One of the many purposes of getting a Loan against Property (LAP) could be to start your business (LAP). It can also be used for various other purposes. Property loans are available for both residential and commercial properties. A loan against property is a secured loan wherein the lender has the option of liquidating the mortgaged property to recover the loan amount in case the borrower defaults.

Longer repayment terms and relatively low-interest rates are the top two positives of taking out a loan against property. In addition, the loan is available to both salaried and self-employed professionals.

Loan against Property Eligibility  

Let’s now look at the fundamental requirements for receiving a Loan against Property. Make sure the residential or commercial property you have put up as collateral is legally owned by you and is free of any legal obligations.

The age-related loan against property eligibility requirements is listed below.

	Salaried Professionals	Self-Employed Professionals	Small Medium Enterprise (SME)
Age Requirements	between 21 and 60 years	between 25 and 65 years	Minimum 2 years old

The recommended CIBIL score is 700 or higher. Additionally, SME candidates must submit licensed accountant-audited documents of consistent earnings over the last two years.

LAP interest rates are influenced by the property type, its current market worth, your income, and much more. If you are unsure about the loan against property rates, use a loan EMI calculator to determine the same.

A property mortgage loan enables you to fulfill your company’s needs effectively. With a Fullerton India Loan Against Property, you may maximize your savings while enjoying affordable loans against property interest rates, flexible repayment options, and extended tenure of repayment.

Must Read: How Loan Against Property Helps in Fulfilling Your Dreams?