A loan against property eligibility calculator is a free online tool that provides a close estimate of how much funds a lender may approve. It uses several values like the value of your property, monthly income, other existing EMIs etc., to instantly provide the results.
This tool considers a range of factors such as your age, liabilities, assets, repayment capacity etc., which are considered important by most lenders. Thus, it provides accurate results in an instant, informing you about the total payable interest, EMIs and the maximum amount of loan you are eligible for.
Factors like your savings, employment details, income etc., can also affect your eligibility. You can use a loan against a property eligibility calculator to find out how much loan you can apply for.
Rate of Interest (P.a)
Loan Tenure (Years)
Follow the given steps to use a LAP calculator:
A loan against property eligibility calculator helps you find out the EMIs based on your income and the value of the property. This will aid you in the preparation for repayments and managing your personal finances. The following features of a loan against property eligibility calculator have an advantage over manual calculation:
Different financial institutions have different mortgage loan eligibility criteria. The following is a list of common conditions required by most lenders:
The minimum age for applicants ranges from 25 to 28. However, some banks provide mortgage loans to applicants at the age of 18. The maximum age usually ranges from 60 to 70 years, depending on the applicant’s occupation.
Most lenders require you to be a permanent Indian resident.
Applicant needs to be a salaried individual at a PSU, private or multinational company. They can also be self-employed with a steady source of income.
Salaried applicants need a minimum monthly income of Rs. 40,000 or more. On the other hand, self-employed applicants need to have an annual income of Rs. 3 lakhs or more.
Most lenders require the borrower to have a minimum work experience of 3 to 5 years.
A minimum CIBIL score of 650 is usually required to be eligible for LAP.
Lenders approve a mortgage loan based on the loan-to-value of a property. This is the ratio of the approved loan against the value of a property. This can go up to 80% for LAP.
In the following table you will find the eligibility criteria set by some of the top lenders in India:
|Lender||Age limit||Income||Job experience||Loan amount|
|Navi Home Loan||21 – 65 years||–||–||Check with the lender|
|State Bank of India||Repayment should be done before the borrower reaches 70 years of age||Rs. 3 Lakh p.a.||Mentioned in the terms and conditions set by the bank||Maximum of Rs. 7.5 Crore|
|HDFC Bank||As per the bank’s decision||As per the terms and conditions||Mentioned in the terms and conditions set by the bank||Mentioned in the terms and conditions set by the bank|
|ICICI Bank||Minimum- 25 years|
Maximum- 65 years or age of retirement
|According to the terms and conditions||Mentioned in the terms and conditions set by the bank||Maximum of Rs. 5 Crore|
|IDFC Bank||As per the lender’s decision||As per the terms and conditions||Mentioned in the terms and conditions set by the bank||Minimum – Rs. 10 lakh |
Maximum – Rs. 7 Crore
|Axis Bank||24 years and up||As per the terms and conditions||Mentioned in the terms and conditions set by the bank||Minimum – Rs. 5 lakh|
Maximum – Rs. 5 Crore
Most lenders require you to furnish the following documents for LAP.
A loan against property eligibility calculator helps you find out the loan amount you are eligible for. You can find it out by putting in details such as your monthly income and the market value of the property. Knowing this beforehand will help you decide your EMIs and manage the finances accordingly which will lessen the chances of defaulting on repayment.
The following factors will affect your eligibility for a loan against property:
You can add your spouse, family member or co-owner of the property as a co-applicant. If the co-applicant has a strong credit score and income profile, it will increase your overall mortgage loan eligibility.
Too many debts reduce your repayment capacity in the eyes of your lender. Hence, it is a good idea to pay off existing loans to increase your maximum mortgage loan eligibility.
You can disclose your rental income (if you have any) to get the highest loan amount.
If you already have taken a loan from a bank, you can get better interest rates and loan amounts for a second loan. This is because your existing lender already knows about your repayment habits.
Check your credit score regularly and try to improve it by paying credit card bills or loan EMIs on time. You can also make an advance payment to improve your credit score.
Since the loan amount is high for a loan against property, the repayment tenure is usually long and flexible. The repayment tenure varies from anywhere between 12 years to 20 months depending on the borrower’s ability to repay and the lender’s terms and conditions. It is to be noted that in case of default in repayments, the ownership or title of the property is transferred to the lender.
Whether you need funds for your business or a child’s education, you will want to check your eligibility for a LAP. You can easily use a loan against a property eligibility calculator to know which lender will provide you with enough funds for your needs. This user-friendly tool will let you plan your finances in advance so as to avoid any trouble with loan repayment.
Download the Navi app today and get a loan against property at attractive interest rates starting at just 8.39% p.a.
Ans: The rate of interest for loans against property is second only to home loans but comes with no end-use restrictions. Moreover, it comes with a long repayment tenure that decreases one’s repayment burden.
Ans: The usual repayment tenure of a loan against property is 15 to 20 years. Some lenders offer flexible repayment tenure to make the repayment easier.
Ans: You will most likely not be able to. Getting a mortgage requires you to have no legal issues regarding your property and all the property-related documents with you.
Ans: Yes, but only if the loan amount is used to renovate or repair a house. Section 80C allows for a maximum deduction of Rs. 150,000 on principal repayment. Section 24C allows a maximum deduction of Rs. 200,000 for interest repayment.
Ans: Most lenders require the applicants to be permanent residents of India. However, others may let you take a mortgage on a property in India.
Ans. The following types of properties can be used as a security for loans against property:
– Any residential or commercial property
– Registered property with a map
– Registered property without a map but ‘Agreement to Sale’ or a registered Sale Deed
– Agricultural land
– General Power of Attorney
Ans. A good CIBIL score is one of the primary factors among the eligibility criteria for a loan against property. Generally, the ideal score is 750 and above but it varies from one lender to another.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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