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Eligibility criteria for LAP

What are the eligibility criteria for one to apply for LAP?

Apnaloan.com Research Bureau

23 May 2008

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.

Loan amount:

The loan is given as a certain percentage of the property's market value (usually around 40 per cent-60 per cent). But the threshold amount too is generally defined by most lending institutions like say, minimum Rs. 25000 and maximum Rs. 1.5 crore.

Tenure of work experience:

If you are salaried/self-employed, banks take into account the number of years you have remained in service/profession.

Repayment Capacity:

The lender evaluates your repayment capacity based on your income, savings, and debt obligations, other than household expenses.

Based on this information the lender decides on the amount of loan that you are eligible, after considering your previous debts and obligations.