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Loan Against Property (LAP) is a secured loan, which helps borrowers to meet their business and personal financial needs by mortgaging their property.

Loan against property can be availed by both salaried and self-employed. For salaried people, minimum work experience required is 3 years and for the self-employed business existence of 5 years and ITR of 3 years are required. The age of the applicant should be between 21 years to 65 years. Loan Against Property is given for a tenure of up to 15 years depending upon the eligibility of the borrower. Lenders give an LTV of 60-70% in LAP, the i.e. loan is given up to 60-70% of the market value of the property.

Following are the types of Loan Against Property:

• Regular Loan Against Property: This type of loan is taken for business expansion, acquiring assets, for marriage or medical emergency.

• Loan Against Property Overdraft: Borrowers who expect to have surplus income or fluctuating income during the year can opt for LAP overdraft. Under this facility, the borrower is charged interest rate only on the principal outstanding and can deposit surplus money in loan account any time. This option is highly suitable for self-employed businessmen or professionals who have fluctuating funds requirements throughout the year.

• Loan Against Property Top Up: Top up loan is an additional loan amount that you can avail on your existing Loan against property. Lenders apply LTV cap on Loan against the property to calculate your top up loan amount eligibility. This means that the amount of top-up loan plus your existing mortgage loan outstanding should be less than or equal to 70% of the market value of the property. Top up amount eligibility varies from bank to bank based on your income and value of the property and needs a thorough comparison.

If you want to go for any type of loan against property, you can easily rely on us. We will provide you the best solutions on rate and charges according to your property.

You can just apply from here and our executive will call you and help you with the desired process.