To be eligible for Allahabad Loan Against Property, you should comply with the following conditions:

• The applicant should be between 21 years to 65 years at the time of applying for the loan
• The loan should be cleared before the applicant attains the age of 70
• For Proprietorship/Partnership Firms and Companies a business vintage of 3 years is mandatory. The firm/Company should be profit earning for the past 2 years.
• The minimum income required for individuals is 8 Lakhs per annum. For salaried individuals employed with Government Organisations/PSUs/MNCs/Educational Institutions with Government Aid or State/Central Universities, the minimum salary criterion is relaxed to 5 Lakhs per annum. Being Tax Assessee and filing the returns continuously for a minimum period of 2 years is also mandatory along with the minimum annual income.
• The loan can be availed jointly and the income of the joint borrower will be considered for computing the eligible amount.
• The joint borrowers need not be the co-owner of the property, but should be legal heirs of the property and nominee for PF. The spouse having a future interest in the property can also be a joint borrower. For the income of the joint borrower to be considered, the joint borrower should be an IT assessee with a minimum annual income of 8 Lakhs or 5 Lakhs if employed with Government Organisation/ PSUs/ MNCs/ Educational Institutions with Government Aid or Central/State Universities.
• Personal income of the proprietor/partner in the case of proprietorship/partnership firm respectively and the personal income of the Directors in the case of Companies can be considered for arriving at the eligible amount provided the source of income is different and is 8 Lakhs per annum.
• The loan can be given only against non-agricultural properties
• The property should be unencumbered and should be free from legal issues and should be situated in a popular residential and commercial centre.
• The property should not have been developed for real estate purposes
• If the title deed of the property is a partition deed, then such property cannot be considered
• In the case of All Rent, the property leased out to Government Organisations/PSUs/MNCs and to Allahabad Bank is eligible for the loan. The borrower should have assured income vide future rent receivables.
• The debt to income ratio stipulated is 40% of the gross monthly income