Get A Loan » Mortgage Loan (LAP)

LOAN AGAINST PROPERTY ELIGIBILITY CRITERIA:-

Some of the Elgibility Criteria when applying for a Loan Against Property Are As Follows
Income
Age (min. 21 years)
Property Valuation
Existing Liabilities (if any)
Current Work Experience
Financial Documents
Number of Dependants

The eligibility for LAP is calculated on basis of either the percentage of property value that you own and the amount of income you have to enable you to return the EMI on the Loan. So you can get Loan against property upto annex % of property value and the net amount that you earn after other EMI has been deducted from your net income
Loan against Property is given on the below mentioned property types and the percentage of loan you can get is given below:

Loan Against Property - For A Residential Property

Self Occupied – 65% -70%of Property Value
Vacant - 50%-55% of Property Value
Rented - 55% -60%of Property Value

Loan Against Property - For A Commercial Property

Self Occupied – 50%-55% of Property Value
Vacant - 40% -45%of Property Value
Rented - 40%-50% of Property Value
This varies from Bank to Bank by 5 - 10% of the above mentioned percentages.
In order to calculate how much you would be estimated to pay, most banks use a formula which is given below.

Loan Against Property For Salaried Individuals

{ (NTH - Obligation) * 60%} / EMI per Lac
Loan Against Property For Self Employed Individuals
{(NTH - Obligation) * 65%} / EMI per Lac
Whichever is lower from the value of the property or your income- that loan amount will be given to you.

Other Eligibility Criteria Revolves Around the Maximum Age of The Person Applying For The Loan

For Salaried employees – 60 Years
For Self-Employed – 70 Years

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