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Loan Against Property

Loan Against Property Features

Features and Benefits of our Loan Against Property

  • Secured Loan : The loan is secured against the value of your property. The property acts as collateral, reducing the risk for the lender. This generally leads to lower interest rates compared to unsecured loans.
  • Loan Amount: The loan amount is determined based on the value of the property you pledge. Generally, you can get a higher loan amount compared to personal loans or other unsecured loans.
  • Flexible Tenure : The tenure (repayment period) for a Loan Against Property is usually longer compared to other types of loans, often ranging from 5 to 20 years. This allows for lower monthly installments.
  • Multipurpose : The loan amount can be used for a wide range of purposes, giving you the flexibility to address various financial needs without any restrictions. Improves Credit Scores : Successfully repaying a Loan Against Property can positively impact your credit score, as it demonstrates responsible borrowing behavior.

Loan Against Property Eligibility Criteria

Nationality: You need to be a Citizen of India with documents to prove your claim.

Occupation and Income: Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.

Credit History: Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.

Banking Relationship: Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.

Market Value of Property: Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.

Title of Property: Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.

Loan Against Property Documents

  • Proof of identity/residence
  • Proof of income
  • Property-related documents
  • Proof of Business (for self-employed)
  • Account statement for the last 6 months

Loan Against Property Fees & Charges

The fees and charges of property loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to property loans:

Particulars Charges
Loan Processing Fees 0.25% to 2% of Loan Amount
Loan Cancellation Nill - 5% (according to Bank/NBFC)
Stamp Duty Charges As per the Value of the Property and State Tax
Legal Fees As per actual
Penal Charges Usually 2% per month
EMI / Cheque Bounce Charges Approx 500/-
Foreclosure Nill to 4% (According to bank /NBFC)

Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.

Loan Against Property Reviews

Loan Against Property FAQs

A Loan Against Property (LAP) allows you to borrow money by pledging your property as collateral. You can use the loan amount for various purposes, including business expansion, debt consolidation, home renovation, education expenses, medical bills, wedding expenses, travel, and other personal or business needs. The specific usage of the loan amount can vary depending on the lender and the terms of the loan agreement.
The amount of loan you can get against your property depends on several factors, including the value of the property, your income, repayment capacity, and the lender's policies. Typically, lenders offer loans ranging from 60% to 80% of the property's market value. However, some lenders may offer higher loan amounts, especially for residential properties. It's advisable to check with the lender to understand the maximum loan amount you can qualify for based on your property's value and your financial situation.
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