Loan Against Property
Loan Against Property
Loan Against Property
Loan Against Property, also known as Mortgage loan / Secure loan / Collateral loan, is a type of loan which enables individuals customer / property owner to take out Loans on the backdrop of their property being residential, commercial or industrial in nature.
Unlike any unsecured personal or business loan, a LAP can be used for both personal and business purpose activities. Loans Against Property are usually offered by Banks and Housing Finance Companies; the repayment is spread over a period of up to 20 years. Anybody can avail of a loan amount of up to 75% of the market value of the property, depending on the lender and credit profile of the borrower.
Our team of experts understands the requirement of everyone and works closely with the bank and non-banking financial companies to get the best of loan options for the client pertaining to his specific requirement.
Residential Property LAP
Description:
It is a form of LAP – Loan Against Property, sought by the individual/businessman against the security of the residential property such as houses, flats, or apartments.Usage:
This can be utilized by the individual/business person to use for personal and business needs.
Commercial Property LAP
Description:
A loan that falls under the category of LAP, it is secured against commercial properties, beginning from shops/retail stores to offices to entire commercial complexes.Usage:
Primarily used for business expansion purposes, working capital requirements, or any other business-related requirements.
Lease Rental Discounting (LRD)
Description:
Under this form of LAP, one borrows against the rental income from a property. The future rental receipts are pledged.Usage:
It is good for property owners who have regular rental income and want to avail themselves of other financial requirements against such incomes.
Overdraft LAP
Description:
In case of an overdraft facility against the property, he can withdraw money as and when required, up to a pre-approved limit.Usage:
This provides much-needed flexibility for people who require funds intermittently. For example, businessmen suffering from cash flow problems.
Top-Up Loan on LAP
Description:
An additional loan sanctioned to the existing borrowers of LAP, without any new collaterals.Usage:
It benefits people who need more money than they had initially borrowed, arranging the same property as security in most of the cases.| Criteria | Salaried Individuals | Business Individuals (Self-Employed) |
|---|---|---|
| Age | 21 to 60 years | 21 to 65 years |
| Income | Minimum monthly income: ₹25,000 to ₹50,000 | Minimum annual income: ₹3 lakh to ₹5 lakh |
| Employment / Business Stability | Minimum 2-3 years with the current employer | Minimum 3-5 years of business continuity |
| Property Type | Residential, Commercial, or Industrial Property | Residential, Commercial, or Industrial Property |
| Credit Score | 650 and above (varies by lender) | 650 and above (varies by lender) |
| Property Ownership | Sole or joint ownership | Sole or joint ownership |
| Location of Property | Property should be in a location approved by the lender | Property should be in a location approved by the lender |
| Loan Amount | Up to 50%-75% of the property’s market value | Up to 50%-75% of the property’s market value |
| Documents Required | Salary slips, Form 16, IT returns, property documents | Business financials, IT returns, property documents |
| Document Type | Salaried Individuals | Business Individuals (Self-Employed) |
|---|---|---|
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID | PAN Card, Aadhaar Card, Passport, Voter ID |
| Address Proof | Aadhaar Card, Utility Bills, Passport, Voter ID | Aadhaar Card, Utility Bills, Passport, Voter ID |
| Age Proof | Birth Certificate, Passport, Aadhaar Card, PAN Card | Birth Certificate, Passport, Aadhaar Card, PAN Card |
| Income Proof | Last 3-6 months’ salary slips, Form 16 | Last 3 years’ Income Tax Returns, Profit & Loss Statements, Balance Sheets |
| Bank Statements | Last 6-12 months’ bank statements | Last 6-12 months’ bank statements |
| Property Documents | Property title deeds, Sale deed, NOC from society | Property title deeds, Sale deed, NOC from society |
| Employment/Business Proof | Employment offer letter, Employment ID card | Business registration certificate, GST registration, Business continuity proof |
| Photographs | Passport-sized photographs | Passport-sized photographs |
| Existing Loan Documents | Details of existing loans, if any | Details of existing loans, if any |
| Processing Fee Cheque | Cheque for processing fee | Cheque for processing fee |
| Credit Report | Latest credit report | Latest credit report |
| Fee/Charge Type | Description | Typical Range |
|---|---|---|
| Processing Fees | Charges for processing the loan application. | 0.5% to 2% of the loan amount |
| Prepayment/Foreclosure Charges | Fees for paying off the loan before the end of the tenure. May be waived for floating rate loans. | 2% to 4% of the outstanding principal |
| Documentation Charges | Costs related to documentation, including legal and valuation fees. | ₹2,000 to ₹10,000 |
| Stamp Duty | Charges for the stamp duty on the loan agreement, as per state laws. | Varies by state |
| Legal Fees | Fees for legal scrutiny of the property documents. | ₹5,000 to ₹15,000 |
| Technical Valuation Charges | Fees for the technical valuation of the property. | ₹3,000 to ₹10,000 |
| CERSAI Charges | Charges for registering the collateral with Central Registry of Securitisation Asset Reconstruction and Security Interest. | ₹500 to ₹2,000 |
| Late Payment Charges | Penalty for delayed EMI payments. | 2% to 3% per month on overdue amount |
| Conversion Charges | Fees for switching from a floating to a fixed rate, or vice versa, or for reducing the interest rate. | ₹5,000 to ₹15,000 or more |
| Loan Statement Charges | Fees for requesting additional loan statements. | ₹100 to ₹500 per statement |
| Cheque Bounce Charges | Penalty for each bounced EMI cheque. | ₹500 to ₹1,000 per bounce |
| EMI Bounce Charges | Penalty for missed EMI payments. | ₹500 to ₹1,000 per missed EMI |
Fill the form
Fill out the application form. It takes only 3 minutes!
Answer your phone
Have a quick chat with our representative to learn about your LAP Loan
Get a Loan From best lender
Sit back and relax! You are on your way to secure a LAP loan.Loan Against Property, also known as Mortgage loan / Secure loan / Collateral loan, is a type of loan which enables individuals customer / property owner to take out Loans on the backdrop of their property being residential, commercial or industrial in nature.
Unlike any unsecured personal or business loan, a LAP can be used for both personal and business purpose activities. Loans Against Property are usually offered by Banks and Housing Finance Companies; the repayment is spread over a period of up to 20 years. Anybody can avail of a loan amount of up to 75% of the market value of the property, depending on the lender and credit profile of the borrower.
Our team of experts understands the requirement of everyone and works closely with the bank and non-banking financial companies to get the best of loan options for the client pertaining to his specific requirement.
Residential Property LAP
Description:
It is a form of LAP – Loan Against Property, sought by the individual/businessman against the security of the residential property such as houses, flats, or apartments.Usage:
This can be utilized by the individual/business person to use for personal and business needs.
Commercial Property LAP
Description:
A loan that falls under the category of LAP, it is secured against commercial properties, beginning from shops/retail stores to offices to entire commercial complexes.Usage:
Primarily used for business expansion purposes, working capital requirements, or any other business-related requirements.
Lease Rental Discounting (LRD)
Description:
Under this form of LAP, one borrows against the rental income from a property. The future rental receipts are pledged.Usage:
It is good for property owners who have regular rental income and want to avail themselves of other financial requirements against such incomes.
Overdraft LAP
Description:
In case of an overdraft facility against the property, he can withdraw money as and when required, up to a pre-approved limit.Usage:
This provides much-needed flexibility for people who require funds intermittently. For example, businessmen suffering from cash flow problems.
Top-Up Loan on LAP
Description:
An additional loan sanctioned to the existing borrowers of LAP, without any new collaterals.Usage:
It benefits people who need more money than they had initially borrowed, arranging the same property as security in most of the cases.| Criteria | Salaried Individuals | Business Individuals (Self-Employed) |
|---|---|---|
| Age | 21 to 60 years | 21 to 65 years |
| Income | Minimum monthly income: ₹25,000 to ₹50,000 | Minimum annual income: ₹3 lakh to ₹5 lakh |
| Employment / Business Stability | Minimum 2-3 years with the current employer | Minimum 3-5 years of business continuity |
| Property Type | Residential, Commercial, or Industrial Property | Residential, Commercial, or Industrial Property |
| Credit Score | 650 and above (varies by lender) | 650 and above (varies by lender) |
| Property Ownership | Sole or joint ownership | Sole or joint ownership |
| Location of Property | Property should be in a location approved by the lender | Property should be in a location approved by the lender |
| Loan Amount | Up to 50%-75% of the property’s market value | Up to 50%-75% of the property’s market value |
| Documents Required | Salary slips, Form 16, IT returns, property documents | Business financials, IT returns, property documents |
| Document Type | Salaried Individuals | Business Individuals (Self-Employed) |
|---|---|---|
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID | PAN Card, Aadhaar Card, Passport, Voter ID |
| Address Proof | Aadhaar Card, Utility Bills, Passport, Voter ID | Aadhaar Card, Utility Bills, Passport, Voter ID |
| Age Proof | Birth Certificate, Passport, Aadhaar Card, PAN Card | Birth Certificate, Passport, Aadhaar Card, PAN Card |
| Income Proof | Last 3-6 months’ salary slips, Form 16 | Last 3 years’ Income Tax Returns, Profit & Loss Statements, Balance Sheets |
| Bank Statements | Last 6-12 months’ bank statements | Last 6-12 months’ bank statements |
| Property Documents | Property title deeds, Sale deed, NOC from society | Property title deeds, Sale deed, NOC from society |
| Employment/Business Proof | Employment offer letter, Employment ID card | Business registration certificate, GST registration, Business continuity proof |
| Photographs | Passport-sized photographs | Passport-sized photographs |
| Existing Loan Documents | Details of existing loans, if any | Details of existing loans, if any |
| Processing Fee Cheque | Cheque for processing fee | Cheque for processing fee |
| Credit Report | Latest credit report | Latest credit report |
| Fee/Charge Type | Description | Typical Range |
|---|---|---|
| Processing Fees | Charges for processing the loan application. | 0.5% to 2% of the loan amount |
| Prepayment/Foreclosure Charges | Fees for paying off the loan before the end of the tenure. May be waived for floating rate loans. | 2% to 4% of the outstanding principal |
| Documentation Charges | Costs related to documentation, including legal and valuation fees. | ₹2,000 to ₹10,000 |
| Stamp Duty | Charges for the stamp duty on the loan agreement, as per state laws. | Varies by state |
| Legal Fees | Fees for legal scrutiny of the property documents. | ₹5,000 to ₹15,000 |
| Technical Valuation Charges | Fees for the technical valuation of the property. | ₹3,000 to ₹10,000 |
| CERSAI Charges | Charges for registering the collateral with Central Registry of Securitisation Asset Reconstruction and Security Interest. | ₹500 to ₹2,000 |
| Late Payment Charges | Penalty for delayed EMI payments. | 2% to 3% per month on overdue amount |
| Conversion Charges | Fees for switching from a floating to a fixed rate, or vice versa, or for reducing the interest rate. | ₹5,000 to ₹15,000 or more |
| Loan Statement Charges | Fees for requesting additional loan statements. | ₹100 to ₹500 per statement |
| Cheque Bounce Charges | Penalty for each bounced EMI cheque. | ₹500 to ₹1,000 per bounce |
| EMI Bounce Charges | Penalty for missed EMI payments. | ₹500 to ₹1,000 per missed EMI |
Fill the form
Fill out the application form. It takes only 3 minutes!
Answer your phone
Have a quick chat with our representative to learn about your LAP Loan
Get a Loan From best lender
Sit back and relax! You are on your way to secure a LAP loan.Loan Against Property, also known as Mortgage loan / Secure loan / Collateral loan, is a type of loan which enables individuals customer / property owner to take out Loans on the backdrop of their property being residential, commercial or industrial in nature.
Unlike any unsecured personal or business loan, a LAP can be used for both personal and business purpose activities. Loans Against Property are usually offered by Banks and Housing Finance Companies; the repayment is spread over a period of up to 20 years. Anybody can avail of a loan amount of up to 75% of the market value of the property, depending on the lender and credit profile of the borrower.
Our team of experts understands the requirement of everyone and works closely with the bank and non-banking financial companies to get the best of loan options for the client pertaining to his specific requirement.
Residential Property LAP
Description:
It is a form of LAP – Loan Against Property, sought by the individual/businessman against the security of the residential property such as houses, flats, or apartments.Usage:
This can be utilized by the individual/business person to use for personal and business needs.
Commercial Property LAP
Description:
A loan that falls under the category of LAP, it is secured against commercial properties, beginning from shops/retail stores to offices to entire commercial complexes.Usage:
Primarily used for business expansion purposes, working capital requirements, or any other business-related requirements.
Lease Rental Discounting (LRD)
Description:
Under this form of LAP, one borrows against the rental income from a property. The future rental receipts are pledged.Usage:
It is good for property owners who have regular rental income and want to avail themselves of other financial requirements against such incomes.
Overdraft LAP
Description:
In case of an overdraft facility against the property, he can withdraw money as and when required, up to a pre-approved limit.Usage:
This provides much-needed flexibility for people who require funds intermittently. For example, businessmen suffering from cash flow problems.
Top-Up Loan on LAP
Description:
An additional loan sanctioned to the existing borrowers of LAP, without any new collaterals.Usage:
It benefits people who need more money than they had initially borrowed, arranging the same property as security in most of the cases.| Criteria | Salaried Individuals | Business Individuals (Self-Employed) |
|---|---|---|
| Age | 21 to 60 years | 21 to 65 years |
| Income | Minimum monthly income: ₹25,000 to ₹50,000 | Minimum annual income: ₹3 lakh to ₹5 lakh |
| Employment / Business Stability | Minimum 2-3 years with the current employer | Minimum 3-5 years of business continuity |
| Property Type | Residential, Commercial, or Industrial Property | Residential, Commercial, or Industrial Property |
| Credit Score | 650 and above (varies by lender) | 650 and above (varies by lender) |
| Property Ownership | Sole or joint ownership | Sole or joint ownership |
| Location of Property | Property should be in a location approved by the lender | Property should be in a location approved by the lender |
| Loan Amount | Up to 50%-75% of the property’s market value | Up to 50%-75% of the property’s market value |
| Documents Required | Salary slips, Form 16, IT returns, property documents | Business financials, IT returns, property documents |
| Document Type | Salaried Individuals | Business Individuals (Self-Employed) |
|---|---|---|
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID | PAN Card, Aadhaar Card, Passport, Voter ID |
| Address Proof | Aadhaar Card, Utility Bills, Passport, Voter ID | Aadhaar Card, Utility Bills, Passport, Voter ID |
| Age Proof | Birth Certificate, Passport, Aadhaar Card, PAN Card | Birth Certificate, Passport, Aadhaar Card, PAN Card |
| Income Proof | Last 3-6 months’ salary slips, Form 16 | Last 3 years’ Income Tax Returns, Profit & Loss Statements, Balance Sheets |
| Bank Statements | Last 6-12 months’ bank statements | Last 6-12 months’ bank statements |
| Property Documents | Property title deeds, Sale deed, NOC from society | Property title deeds, Sale deed, NOC from society |
| Employment/Business Proof | Employment offer letter, Employment ID card | Business registration certificate, GST registration, Business continuity proof |
| Photographs | Passport-sized photographs | Passport-sized photographs |
| Existing Loan Documents | Details of existing loans, if any | Details of existing loans, if any |
| Processing Fee Cheque | Cheque for processing fee | Cheque for processing fee |
| Credit Report | Latest credit report | Latest credit report |
| Fee/Charge Type | Description | Typical Range |
|---|---|---|
| Processing Fees | Charges for processing the loan application. | 0.5% to 2% of the loan amount |
| Prepayment/Foreclosure Charges | Fees for paying off the loan before the end of the tenure. May be waived for floating rate loans. | 2% to 4% of the outstanding principal |
| Documentation Charges | Costs related to documentation, including legal and valuation fees. | ₹2,000 to ₹10,000 |
| Stamp Duty | Charges for the stamp duty on the loan agreement, as per state laws. | Varies by state |
| Legal Fees | Fees for legal scrutiny of the property documents. | ₹5,000 to ₹15,000 |
| Technical Valuation Charges | Fees for the technical valuation of the property. | ₹3,000 to ₹10,000 |
| CERSAI Charges | Charges for registering the collateral with Central Registry of Securitisation Asset Reconstruction and Security Interest. | ₹500 to ₹2,000 |
| Late Payment Charges | Penalty for delayed EMI payments. | 2% to 3% per month on overdue amount |
| Conversion Charges | Fees for switching from a floating to a fixed rate, or vice versa, or for reducing the interest rate. | ₹5,000 to ₹15,000 or more |
| Loan Statement Charges | Fees for requesting additional loan statements. | ₹100 to ₹500 per statement |
| Cheque Bounce Charges | Penalty for each bounced EMI cheque. | ₹500 to ₹1,000 per bounce |
| EMI Bounce Charges | Penalty for missed EMI payments. | ₹500 to ₹1,000 per missed EMI |
Fill the form
Fill out the application form. It takes only 3 minutes!
Answer your phone
Have a quick chat with our representative to learn about your LAP Loan
Get a Loan From best lender
Sit back and relax! You are on your way to secure a LAP loan.EMI Calculator
0 INR
0 INR
EMI Calculator
0 INR
0 INR
EMI Calculator
0 INR
0 INR
LAP FAQs
LAP is a secured loan wherein one pledges his/her residential, commercial, or industrial property as collateral to borrow funds. The amount that can be borrowed is normally up to a certain percentage of the market value of the property.
Eligibility for a Loan Against Property would normally be extended to salaried employees, self-employed professionals, and business owners in possession of a property with clear title deeds. Eligibility depends upon the income of the borrower, credit score, and the value of the property.
The loan amount generally ranges between 50% and 70% of the current market value of the property. The exact amount, however, depends upon factors such as the type of property, location, its condition, and financial profile of the borrower.
Interest rates on Loans Against Property are usually lower than unsecured loans but higher than home loans. They usually start from 8% to 14% per annum, depending on the lender, loan tenure, and creditworthiness of the borrower.
The repayment tenure for LAP can range from 5 to 15 years, depending on the lender's policy and as preferred by the borrower. Longer tenures may result in a lower EMI but higher overall interest cost.
LAP FAQs
LAP is a secured loan wherein one pledges his/her residential, commercial, or industrial property as collateral to borrow funds. The amount that can be borrowed is normally up to a certain percentage of the market value of the property.
Eligibility for a Loan Against Property would normally be extended to salaried employees, self-employed professionals, and business owners in possession of a property with clear title deeds. Eligibility depends upon the income of the borrower, credit score, and the value of the property.
The loan amount generally ranges between 50% and 70% of the current market value of the property. The exact amount, however, depends upon factors such as the type of property, location, its condition, and financial profile of the borrower.
Interest rates on Loans Against Property are usually lower than unsecured loans but higher than home loans. They usually start from 8% to 14% per annum, depending on the lender, loan tenure, and creditworthiness of the borrower.
The repayment tenure for LAP can range from 5 to 15 years, depending on the lender's policy and as preferred by the borrower. Longer tenures may result in a lower EMI but higher overall interest cost.
LAP FAQs
LAP is a secured loan wherein one pledges his/her residential, commercial, or industrial property as collateral to borrow funds. The amount that can be borrowed is normally up to a certain percentage of the market value of the property.
Eligibility for a Loan Against Property would normally be extended to salaried employees, self-employed professionals, and business owners in possession of a property with clear title deeds. Eligibility depends upon the income of the borrower, credit score, and the value of the property.
The loan amount generally ranges between 50% and 70% of the current market value of the property. The exact amount, however, depends upon factors such as the type of property, location, its condition, and financial profile of the borrower.
Interest rates on Loans Against Property are usually lower than unsecured loans but higher than home loans. They usually start from 8% to 14% per annum, depending on the lender, loan tenure, and creditworthiness of the borrower.
The repayment tenure for LAP can range from 5 to 15 years, depending on the lender's policy and as preferred by the borrower. Longer tenures may result in a lower EMI but higher overall interest cost.