Getting a loan against property isn’t difficult, provided you fulfill each of the diverse eligibility criteria. However, you need to understand that the factors determining eligibility aren’t complicated for a LAP courtesy of the secured nature of the same.

In the subsequent sections, we shall take a closer look at the diverse loan against property eligibility factors, thereby helping you apply and get approved, sans hassles:

1. The first factor is to establish ownership of the property which gives you the right to put up the same for a mortgage. As a matter of fact, you cannot procure LAP for rented establishments.

2. There should be any discrepancy or dispute related to the property as proposed by the sales deed.

3.  Clear and airtight documentation becomes all the more important for commercial establishments.

4. Despite this being a mortgage loan, you should have a steady source of income to qualify for loan approval. This criterion concerns your repayment capability, depending on the tenure of the concerned credit line.

5. A good CIBIL score is also necessary to establish loan eligibility. In case you want to procure a credit line, consider pushing your CIBIL score to at least 750 for improving your chances of getting approved.

In addition to these eligibility factors concerning property loan, you must also ensure minimum to zero liabilities for being eligible for an extended line of LAP credit. 

However, it is necessary to check with the concerned lender for additional eligibility metrics, if any. 

Must Read: All You Need to Know About loan against property in India