Loan Against Property
LAP is a secure long given or disbursed against the mortgage of the property for personal or business needs where the borrower gives a guarantee by using his / her property as security. The loan is given as a certain percentage (40%-70%) of the property market value. Borrower can avail this loan on self occupied or rented residential, commercial and industrial property. Bank provide 10-15 years tenure on LAP. At times these loans are taken for home construction/renovation, start or expand businesses, personal requirements such as education, marriage of children, family function, foreign travel, medical expenses, buying high cost consumer durable or to repay higher interest running loans.
- The maximum loan amount varies from bank to bank. The exact amount depends on your property valuation, income and of course repayment capacity.
- The maximum loan tenure is 15 years.
- The rate of interest varies according to bank and the borrower’s profile.
- Borrower requires security, collateral or guarantors for obtaining a Loan Against Property.
- The maximum age limit of eligibility is 60-70 years. Depends on Salaried and Self Employed.
- A processing fee is charged and is usually 0.5% -1.5% of the Loan amount.
- Attractive Interest Rate starting from 11.50%
- Get Loan Upto 70% of Property Market Value.
- Balance Transfer Facility + Additional Top – Up amount, Benefit of higher loan amount at reduced interest rates.
LoanMudra helps you in finding the Best Deal!
Required Documents :-
| Salaried | Self Employed Businessman | Self Employed Professionals |
| Signed Apllication form with photograph | Signed Apllication form with photograph | Signed Apllication form with photograph |
|
Identity Proof (PAN Card, Voter Card, Passport, UID etc) |
Identity Proof (PAN Card, Voter Card, Passport, UID etc) |
Identity Proof (PAN Card, Voter Card, Passport, UID etc) |
|
Residence Proof (Voter Card, Passport, UID, Utility Bill) |
Residence and Office Address Proof | Residence and Office Address Proof |
| Latest 3 months Salary Slip | Last 3 yrs I.T.R. with Computation of Income, Balance sheet and Profit & Loss Account (Self+Business) | Last 3 yrs I.T.R. with Computation of Income, Balance sheet and Profit & Loss Account (Self+Business) |
| Last 2 yrs Form-16 | Business Profile, Business Existence Proof, Educational Degree | Business Profile, Business Existence Proof, Educational Degree |
| Last 6 months Bank statement Salary Account | Last 1 yr Bank statement ( Self + Business ) | Last 1 yr Bank statement ( Self + Business ) |
| Other Loan Obligation Proof | Other Loan Obligation Proof | Other Loan Obligation Proof |
| Admin Fee Charges | Admin Fee Charges | Admin Fee Charges |
| Property Papers Photocopy | Property Papers Photocopy | Property Papers Photocopy |
Banks rates and charges-
10.90% -12%Interest Rates
11% -12%Interest Rates
11% -12%Interest Rates
12% -13%Interest Rates
12% -13%Interest Rates
11% -12%Interest Rates
12.5% -14.5%Interest Rates
11.50% -14.5%Interest Rates
12.5% -13.5%Interest Rates
12% -14%Interest Rates
11.50% -14%Interest Rates
12% -14%Interest Rates
12.5% -13.5%Interest Rates
13.5% -14.5%Interest Rates
12.5% -13.5%Interest Rates
13.5% -14%Interest Rates
12% -14.5%Interest Rates
15% -16%Interest Rates
0.75%+STProcessing Fee
0.50%+STProcessing Fee
0.75%+STProcessing Fee
1%+STProcessing Fee
0.75%+STProcessing Fee
0.75%+STProcessing Fee
1%+STProcessing Fee
1%+STProcessing Fee
1%+STProcessing Fee
1%+STProcessing Fee
1%+STProcessing Fee
1%+STProcessing Fee
1%+STProcessing Fee
1.25%+STProcessing Fee
1%+STProcessing Fee
1.5%+STProcessing Fee
1%+STProcessing Fee
1%+STProcessing Fee
