Loan Against Property
Loan Against Property offerings concerning your residential or commercial property facilitates
you to utilize the locked-up value in your property to fulfill the expenditure of any type.
Unlocking this value for multifaceted use will require you to prove your eligibility for a LAP.
Some common factors that decide eligibility for a LAP are listed below.
The applicant must be an Indian Countryman with documents proving his claim.
Occupation and Income
To determine your credibility, your lender will ask you to provide your occupation and
income-related details to prove your professional and financial stability.
Your Credit Score and Credit History are imperative to prove your ability to repay your LAP.
A healthy relationship with your lender will help you complete the LAP process smoothly. In
addition, your lender may offer you better terms and conditions concerning loan value, interest
rates, loan tenure, hidden charges, and processing fees.
Market Value of Property
Based on the market valuation of your collateral property, your lender owns the right to
determine the loan amount along with the terms and conditions of your mortgage loan. Further,
the market value of the mortgaged property must be higher than the loan amount calculated on the
current value of your property.
Title of Property
While applying for the LAP, you should be the current owner of the property, and in case of
co-application, you need to prove multiple ownership and clear title. Further, the property must
not be mortgaged with any other financial institution.