FAQs About Loan Against Property
What is Loan Against Property (LAP)?
A Loan Against Property is a Secured Loan, where you can mortgage your residential or commercial property to get funds for any purpose, business expansion, child's higher studies, wedding or medical emergency.
Who can apply for a Loan Against Property (LAP)?
Any Resident Indian salaried or self-employed individual can apply for a Loan Against Property as long as you meet our eligibility criteria.
What types of properties would be considered as collateral for Loan Against Property?
All types of properties such as residential, commercial, industrial, plots, schools, hospitals, restaurants, godowns, etc.
Which documents are required to avail a loan against property?
Along with application form you need Passport / Driving License / Aadhaar Card / Voter's ID card / NREGA JOB Card, PAN Card, Bank statement, Salary Slips and property documents.
What is the interest rate for loan against property?
Loan Against Property interest rates depend on the loan amount and the loan tenure, starting ranges from 8.25% to 24% p.a.
How long will the process for loan approval be?
Loan approval would take 5 working days after submission of the application form and required documents.
Can I foreclose my loan?
Yes, you can foreclose your loan post completion of 12 months. Self-employed individual availing a loan against property with floating interest rate enjoys nil foreclosure charges.
Do I need a guarantor to avail of a loan against property?
Generally you do not need a guarantor. You may require a guarantor or co-applicant if your financial strength is weak.
What is the maximum loan tenure?
We offer Customized EMI repayment options with a maximum tenure of 15 years.