The loan against property or the LAP loans, as the name signifies, are finances got by pledging a commercial or a residential property as collateral. The funds for these loans depend entirely on the property value pledged. LAP loans are secured and have lower interest rates than unsecured ones. One can avail loan finances up to 70% of their property value. 

LAP loans offer you up to ₹ five crores based on your property value pledged as collateral if you are looking for a high loan amount.

How much loan can I get?

Using a free online tool called the LTV calculator helps you know the maximum loan amount you are eligible for. Here’s a step-by-step guide to calculating the maximum loan amount one can get based on the property mortgaged.

Step 1: Enter the Market Value of the Property

Step 2: Enter the Nature of Property

Step 3: Enter Your Monthly Income

Step 4: Enter your Existing Monthly Obligations

Step 5: Select Interest

Step 6: Select Loan Tenure

The maximum loan amount you may be eligible for, along with the approximate monthly EMI for that loan amount and the total interest payable over the loan tenure, will be displayed automatically on the screen. It will help you make an informed decision and plan your loan finances accordingly.

Your property’s age, type, value and location, monthly income, credit score, and employment history play a crucial role in determining the maximum loan amount offered to you. Hence the calculator only displays the approximate amount you are eligible for.

Additional Read: Eligibility Criteria For a Land Mortgage Loan