Am I eligible to take a home loan with a gifted land property as a collateral?

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  1. Anamika Verma

    Anamika Verma New Member

    Explain the eligibility criteria for applying for a home loan.
     
  2. Anuj Pandey

    Anuj Pandey New Member

    Section 122, Transfer of property act, 1882 states that an immovable property can be transferred to a person through a gift deed. In your case if the gift (of property) is registered in your name then you can use it as your own property and go for a Loan against property. You can get a loan against your property from many Banks and NBCFs. A Loan Against Property or LAP is a loan sanctioned against a mortgage of property. Your property’s market value is important as you will be provided only 40% to 60% of your property’s value. In LAP, you are using your property as security and it will fall under secured loans.

    If you are going to apply for a Home Loan then you must consider all the top Banks and NBFCs for their interest rate offers and should choose the lowest interest out of all. Once you have selected the lender to check out the eligibility requirements of your chosen lender. Make sure you have all the documents required and after that apply for the loan. Your credit score will also be required as it is the first thing which lenders ask for. It should be high.
     
  3. John Davis

    John Davis New Member

    Different Banks are having their on eligibility criteria, which are more or less similar like the following:

    Salaried individuals eligible for home loan
    Individuals in permanent service in the Government or reputed companies fall under the home loan eligibility criteria.
    Applicants should be above 21 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity.

    Professionals eligible for home loan
    Professionals (i.e., doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply
    Applicants above 21 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity meet our housing loan criteria

    Self-employed individuals eligible for home loan
    Any individual filing income tax returns can apply
    Applicants should be above 21 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
     
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