Vendor Finance @ 7.75% Onwards

• Maximum tenure upto 15 years
• Loan upto 130% of property value
• Industrial property is also eligible

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Calculator Disclaimer

The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.

Eligibility Criteria

What you mean by Loan Against Property Eligibility Criteria?

Loan against property can help you to manage your personal & business requirements. Get up to 60% of property value with flexible tenure. Make sure you own residential, commercial or industrial property.

Loan Against Property Eligibility Criteria

Generally, Loan Against Property Eligibility Criteria depends on various factors like age of individual, monthly salary or business income, total work experience & CIBIL Score ..etc.

Loan Against Property Eligibility Criteria for Salaried Individuals
  • Age Limit of Salaried Individuals – 28 to 60 years of age
  • Work experience of salaried Applicants – Minimum 3 Years
  • Should be being at public, private companies or MNC
  • CIBIL Score should be above 750
  • Nationality – Resident of Indian
  • Loan Against Property Eligibility Criteria for Self-Employed Individuals
  • Age Limit of Self –Employed Individuals – 25 to 70
  • CIBIL Score should be above – 750
  • Minimum Years of doing Business – 3-5 Years
  • Nationality – Resident of Indian

Note: – Maximum Loan Amount of Salaried Individual can avail up to 1 Cr & Self- Employed Individual can avail up to 3.5 Cr.

What are the factors generally affecting Loan Against Property Eligibility Criteria?

There are few factors that generally affects Loan Against Property Eligibility Criteria as given below: –

Borrower Age: – Lenders are concerned about your age, because the tenure will be decided on your current age, suppose if your age reached nearby 60 above or will be reaching within a 2 –3 years, then in this case your loan will be rejected.

AImpact of earlier loan Rejection: – Generally, Financial institutions check your record that have you ever applied for loan & that has been rejected, if yes then it will also show on your credit profile which will affect your loan application.

Incomplete Property Documents: – Incomplete Property Documents: – Due to Incomplete Property Documents you will not get a loan, therefore, ensure that you have all the mandatory property documents with you like title deed, having approval from relevant authority, when you apply for loan against property.

Applicant Income: – Might be you are pledging your home as a collateral/security even though you need to show a regular source of income while applying for loan against property.

Low Credit Score: – Remember Lender check your credit score to know your repayment history like paying your bills on time or late, how much credit card you own & how far you maintain them properly, do you have existing loan or not by calculating these all-credit scores predict number if you have low credit score less than 750 then likely your loan application gets rejected.

What are the ways to increase Loan Against Property eligibility?

To increase Loan Against Property eligibility, you need to consider Top 5 points as given below, this will aid you in increasing your eligibility level.

Maintain a Credit Score above 750: – Maintain a Credit Score above 750: – Good Credit Score can be achieved only if you maintain a good record by paying bills on time, Paying EMI, not having multiple credit card & such other factors.

Repay Debt earlier: – Try to clear existing loan first, as it will help you getting better credit score and increase your eligibility criteria. Even you can be able to save money and stop paying your interest unnecessarily.

Prefer Longer Tenure: – Generally, a longer repayment period allows you a lot of time to pay back the principal loan amount which escape your by compressing overloaded monthly EMI.

Build better relationship with preferred lender: – If you are looking to avail loan, you will definitely search multiple banks & NBFC to compare the best deal which suits your needs & requirement, once you have fixed that from this bank or NBFC to avail loan, you must start build better relationship with preferred lender by opening account & maintain good transaction will help to enhance the chances of eligibility level.

Add your Family Member as Co- Applicant: – Various Banks & NBFC allow this feature to enhance your eligibility. You can add your working parents or your spouse as a Co-applicant while applying for loan against property, if you meet the eligibility criteria you will be able to get higher loan amount as you can afford to pay EMI without any restriction.

Documents Required

Frequently Asked Questions

No, generally lenders won’t provide loan to property without map as it consists higher risk if applicant fails to repay EMI or principal amount, they can’t able to auction the property easily.

Personal Loan funded totally based on your income & credit history wherein Loan Against Property require property valuation whether its in good condition & approved so that Banks & NBFC can able to do funding.

Applicant who are looking for loan to fulfill their financial needs & don’t know how to get a loan then, if they have any residential or commercial can easily get loan against pledging their property & able to utilize the funds for personal needs like chalder higher education & marriage, existing high debt pay off or setting up new business.

As a salaried you can avail up to 1Cr & as a self-employed you can avail up to 3.5Cr.

Both Government & Private are good to get loan in their respective terms like some bank offer lowest Interest Rates wherein higher processing fee.

Generally, banks charge in-between 1% – 4% of your outstanding balance as a foreclosure at the time of paying off..

Make sure your age is in-between 25 – 60 years at the time of apply for a Property Loan. If you are an salaried individual you should have a minimum 3 years of work experience or if you run your own business then it must exist from at least 3 years.

Yes, some banks charge fee to process loan applications known as processing fee which come around 1% – 2% of total loan amount.

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