Loan Against Property

The eligibility criteria for loan against property may vary from bank to bank. Listed below are the common eligibility conditions that a borrower needs to fulfill in order to get a loan against property:

• Any salaried professional who is a permanent employee of an organization can apply for LAP.
• Professionals like architects, chartered accountants, cost accountants, company secretary, doctors, engineers, dentists and management consultants can also apply for it.
• Self- employed individuals who are income tax payers are also eligible for loan against property.
• Bank will consider your total monthly income, how much savings and debt obligations you have before it approves your loan.
• The eligibility for loan against property is also calculated based on value of your mortgaged property.
• You should also have a good CIBIL score. Bank will track your previous loan and credit card bill repayment details.