What is a property loan?

A property loan or a loan against property is an amount that you can borrow from the bank or a financial institution by pledging your owned property or site as collateral. This type of loan may be taken on both residential and commercial properties to tide over sudden fund requirements for your business or personal needs.

How to avail a Loan against property or Property loan?

A property loan or Loan against property (LAP) can be availed by any salaried or self employed individual. The loan can be applied from a bank or financial institution by providing the necessary documents and proofs as specified.

What is the eligibility to avail of a property loan?

A loan against property can be availed subject to the following eligibility criteria:

Citizenship

Only Indian citizens can avail of the property loan in India.

Age:

The age of the borrower or the applicant should lie between 21-70 years. Some institutions have lower or higher upper age limit as per their own policies.

Employment:

The loan is available for both salaried and self employed individuals. Proof of steady income should be provided.

Credit Score:

A good credit score should be maintained to be able to avail of the loan. Applicants should make sure to pay bills and Credit card charges on time.