A loan against property is a secured loan that allows you to use the funds locked in your assets. You can pledge your property as a security and obtain a loan against it at lower interest rates. However, if you are looking for a loan against property, several factors may affect your eligibility. Let’s take a look at them.

• Loan Amount: The loan amount you want to borrow directly affects your eligibility for a loan against land or property. The higher the loan amount you borrow, the stricter the terms and conditions would be.
• Credit Score: Your credit score is one of the most crucial factors affecting your loan eligibility. You must have a credit score of at least 700 to avail a loan against property. Since your credit score signifies your repayment history and credit behaviour, lenders use it as a parameter to determine your loan eligibility.
• Property’s Value: The lender evaluates the value of the property you want to secure against the loan. Your loan against property interest rate, eligibility, and loan amount largely depends on your property’s value.
• Age: The borrower’s age matters a lot while applying for a loan against property. Lenders prefer borrowers in their prime earning years. If you have just started your career or are about to retire, it may affect your loan eligibility. That is why most lenders have a minimum and maximum age limit that applicants must follow.

Applying for a loan against land or property has become quick, simple, and streamlined through online methods. However, check your lender’s eligibility conditions and fulfil their requirements before filling your application form.

Must Read: Step By Step Guide to Know How Loan Against Property is Processed!