LAP services have a huge significance in the financial outlook. There are certain factors that are to be considered for a Loan Against Property, or mortgage loan. So, it depends on the conduct of the financial institutions. They set their own guidelines, but most of the time; they are the same. The age of an applicant is an important eligibility factor. The financial firms keep the criteria from 18 to 70 years, or 25 to 65 years old. There are also criteria for salaries or minimum income. In most cases, work experience for salaried individuals is set at 3 years and above. For the business, stability should be present for the last 5 years. The CIBIL score must be good enough for the lending institution to speed up the process, and provide a hassle-free loan against property. Thus Personal, residential, commercial, and rented properties are all eligible to be mortgaged for this loan. Myths about loans against property.