Loan against property eligibility based on property value, EMI amount you can pay, loan tenure and interest rate
- Loan against property eligibility is the lower of the following: (a)Your loan servicing capability based eligibility (b)A certain percentage of the market value of the property being mortgaged for availing the loan
- Loan servicing capability refers to how much loan EMI you can pay after paying your living expenses
- Main inputs for loan servicing capability are the regular recurring income that you earn each month, your age and current EMI's you pay Income refers to total family income of directly related persons (immediate family members) and firms/ companies/ entities they own. So, in case loan eligibility based on your individual income is less than the amount you need, you can add the income of your earning family members such as spouse (husband/ wife), parents, children or brothers. You may also include other recurring income such as rent and bonus, though some banks may consider only a part of such income to calculate loan eligibility. Loan against property eligibility calculator allows you to combine income of upto three individuals or entities to calculate total loan eligibility.
- Banks typically lend less than the market value of the property being mortgaged. Ratio of maximum loan amount to value of the property is called Loan to Value (LTV) ratio. LTV for LAP can be upto 75% for residential property, upto 60% for commercial property and upto 50% for industrial property.
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