The loan against property (LAP) is a unique financial solution in India. It is provided when you keep the property as the collateral. Based on the Loan to Value (LTV) of the property and other eligibility factors, you can borrow a large amount of money.
The loan against property interest rate is affordable because it's a secured loan. This way, you can pay smaller EMIs and manage your outlays better.
Let’s check out the loan against property eligibility if you wish to apply for the LAP loan in the near future!
Loan against property eligibility at a glance
The LAP eligibility is easy to meet, and you need to submit only some basic documents. Here’s a quick look at it:
Your age should be between 33 and 58 years.
You need to be a resident citizen of India.
You ought to be employed with an MNC, Private or a Public Limited Company.
Latest Salary slips.
Previous 3 months’ bank account statements.
Aadhaar Card/PAN Card.
Address proof.
The copy of the documents of the ‘to be mortgaged property’.
Income Tax Returns (ITRs)
You can enjoy a lower loan against property interest rate if the property that you wish to be mortgaged is in good condition and carrying a nice LTV value.
Lenders can also award you with an affordable LAP interest rate if your credit score is higher. It can also be given if you have managed a sound repayment, income and employment history. You can also get the best deal after comparing the best ones on a third-party website.
Read Also : Loan Against Property: Things You Should Know
