Loan Against Property (LAP) Eligibility Calculator Online

Don’t have the money for a down payment? No issues, you can get a home loan against a collateral property. But are you eligible for it?  Luckily, there is a loan against property eligibility calculator to find out. 

What is a Loan Against Property Eligibility Calculator?

A lot of people take loans, keeping their property as collateral, but how much loan are they eligible for getting against it? That’s the most confusing part. Some will say more, some less. Regardless, there really needs to be an unbiased perspective, and this is why a Loan against property eligibility calculator is the need of the hour.

For that, you can use an online tool called a Loan Against Property Eligibility Calculator to see how much you qualify for. All you have to do is choose your type of work, monthly income, any monthly obligations, and the value of your property. You will be able to see the loan amount for which you qualify after entering these details.

Please be aware that the loan amount determined by the property eligibility calculator is only an estimate. Up to 80% of the value of the borrower's property can be borrowed.

Benefits of Using a LAP Eligibility Calculator

So, why should someone use a LAP Calculator in the first place? Well, there are a couple of reasons why you should.

1. Instant Estimate 

You do not need to go and ask around. The LAP eligibility calculator gives you an idea of what you’re eligible for, and there’s less chance of you being misguided by others.

2. No impact on credit score

If you check your eligibility with the loan against property eligibility calculator, you can check it once, twice or as many times as you want, because it wouldn’t put a dent in your credit score.

3. Helps you plan better

Considering you’re already getting an idea of what you’re eligible for, these property loan eligibility calculators allow you to plan better, making sure you plan for your mortgage and EMIs ahead.

4. Reduces chances of rejection

It allows you to reduce your chances of getting rejected. Since you have planned, you know how much loan to apply for, and the chances of getting rejected are reduced significantly.

How to Use a Loan Against Property Eligibility Calculator

Here’s a step-by-step guide so that you can use these calculators seamlessly.

• Enter your monthly income.
• Input the estimated market value of your property.
• Fill in any existing EMIs or ongoing loan obligations.
• Select your preferred loan tenure.
• Click on “Calculate” to view your estimated eligible loan amount.
• Use the result to compare lender offers or consult with a loan expert.

Factors That Affect Loan Against Property Eligibility

There are a lot of factors that can affect eligibility, including:

1. Income Level

Having a lower income level can mean that you’ll be unable to pay the EMI of the loan, and the Banks and NBFCs can reject you because of this.

2. Type & Market Value of the Property

The bank can reject a certain type of property. For example, if the property is in a place where the resale value is low. Also, if the market price is too low, these instances are enough for banks and NBFCs to reject your application.

3. Credit Score

Having a Low credit score indicates your inability to pay loans back on time, and as a result, Banks and NBFCs may consider you ineligible for the loan.

4. Existing Loan Burden

If you are already paying an EMI, chances are that banks and NBFCs will reject your application, considering you ineligible to pay back.

Eligibility Criteria for Loan Against Property

A Loan against property Eligibility Criteria is set by the banks and the NBFCs. Typically it includes:

1. Nationality

• You have to be an Indian citizen living in India and owning real estate in one of the cities where we do business. 

2. Age

• 18 years for non-financial property owners; minimum age: 25 years*
• The maximum age, including non-financial property owners, is 85 years old.
• The age of each applicant or co-applicant at the loan's maturity date If the second generation (legal heir) satisfies age requirements, they may be accepted as co-applicants on the loan structure at a higher age of up to 95 years. 

3. CIBIL Score

• To be eligible for a loan secured by real estate, a CIBIL score of 700 or above is ideal. 

3. Occupation

• Self-employed non-professionals and salaried professionals, such as physicians, are welcome to apply.

Note: According to RBI, depending on your specific loan application, this list may vary.

Documents Required for a Loan Against Property

The documents which are generally required for a Loan against Property are:

• Proof of identity/ residence - Aadhaar/ passport/voter's ID/ driving license/ letter from NPR/NREGA job card
• Proof of income
• Property-related documents
• Proof of business (for self-employed applicants), and
• Account statements for the last 6 months

Tips to Improve Your Loan Eligibility

While it depends on a lot of factors, here are some general guidelines that might help.

• Maintain a high credit score (700+)
• Opt for a longer tenure to reduce EMI burden
• Declare all valid income sources
• Clear or reduce existing debts
• Ensure your property has a clear title and proper documentation

Top Banks & NBFCs Offering Loan Against Property

The table below compares the Top banks and NBFCs that offer loans against property. 

Why Choose My Mudra for Your Loan Against Property

At My Mudra, we bring you top banks and NBFCs. We guide you to choose loans against properties with lower interest rates, as well as help you get the loan almost instantly, without having to wait for long. Apply loan against property online at My Mudra now.