Eligibility Criteria for Credimax Loan Against Property

Eligibility for LAP depends on the borrower’s income, credit profile, and the type/value of the property being mortgaged. Below are common guidelines followed by banks and NBFCs in India.

Eligible Applicants

• Salaried individuals
• Self-employed professionals
• Self-employed business owners, traders, manufacturers and retailers
• Partnership firms, LLPs, Pvt. Ltd. companies (where applicable)

Age Criteria

• Salaried: 21 to 60 years
• Self-employed: 23 to 65 years

Income & Repayment Capacity

• Stable income from salary or business/profession
• FOIR (Fixed Obligation to Income Ratio) within lender norms
• Existing EMIs should not heavily impact repayment capacity

Credit Score

• Healthy credit score preferred (700+)
• Clean repayment history improves loan terms

Property-Related Eligibility

• Clear and marketable property title
• Property must pass legal and technical valuation
• Residential, commercial and industrial properties may be accepted (varies by lender)

Note: Final loan amount (LTV – Loan-to-Value ratio) depends on property value and can range between 40% to 70%, based on lender guidelines.

Documents Required for Credimax Loan Against Property

LAP documentation involves both personal and property-related documents. Below are commonly required documents across banks and NBFCs.

KYC Documents (Identity Proof)

• Aadhaar Card
• PAN Card
• Passport
• Voter ID
• Driving Licence

Address Proof

• Aadhaar Card
• Passport
• Utility bills (electricity, water, gas, telephone)
• Registered rent agreement with utility bill

Income Proof — Salaried

• Last 3–6 months’ salary slips
• 6 months’ bank statements (salary account)
• Form 16 or ITR (if required)
• Employment ID card (if applicable)

Income Proof — Self-Employed

• Income Tax Returns (last 2–3 years)
• Profit & Loss statement and Balance Sheet (CA audited)
• Business registration documents (GST certificate, Shop Act, etc.)
• Bank statements for last 6–12 months

Property Documents

• Registered Sale Deed / Title Deed
• Complete chain of ownership documents
• Approved building plan / layout
• Property tax receipts
• Encumbrance certificate (EC)
• Occupancy Certificate (OC) / Completion Certificate (if applicable)
• For commercial/industrial property: relevant municipal approvals

Photographs

• Recent passport-size photographs of applicants

Additional legal, valuation, financial or ownership documents may be required depending on the type of property and lender assessment.

Loan Against Property Interest Rates & Charges

LAP interest rates are generally lower compared to unsecured business or personal loans because the loan is backed by a property. Rates and charges vary based on borrower profile, property type and lender policy.

Interest Rate Range

• Generally ranges from competitive benchmarks offered by banks and NBFCs
• Rates may differ for salaried vs self-employed borrowers
• Commercial or industrial property may attract slightly higher rates

Processing Fee

• Typically 1% – 2% of the loan amount
• Some lenders charge a fixed processing amount
• GST at 18% applies on processing fees

Prepayment / Foreclosure Charges

• Floating-rate LAP for individuals often carries zero foreclosure charges (as per regulatory norms)
• Fixed-rate LAP may have 2% – 5% foreclosure or part-prepayment charges
• Charges vary for self-employed non-individual entities

Legal, Valuation & Technical Fees

• Charged separately for property legal/technical verification
• May be collected upfront or included in processing fee

Other Charges

• Stamp duty and mortgage registration charges as per state regulations
• EMI bounce charges and mandate rejection charges
• Penal interest on overdue EMIs (as per lender schedule)

Note: Credimax only facilitates LAP through reputable lending partners. All final rates, fees and terms are determined by the respective bank or NBFC.