Minimum salary should be above Rs.35,000
Avail 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. An eligibility calculator works by analysing the following data –
Date of birth.
Net monthly salary.
Other monthly income.
Existing EMIs or obligations.
A higher net monthly salary along with low existing financial obligations will enable you to secure a high loan amount.
For example, you will be eligible for a loan against property of approximately Rs.37 lakh if you have a monthly income of Rs.50,000 and have opted for a 20-year tenure.
The loan amount will reduce to approximately Rs.26 lakh if you have existing EMIs/obligations worth Rs.10,000.
The loan amount will become approximately Rs.22 lakh if your monthly income is Rs.30,000 without any existing EMI obligations.
Foreclosing any existing loan and paying off credit card debts also increases the loan eligibility as per the loan eligibility calculator.
Applying for the loan jointly will also increase the amount you are eligible for. A joint applicant can be a parent, brother, sister, son, or unmarried daughter. Co-applicants must also fulfil certain eligibility criteria. They can be either salaried or self-employed. Applying with a co-applicant also increases the loan amount you are eligible for.
Do note that the loan amount calculated by the loan against property eligibility calculator is tentative. Borrowers can avail 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 will make you more eligible for the loan.
The final eligible loan amount will also depend on the several other eligibility criteria that you have to satisfy.
The loan against property eligibility criteria you have to fulfil include –
Minimum CIBIL score of 750.
Age between 33 and 58 year for salaried applicants and 25 and 70 years for self-employed applicants.
Minimum 3 years of work experience for salaried customers.
Minimum 5 years of business vintage for self-employed customers.
Applicants have to submit the following documents apart from fulfilling the eligibility criteria
Documents of the property to be mortgaged.
Aadhaar or PAN.
Income Tax returns.
Bank account statements – 3 months for salaried applicants; 6 months for self-employed applicants.
Form 16 or latest salary slips.