Loan Against Property (LAP)
Your property holds the potential to turn your dreams into reality. Loan Against Property, leverage your commercial, residential, or industrial space to secure the financial support you need to achieve your business and personal goals.
Why Choose Us?
- Low Interest Rates.
- Extended Loan Tenure.
- Swift and Smooth Disbursal.
- Higher Loan Disbursal Amount.
- Simplified Documentation Process.
Required Documents For LAP
Income Declaration
- Employment proof for 5 years (e.g., Form 16, joining date on salary slip, employer letter, appointment letter, etc.)
Property Documents
For Property Ownership (User Approved Projects)
- Allotment Letter or Stamped Agreement for Sale
- Payment Receipts or bank account statement showing all payments made to the builder
For Resale Properties
- Current Registered or Draft Agreement for Sale (only for Maharashtra), Allotment Letter, or Stamped Agreement for Sale
- Prior Chain Link Title Documents
- Occupancy Certificate (in case the property is ready) or Approved Plan copy (photocopy of the blueprint)
- Share Certificate (only for Maharashtra)
- Maintenance Bill
- Property Tax Receipt
- Payment Receipts or bank account statement showing all payments made to the seller
KYC Documents
Pan Card or Form 60 is mandatory. For Proof of Address & Identification, any one of the following documents is acceptable:
- Aadhar Card
- Valid Passport
- Valid Driving License
- Voter’s Identity Card
F&Qs
What is a Loan Against Property (LAP)?
It is a loan against fully constructed, freehold residential and commercial properties for personal or business needs. The obtained funds can be utilized for various purposes, such as covering wedding expenses, medical costs, or funding a child’s education etc. You can also transfer your existing Loan Against Property (LAP) from other banks and financial institutions.
What is maximum funding that I can avail on a property as LAP?
For new customers, you can get funding up to 85% of the property value depending on the segmentation and the property type. But, for existing customers, the principal outstanding on all existing loans and the Loan Against Property being availed should not cumulatively exceed 60% of the market value of the mortgaged property.
Who can avail a Loan Against Property (LAP)?
Both salaried as well as self-employed individuals have the option to obtain a Loan Against Property (LAP) with no end-usage restrictions. The loan availed can be utilised for professional needs such as business expansion, debt consolidation, and various personal needs including homeownership, marriage, child education etc.
What is the maximum term for which I can avail a Loan Against Property (LAP)?
You can avail of Loan Against Property for a maximum term of up to 25 years subject to internal policies of a lending institution.
Can I avail Loan Against Property (LAP) for a commercial property?
Yes, Loan Against Property (LAP) can be availed of against fully constructed and freehold commercial properties.
What is Design Your EMI?
Design Your EMI is a flexible repayment facility that allows borrowers to tailor their EMI schedules. This offers flexibility in repayment amounts according to their financial needs based on various variants available.