Loan Against Property (LAP) For Your Business Or Personal Needs.

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  • loan against property (LAP)

    A loan against property (LAP) is a loan disbursed against the security of one’s property, residential or commercial, to meet their financial needs. The property placed as security must be free of any encumbrance and the funds so borrowed, must not be used to carry out anything illegal.

    The total value of the loan disbursed is usually 40%-65% of the market value of the property provided as security. These kinds of loans are cost-effective, easy to avail and come with low mortgage interest rates.

  • Eligibility:

    Anyone who owns a property can apply for a loan against it. However, whether they are eligible for it or not depends on the following

    Age:

    18/21-60/65 years.

    Credit Score:

    750 and above.

    Nationality:

    Indian Residents / Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs).

    Loan Amount:

    Up to ₹50 Lakhs depending on your credit profile.

    Minimum Net Income (Monthly):

    ₹15,000 for non-metro cities.

    ₹20,000 for metro cities.

    Work Experience:

    Salaried Professionals must have been employed at their current workplace for at least 6 to 12 months.

    Self-employed Individuals should have had a business tenure of at least 3 years (continuous).

    Note:

    All/any of the Eligibility Factors listed above are subject to change on a case by case basis, left to the discretion of the bank/NBFC you are applying for a loan against property (LAP) from.

  • Documents

    The actual list of documents varies from one bank/NBFCs to another. That said, here’s a list of the most common documents that are expected from all of them.

    Proof of Identity:

    PAN Card / Voter ID / Aadhaar Card / Passport / Driving License

    Proof of Address:

    Bank Account Statement / Aadhaar Card / Lease Documents / Property Purchase Agreement / Utility Bill / Passport / Driving License

    Proof of Income:
    --For Salaried Professionals:

    Salary Slip / Bank Account Statement / Form 16

    --For Self Employed Individuals:

    ITR / P&L Statement and Balance Sheet / Bank Account Statement

    Proof of Ownership/Property-related Documents:

    NOC from Society & Builder / Detailed Estimate of the Cost of Construction of the House / Registered Sale Deed / Allotment Letter / An Approved Copy of the Building Plan

  • Rate of interest

    Most banks/NBFCs provide loans against property only under a Floating Rate of Interest. I.e. the rate changes during the loan tenure based on the market scenario. A few provide under Fixed Rate of Interest as well. It’s imperative that the borrowers enquire about the rate and type of interest being provided by the lender before finalising.

    Check the list below to know the current rate of interest on loans against property, offered by some of India’s leading banks and NBFCs.

  • Other details

    In addition to the interest rates offered by various banks/NBFCs, there are many other factors that determine the Rate of Interest on loans against property.

    Tenure of Loan:
    The longer the tenure, the lower the EMI. This is because lenders usually charge high interest rates in case of shorter tenures.

    Credit Score:
    The higher the Credit Score, the lower the rate of interest. A high Credit Score indicates to the lender that the borrower is trustworthy and less likely to default on their payments.

    Property Mortgaged:
    The age of the property mortgaged, its condition and present market valuation also determine the rate of interest for Loan Against Property.

Check loan status, interest & Installment.

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