Some of the Elgibility Criteria when applying for a Loan Against Property Are As Follows
The eligibility for LAP is calculated on basis of either the percentage of property value that you own and the amount of income you have to enable you to return the EMI on the Loan. So you can get Loan against property upto annex % of property value and the net amount that you earn after other EMI has been deducted from your net income
Loan against Property is given on the below mentioned property types and the percentage of loan you can get is given below:
Self Occupied – 65% of Property Value
Vacant – 55% of Property Value
Rented – 55% of Property Value
Self Occupied – 50% of Property Value
Vacant – 40% of Property Value
Rented – 40% of Property Value
This varies from Bank to Bank by 5 – 10% of the above mentioned percentages.
In order to calculate how much you would be estimated to pay, most banks use a formula which is given below.
{(NTH – Obligation) * 60%} / EMI per Lac
{(NTH – Obligation) * 65%} / EMI per Lac
Whichever is lower from the value of the property or your income- that loan amount will be given to you.
For Salaried employees – 60 Years
For Self-Employed – 70 Years
We provide Personal Loans, Home Loans, Business Loans, Vehicle Loans and Balance Transfer Services
A Home Loan is a secured loan product where the lender provides finances for the purchase or construction of a residential/commercial property.
A personal loan is a loan for your personal use, be it your child’s wedding, a dream vacation, or a shopping extravaganza.
Financial Flow is the life blood of any successful organisation. Most businesses will need a large amount of working capital
Many people don’t know that banks don’t increase Home Loan EMIs but they increase the tenure of the home loan when the floating interest rate increases