates. 

Along with meeting the loan against property eligibility conditions, you also need to submit a few documents, such as: 

• Latest Salary Slips. 

• Last 3 months’ bank account statements. 

• Form 60/PAN Card. 

• ID proof.

• Address proof. 

• Copy of the documents of the property you want to keep as collateral with your lender. 

• Income Tax Returns (ITRs). 

• Title documents as required by a legal team. 

• Any other document as required. 

The mentioned loan against property documents is indicative. Your lender may require you to submit additional documents for which they usually communicate with you. 

You should also ensure to have a robust CIBIL score of 750 or more, apply young, and have your property located in an area with nice infrastructure. 

Considering these aspects will boost your loan against property eligibility and help you get approval.