Eligibility Criteria

To be eligible for a housing loan, specific conditions must be met. Essential factors considered by lenders include the following:

•  Nationality:
  •  Indian citizenship with supporting documents is essential for eligibility.
•  Occupation and Income:
  •  Furnish details about your occupation and income to establish professional and financial stability, determining your creditworthiness.
•  Credit History:
  •  Your three-digit Credit Score, reflecting your repayment track record, is a key factor in establishing eligibility for a Loan Against Property (LAP).
•  Banking Relationship:
  •  A positive relationship with your lender enhances LAP approval, leading to better terms in loan value, interest rates, period, and transparent fee structures.
•  Market Value of Property:
  •  The lender determines loan amount and terms based on the market value of your collateral property, ensuring it exceeds the loan calculated on the property's current value. A positive relationship with your lender enhances LAP approval, leading to better terms in loan value, interest rates, period, and transparent fee structures.
•  Title of Property:
  •  You must be the current owner, with clear title, and in case of co-ownership, provide evidence of multiple ownership. The property should not be mortgaged with any other financial institution.