There are two main types of loans against property:
● Loan Against Residential Property (LARP) : Borrowing money by pledging a residential property.
● Loan Against Commercial Property (LACP) : Using commercial property (office, shop, etc.) as collateral to secure the loan

Eligibility for a Loan Against Property typically includes:
● You must be an individual, a self-employed professional, or a business owner.
● Age between 21 and 65 years.
● A property that is legally clear and free of any disputes.
● A good credit score (usually above 650).
● A stable income source to ensure loan repayment capability.

The loan amount you can receive typically ranges from 50% to 70% of the market value of your property. The exact loan amount depends on factors like the property value, your income, and your creditworthiness.
● Proof of identity (Aadhaar, PAN, Passport).
● Proof of address (Utility bill, Passport).
● Property documents (Title deed, property tax receipts).
● Income proof (Salary slips, ITR, or business financials).
● Bank statements for the last 6 months.

Interest rates for loans against property usually range between 9% and 14%, depending on factors like the type of property, your credit score, and the lender's policies.

The repayment tenure for a loan against property typically ranges from 5 to 20 years. You can choose the tenure based on your financial ability to repay the loan.

EMI for a loan against property is calculated based on the loan amount, interest rate, and tenure. You can use an EMI calculator to estimate monthly payments before applying for the loan.

Yes, a loan against property can be used for various purposes, such as business expansion, debt consolidation, home renovation, education, or medical expenses. However, the lender may ask you to provide a reason for the loan application.

If you fail to repay the loan, the lender has the right to seize the property used as collateral. It’s essential to ensure timely repayments to avoid losing your property.

In most cases, you can get a loan against a mortgaged property, but it depends on the amount of equity you hold in the property and the current lender’s approval. The existing mortgage must be cleared or refinanced in some cases.

Yes, most lenders allow prepayment of the loan against property. However, some may charge prepayment penalties or fees, particularly for fixed-rate loans. Always check the loan agreement for any such charges.