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Loan Against Property

Loan Against Property (LAP) - as the name suggests is a loan which you get by mortgaging a residential or commercial property that is owned by you as security to a bank or lender to obtain a loan against that property. LAP is a great option to obtain funds at a lower cost and simultaneously make use of an idle asset that you already own without the need to sell it off. However, the property so mortgaged f should be free from any legal and financial encumbrances. The property's market value is determined by the banker and an amount ranging from 40-60% of the value of the property is approved as loan to the borrower.

Low-Interest  Rate
LAP offers lower interest rates compared to unsecured loans


Purpose of Loan

Like a personal loan, there is no restriction on how you use your Loan Against Property and for what purpose you are taking a LAP. You can use the LAP for financing your business or meeting personal expenses like your children's wedding or further education, etc.

Ease of Availability
LAP can be obtained from any leading private or government banks and NBFCs. In case you are already a customer of a particular bank, you could avail better terms on interest rates, processing fee rebate, etc.

Processing Time
Loan Against Property usually takes 7 to 10 days for processing and disbursal of the loan amount. Given the high amount, this is one loan that can be taken in the most hassle-free way to fund your financial needs.

 

Home Loan Rate

Processing Fee

Loan Amount Eligibility for Max Tenure

Age of Eligible Borrower

Maximum Loan on Property Value

SBI

8.60%

0.50%

Rs. 10 Cr for 30 Years

18 to 70 years

Upto 90%

Min Rs. 0 - Max Rs. 0

HDFC

8.75%

0.50%

Rs. 10 Cr for 30 Years

24 to 60 years

Upto 90%

Min Rs. 3,000 - Max Rs. 10,000

ICICI

9.05%

0.25%

Rs. 10 Cr for 30 Years

21 to 60 years

Upto 90%

Min Rs. 5,000 - Max Rs. 5,000

Axis Bank

8.90%

0.50%

Rs. 5 Cr for 30 Years

24 to 60 years

Upto 90%

Min Rs. 1,000 - Max Rs. 25,000

PNB Housing Finance

9.10%

1.00%

Rs. 10 Cr for 30 Years

21 to 70 years

Upto 90%

Min Rs. 10,000 - Max Rs. 10,000

RBL Bank

10.45%

Min Rs. 5,000 - Max Rs. 15,000

Rs. 10 Cr for 25 Years

24 to 60 years

Upto 90%

Documents

Individuals

Firms, Partnerships

Signed Application Form

Required

Required

Identity Proof

PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card

Certificate and Proof of Business Existence

 

PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI, MOA/AOA

Address Proof

Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old)

Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter

Age Proof

PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate

PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate

Income Proof

Last 2 years Form 16, last 6 months salary slip, last 6 months' bank account statement showing salary credit

Last 2 years ITR, last 6 months bank account statement,

Other Documents

Business Profile, 2 photos

Business Profile, 2 photos, GST returns 12 months

Property Documents

Registered Sale Deed/ Conveyance/ Lease Deed

Past Sale Deeds Chain (each transaction in respect of this property since first allotment

Latest House Tax Return/ Receipt

Approved Building Plan from Municipal Corporation

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