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Q: Loan against Property Details

Loan against Property (LAP) can be availed against the mortgage of a self-owned property for any personal or business purposes. The property acts as a collateral to support the finance provided by the lender. The margin for Loan against Property usually ranges from 50-90% of the value of the property (also known as LTV or Loan-to-Value).

Q: Features and Benefits of Loan Against Property

Easy to get: LAP is a secured loan making it easier for lenders to offer money to the borrower as it is backed by collateral.Longer tenure: Usually banks sanction a LAP between Rs. 3 Lakhs to Rs. 100 Crores. It is the only loan facility other than the Housing Loan that allows banks to stipulate repayment period of up to 20 years.Lower interest rate: In comparison to Personal Loans, a LAP loan has a lower rate of interest. The reason is the security offered to the banks.Lower EMI: When you have longer tenure and a lower interest rate, the EMIs are bound to be lower.Flexibility: Various banks have flexible loan products in this category, including term loans, overdraft facilities, reverse mortgage, etc.Types: LAP can have various types, such as loan against residential/commercial property, loan against rent receivables, reverse mortgage, and so on.Tax benefits: You get benefits tax benefits if you avail a loan against property for home renovation purposes. Usually, customers go for home renovation loans if they have to carry out repairs to the same property to be mortgaged to the bank. You might carry out repairs to your home but avail a mortgage loan by mortgaging another property. Under such circumstances, you have to prove that the end use of the loan is for carrying out renovations to the property you reside in.

Q: Loan Against Property Eligibility

Each lender has their own eligibility criteria for availing LAP. Below are some common criteria to be eligible for a mortgage loan: Age: Minimum 21 years and maximum 65 years.Profession: Both self-employed individuals and salaried persons with a regular source of income are eligible for a Loan Against Property.Joint applications: Co-applicants are permissible. Lenders can accept the income of the co-applicants for arriving at the eligibility.Ownership:The applicant should have unencumbered property in their name. The property can be residential, commercial, or industrial. Agricultural land is not acceptable as security for the loan. Many banks stipulate that the property should either be vacant or self-occupied. Some of the banks do not consider a property that is let out on rent or lease to third parties. Some lending institutions sanction loan against vacant residential plotsMargin: The margin requirement for Loan Against Property can be 10% to 50% of the market value of the property.Current obligations: The take-home pay norms come into effect. Usually, one should have a take-home pay of 50% after accounting for all the EMIs including the proposed one for the Loan against Property. Hence, it is imperative for the borrowers to declare their current obligations.Credit history: The lending banks are members of CIBIL (Credit Information Bureau (India) Limited). They can pull out the records from CIBIL to determine your credit score. Usually, a credit score in the range of 600 and above is acceptable.

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Easy approval & sanction

Loan against property is a secured loan and eligibility criteria are easy to meet. You can apply for high-ticket LAPs for education, business or personal reasons and avail of financing up to Rs. 15 crore with minimum hassles.

Attractive interest rates

The interest rate for a loan against property starts from 9% p.a. You get a higher loan amount at affordable EMI. Unlike personal loans, property loans cost less and offer greater repayment flexibility with longer tenure options.

Flexible tenure & EMI

A loan against property offers you maximum liquidity value for your property. You can avail of financing for up to 15 years. By choosing a long-tenure property loan, you get lower EMI option and ease of repayment.

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Pre-Approved Loan Against Property @9% p.a

Up to Rs. 15 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applying for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holidays and much more. Higher loan amounts are available for select customers.

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Learn More About Loan against Property

Loan against Property Details

Loan against Property (LAP) can be availed against the mortgage of a self-owned property for any personal or business purposes. The property acts as a collateral to support the finance provided by the lender. The margin for Loan against Property usually ranges from 50-90% of the value of the property (also known as LTV or Loan-to-Value).

Features and Benefits of Loan Against Property

Easy to get: LAP is a secured loan making it easier for lenders to offer money to the borrower as it is backed by collateral.

Longer tenure: Usually banks sanction a LAP between Rs. 3 Lakhs to Rs. 100 Crores. It is the only loan facility other than the Housing Loan that allows banks to stipulate repayment period of up to 20 years.
Lower interest rate: In comparison to Personal Loans, a LAP loan has a lower rate of interest. The reason is the security offered to the banks.
Lower EMI: When you have longer tenure and a lower interest rate, the EMIs are bound to be lower.
Flexibility: Various banks have flexible loan products in this category, including term loans, overdraft facilities, reverse mortgage, etc.
Types: LAP can have various types, such as loan against residential/commercial property, loan against rent receivables, reverse mortgage, and so on.
Tax benefits: You get benefits tax benefits if you avail a loan against property for home renovation purposes. Usually, customers go for home renovation loans if they have to carry out repairs to the same property to be mortgaged to the bank. You might carry out repairs to your home but avail a mortgage loan by mortgaging another property. Under such circumstances, you have to prove that the end use of the loan is for carrying out renovations to the property you reside in.

Loan Against Property Eligibility

Each lender has their own eligibility criteria for availing LAP. Below are some common criteria to be eligible for a mortgage loan:

Age: Minimum 21 years and maximum 65 years.
Profession: Both self-employed individuals and salaried persons with a regular source of income are eligible for a Loan Against Property.
Joint applications: Co-applicants are permissible. Lenders can accept the income of the co-applicants for arriving at the eligibility.
Ownership:
- The applicant should have unencumbered property in their name. The property can be residential, commercial, or industrial.
- Agricultural land is not acceptable as security for the loan.
- Many banks stipulate that the property should either be vacant or self-occupied.
- Some of the banks do not consider a property that is let out on rent or lease to third parties.
- Some lending institutions sanction loan against vacant residential plots
Margin: The margin requirement for Loan Against Property can be 10% to 50% of the market value of the property.
Current obligations: The take-home pay norms come into effect. Usually, one should have a take-home pay of 50% after accounting for all the EMIs including the proposed one for the Loan against Property. Hence, it is imperative for the borrowers to declare their current obligations.
Credit history: The lending banks are members of CIBIL (Credit Information Bureau (India) Limited). They can pull out the records from CIBIL to determine your credit score. Usually, a credit score in the range of 600 and above is acceptable.

FAQs

✅ Can I get a mortgage loan with bad credit?

Yes. Being a secured loan, your application can be approved with a low credit score as well. You can also co-apply for the loan with your earning spouse or other co-applicants.

✅ What is the process of Mortgage loan?

Fill in the application form and submit it along with the required documents.
Lenders will verify all the details.
The property to be mortgaged will be evaluated by the lender.
After evaluation and your eligibility check, your application will be approved if you are eligible.
You will receive the loan agreement.
If you agree with all the terms and sign the document, the loan amount will be transferred to your account within a few days.

You can also check mortgage loan interest rate

✅ How to get a loan against property without income proof?

Elaborate your income to the lender.
Maintain a high average monthly balance in your savings bank account.
Opt for a lower loan-to-value (LTV).
You can also consider Peer-to-Peer lending alternatives.
Apply with a co-applicant.

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