Loan Against Property (LAP)
A Loan Against Property (LAP) is a secured loan where you can borrow money by mortgaging your residential or commercial property. It is an ideal financial product for individuals or businesses looking to raise funds for personal or professional needs.
Whether you need funds for business expansion, medical expenses, education, or any personal financial goals, LAP offers you access to a large sum of money at competitive interest rates.
Eligibility Criteria for Loan Against Property
To apply for a Loan Against Property, you need to meet the following eligibility requirements:
Salaried Individuals
- Age between 21 and 60 years
- Stable monthly income of ₹30,000 or more
- At least 1 year of work experience
- Property should be in your name or jointly owned
Self-Employed Individuals
- Age between 25 and 65 years
- Minimum annual income of ₹5,00,000
- At least 2 years of business or professional experience
- Property should be in your name or jointly owned
Features & Benefits of Loan Against Property
- High Loan Amount: Borrow up to 80% of the property’s market value.
- Flexible Repayment Tenure: Loan tenure up to 15 years.
- Competitive Interest Rates: Starting from 10.5% per annum.
- Minimal Documentation: Simple application process with minimal paperwork.
- Quick Processing: Get approval and disbursal within 2–3 business days.
- No Prepayment Penalty: Repay your loan anytime without any extra charges.