How is loan against property eligibility criteria decided?

Your LAP eligibility depends on your current and future prospects, both financially as well as physically. Lenders tend to issue loans to those who are most likely to repay them successfully. How do they assess this? Your credit score, previous debts, income proof, and work record: all of these are helpful documents deemed necessary during the loan assessment.

How much LAP amount am I eligible for?

While the amount depends on the bank you apply with, Kotak Mahindra Bank gives up to 80% of your property’s market value as a loan.

How to improve eligibility for a loan against property?

For improving eligibility, you can improve your credit score as those with a CIBIL score of 750 and above receive cheaper loans with longer durations. You could also try supplementing your income and applying for more stable and lucratively paying jobs to improve the chances of obtaining a loan.

How much LAP loan amount am I eligible for based on my salary?

The market standard is a loan amount that is well within 50-60 times your salary.

Loan Against Property Eligibility - Mortgage Eligibility Calculator

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Loan Against Property Eligibility

A loan against property is a secured loan wherein you offer your property as collateral to the bank or a lender in exchange for a loan. In layman’s terms, it is the money you can raise for your real estate. Kotak Mahindra Bank considers any owned piece of land — residential, commercial, or used for specialized industries — as collateral for a loan against property.

Each bank has its own set of criteria when it comes to successfully issuing a loan against property. Below mentioned are the LAP eligibility criteria Kotak Mahindra has in place.

Loan Against Property Eligibility Criteria

Loan Against Property Eligibility for Salaried Individuals:

The applicant should hold a graduate degree if the applicant works in a private limited company or a partnership. But they won’t need this if you are working for a public limited company.
Applicants should have an income above INR 40,000 per month and must be working for the past 2-3 years.
The applicant should be at least 18 years or above at the time of application but under 60 years at loan retirement

Loan Against Property Eligibility for Self Employed Individuals:

Their age should be at least 21 years or above at the time of loan application but under 65 years at the time of loan retirement.
Their proof of income is above INR 1.8 LPA. They also need to furnish profits of the past two years of business and a record of the business of at least three years.

Sanction of the loan is at the discretion of the bank

To check your eligibility for a loan against property, click on the eligibility calculator below.

Factors Affecting Mortgage Loan Eligibility

The interest rate for a loan against property, the tenure of such loan, and other variabilities depend on the following:

Age and city of the applicant
Monthly and annual income
Source of income
Existing debt
Purpose of loan
Tenure of loan
Market evaluation of the property
Vulnerability of the location (prone to floods, earthquakes, etc.)
Age of the property

You can also check your LAP eligibility by clicking on this link for our loan against property eligibility calculator. The loan against property eligibility calculator considers some of your financial and property information to process your chances.

Once you have checked your mortgage loan eligibility, the next step is to start the application process. The documents required for a loan against property include these.

When an emergency arises that requires immediate financing, a loan against property (LAP loan) can help you manage such a crisis. You can also use mortgage loans for your child’s marriage or education or to fund business investments.

Most banks are willing to lend up to 60% of the property’s value as the loan amount. With Kotak Mahindra Bank, you can get up to 80% of the property’s market value as a loan. However, the higher the amount, the bigger the installment.

You can check your monthly payables here with the loan against property EMI calculator.

With collateral in place, the lender is more assured that a borrower would not falter on his repayment cycle. Thus, you may be able to secure loans for higher amounts at lower rates of interest with a mortgage loan.

Please note that a mortgage loan or a LAP loan has additional costs too. So, we at Kotak Mahindra Bank give our customers the utmost discretion. To check our full pricing, click on the ‘loan against property charges’ tab.

To check our loan against property interest rate.

For the loan cycle, the instrument or documents of your property will remain with us. You will receive them back upon complete repayment of your loan.

How is a loan against property eligibility calculated?

Various factors determine the principal and interest of a loan against property. The age and nature of your property, your income status and source, your age, and the amount you are seeking are some of the critical factors.

For more certainty, you can use the loan against property eligibility calculator here.

Can there be a Co-applicant for a loan against property?

Yes, there can be joint applicants for a LAP loan. Immediate family members or joint owners of the land can become co-applicants for a loan against property. You can increase your chances of receiving the loan when you have a co-applicant.

Loan Against Property Eligibility Criteria