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Frequently Asked Questions

Can the full value of the property be taken as a loan?

Only 80% of the property value can be taken as a loan from the bank. The lender evaluates the property’s current price before deciding your loan limit. And based on that, you will get a loan against your property. So don’t approach a bank for a loan against property in a myth that you’ll get 100% value of your property as a loan.

Is There Any Restriction on Loan Again Property utilization?

Banks don’t levy any restrictions on loan usage for borrowers. It means they can use the loan for whatever purpose they want; the lender won’t track its usage. A loan against property is a secured loan in which the borrower pledges the residential and commercial property to get a lump sum amount.

What is the maximum loan given in LAP?

The maximum loan borrowers can get in LAP is 80% of their property’s current price. So do evaluate the same before applying for a loan against your property. This way, you get the idea of what is the maximum loan the bank can offer you in a LAP. And knowing the maximum loan amount helps you manage the finances better for the purpose you are taking the loan.

Can I get a loan against property without a regular job?

Loan against property is available to both salaried and self-employed individuals. So if you don’t have a regular job but earn a handsome income to repay the loan, submit income proof. By submitting income proof, you can assure the bank that you are capable of paying back the borrowed amount even if you don’t have a regular job. For income proof, submit Form 16, bank statements, and income tax returns.

What is the maximum amount I can borrow for a home loan?

You can borrow up to 90% (upto 80% for original loan between Rs. 20-75 Lacs, & 75% for original loan above Rs. 75 Lacs) of the cost of the property in case of Home Loan Balance Transfer.

 However in case of Commercial Loans against Property or Loans against an existing property you can borrow up to 60% of the cost of the property. The Home Loan Balance Transfer Amount shall, however, be restricted to the Outstanding Balance of Loan with the existing financer.

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