A borrower can pledge his or her property as collateral when requesting a secured loan. Following the right application procedure and meeting loan against property eligibility criteria can help one avail credit without any hassle.
How to apply for a LAP
A borrower can apply for credit in a few simple steps:
Step 1: Open the LAP application form on your chosen lender’s website
Step 2: Enter necessary personal and financial details, as well as information about the property itself
Step 3: Submit the form
After submitting the application, a representative from the selected lender will get in touch with the applicant within a day to take the process further.
Eligibility criteria for LAP approval
The eligibility criteria for salaried and professional borrowers include:
- Applicants must be residing Indians
- Ageing 28-58 years
- A veteran of at least 3 years in private/public firm of a multinational corporation
Alternatively, criteria for self-employed applicants include:
- Residing Indian citizens
- Aging 25-70 years
- The applicant must be operational for at least 5 years in his/her present business
Users can also benefit from the loan against property EMI calculator to adjust the EMI value best suited to their economic discipline. To mitigate the scope of loan request rejection, applicants can use loan against property eligibility calculator to estimate the credit amount he/she is eligible for. So, when a borrower is applying for a loan against property in India, knowing all the details is crucial to make better financial judgements.
