Loan Against Property Eligibility Criteria
| Particulars | Eligibility Criteria |
|---|---|
| Minimum age | 18 years (at the time of loan application) |
| Maximum age | 70 years (at the time of loan maturity) |
| Income | Minimum Rs 25,000 per month |
| Property type | Residential or commercial |
| Work experience |
For salaried: 2 years For self employed: 3 years |
| Profession | Salaried or Self-employed professional/ non-professional |
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
Factors Considered by Lenders While Calculating Loan Against Property Eligibility
When deciding if you can get a loan against your property, lenders look at a few important things to see if you can pay back the loan and if you're reliable. Here are the main things they consider:
Age
You need to be at least 18 years old to apply for a loan against property, and the oldest you can be at the time the loan ends is usually 70 years. The repayment period for these loans can often be up to 20 years, but some lenders set the maximum age limit at retirement age. This means that younger applicants have better chances of getting longer loan terms.
Property value
Lenders also look at the age, location, legal status, and approval of the property when deciding if you can get a loan against it. If your property doesn't meet the lender's requirements, your loan application might be turned down.
Income and occupation profile
Having a higher income makes it easier to pay back a loan, which makes lenders feel more confident lending to you. If you work for big companies, government, or if you're a self-employed professional like a doctor or a trader, lenders might offer you lower interest rates because your income is steady and reliable.
Repayment capacity
Many lenders want your total monthly loan payments, including the one you're applying for, to be no more than 50-60% of your monthly income. Choosing a longer loan term can lower your monthly payments, which can help if your loan eligibility is lower.
FAQs on Loan against Property Eligibility Calculator
1. How much credit score is required for availing loan against property?
If your credit score is 750 or higher, you're more likely to qualify for a loan against property and get better interest rates. You can check individual lender websites to see their minimum credit score requirements for such loans. Alternatively, you can use online financial marketplaces to compare loan against property offers from different lenders based on your credit score.
2. Can I get a loan against property without income proof documents?
Lenders need to understand how much money borrowers make to see if they can pay back the loan. If you don't have proof of income, some lenders may ask for your bank statements to estimate your income and overall financial situation based on your transactions.