Each lender has their own eligibility criteria for availing LAP. Below are some common criteria to be eligible for a mortgage loan: 

• Age: Minimum 21 years and maximum 65 years.
• Profession: Both self-employed individuals and salaried persons with a regular source of income are eligible for a Loan Against Property.
• Joint applications: Co-applicants are permissible. Lenders can accept the income of the co-applicants for arriving at the eligibility.
• Ownership:
  • The applicant should have unencumbered property in their name. The property can be residential, commercial, or industrial. 
  • Agricultural land is not acceptable as security for the loan. 
  • Many banks stipulate that the property should either be vacant or self-occupied. 
  • Some of the banks do not consider a property that is let out on rent or lease to third parties. 
  • Some lending institutions sanction loan against vacant residential plots
• Margin: The margin requirement for Loan Against Property can be 10% to 50% of the market value of the property.
• Current obligations: The take-home pay norms come into effect. Usually, one should have a take-home pay of 50% after accounting for all the EMIs including the proposed one for the Loan against Property. Hence, it is imperative for the borrowers to declare their current obligations.
• Credit history: The lending banks are members of CIBIL (Credit Information Bureau (India) Limited). They can pull out the records from CIBIL to determine your credit score. Usually, a credit score in the range of 650 and above is acceptable.