Minimum salary should be above Rs.35,000
Avail of a Loan Against Property up to
Not Eligible For Normal Offer
A loan against property eligibility calculator tells you the loan amount you are eligible for based on several criteria. It works by analysing the following data:
Date of birth
Net monthly salary
Other monthly income
Existing EMIs or obligations
A high net monthly salary along with low existing financial obligations will enable you to secure a high loan amount. For example:
Thus, foreclosing existing loans and paying off credit card debts increase your loan eligibility. This correlation between your income, liabilities, and loan amount can be better understood when you input values in the loan eligibility calculator.
Applying for a loan jointly also increases the amount you are eligible for. A joint applicant can be a parent, brother, sister, son, or unmarried daughter. It’s important to note that co-applicants must also fulfil certain eligibility criteria. Applying with a co-applicant also increases the loan amount you are eligible for.
Please note that the loan amount calculated by the loan against property eligibility calculator is tentative. Borrowers can avail of loans up to 80% of their property value.
The loan-to-value will also determine the approval or rejection of the loan. Applying for a high LTV can lead to rejection as it makes the loan riskier; a lower LTV improves the chances of loan approval.
Apart from the factors mentioned, the final eligible loan amount also depends on the several other eligibility criteria that you must satisfy.
CIBIL score: Minimum 750
Age: Between 28 and 60 for salaried* and between 25 and 70 for self-employed*
Work experience (for salaried): Minimum 3 years at a public or private sector company or MNC
Business continuity (for self-employed): Minimum 5 years in the current enterprise
Applicants must submit the following documents to apply for a Loan Against Property.
Documents of the property to be mortgaged
Aadhaar or PAN
Income Tax returns
Bank account statements of 3 months for salaried applicants and 6 months for self-employed applicants
Form 16 or the latest salary slips