Loan Against Property

Loan Against Property at 8.50%*

Loan against property converts an asset that is sitting idle into working funds. Residential, commercial and industrial properties are all accepted, whether self-occupied, rented out or vacant, and the money can be used for business expansion, a daughter’s wedding, debt consolidation or any other legitimate purpose.

Because the loan is secured, the rate is far lower and the tenure far longer than on any unsecured facility — which makes LAP the sensible replacement for a stack of costly personal loans and credit card balances. Lease rental discounting against a rented commercial property can also be arranged where the tenant and the lease deed qualify.

At a glance

What the facility gives you

• Residential, commercial and industrial property accepted
• Up to 70% of the market value of the property
• Tenure up to 15 years, keeping the EMI low
• Term loan, overdraft or lease rental discounting structures
• Consolidate expensive personal loans and card dues at a far lower rate
• Continue to occupy, use or rent out the property through the loan

Who is eligible

• Salaried, self-employed professional or self-employed non-professional
• Aged 21 to 70 at loan maturity
• Clear and marketable title in the applicant’s or co-applicant’s name
• Demonstrable income to service the EMI, supported by returns or banking
• Property free from existing charge, or an existing loan that can be taken over

Documents required

• KYC of all applicants and co-applicants
• Salaried: last 3 months salary slips, Form 16, last 2 years ITR
• Self-employed: last 3 years ITR, computation, P&L, balance sheet
• Last 12 months bank statement of the primary operating account
• Complete property title chain, approved plan and tax receipts
• Latest electricity bill and property valuation report
• GST returns and business proof, for business applicants

Frequently asked questions