Loan Against Property

Loan Against Property Eligibility Criteria:

Loan against property eligibility depends upon various factors which are as follows:

1. Income – Your income determines the amount of LAP you are eligible for. Banks generally keep the EMI to income ratio at 0.45% to 0.60% of your monthly income.
2. Tenure – The longer tenure you opt for, the more is your LAP eligibility and the lesser is your EMI. Maximum tenure is 15 years.
3. Age – Your age will determine your LAP tenure and hence your eligibility. Maximum age to be considered for salaried is 60 years and for self employed is 75 yrs.
4. Interest Rate offered – Banks offer Fixed and Floating Rates of Interest. Lower the interest rate more is the LAP eligibity and higher the interest rate less is the LAP eligibity.
5. Valuation – LAP is totally depended on the valuation of the property. Maximum funding offered is 70% to 75% of the total valuation of the property.
6. CIBIL Score – Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.(credit score must be above 650).

Bank wise Rate of Interest for Loan Against Property :

Documents Required for salaried LAP :

1. Application Form:Signed with photograph pasted( applicant and co applicant)
2. Identity Proof: PAN card, Passport, Driving License, Aadhar Card, Voter id,(applicant and co applicant) (Any One)
3. Address Proof: Aadhar card, Passport, Driving License, Election ID card, Rent Agreement, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old)(applicant and co applicant) (Any One)
4. Income Proof: Form 16, Latest 6 month’s salary slip, Last 6 month’s bank statement.
5. stability Proof: Job Stability Proof must be of 2 years.
6. Property Documents: Cc Copy, Development Agreement, Chain Agreement, Conveyance Deed, Sales Deed, Allotment Letter, Possession Letter, Latest Property Tax Receipt, Copy of Approved Plan for Construction/ Extension.

Documents Required for self employed LAP :

1. Application Form:Signed With Photograph Pasted( Applicant And Co applicant)
2. Identity Proof: PAN Card, Passport, Driving License, Aadhar Card, Voter Id,(Applicant And Co applicant) (Any One)
3. Address Proof: Aadhar Card, Passport, Driving License, Election ID Card, Rent Agreement, Electricity/ Telephone/ Mobile Bill/ Bank Statement (Not More Than 3 Months Old)(Applicant And Co applicant) (Any One)
4. Business Address Proof: Address On Current Account, Rent Agreement, Ghumasta License, Adhar Udyog, Electricity Bill. (Any One)
5. Business License: Ghumasta License, GST Certificate, Government License.
6. Income Proof: Last 3 Years ITR with CA Attested, 1 Year Bank Statement of Current and Saving Account.
7. Stability Proof: Business Stability Proof must be of 3 Years.
8. Property Documents: Cc Copy, Development Agreement, Chain Agreement, Conveyance Deed, Sale Deed, Allotment Letter, Possession Letter, Latest Property Tax Receipt, Copy of Approved Plan for Construction/ Extension.