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Loan Against Property

What is LAP?

Loan against Property scheme is a secured individual loan for personal purpose which you can avail by mortgaging your property as a security or collateral. These loan schemes are also known as mortgage loans or Loan against Property. Any individual can avail this loan if he/she has immovable property.

Required documents of individuals

1. KYC ( Aadhaar, PAN). 2. Salary Slip of last 3 months, if salaried person. 3. ITR along with Computation of last 2 F.Y or Form-16 of last 2 F.Y ( For Salaried). 4. ITR along with Computation of last 3 F.Y ( For Business or Profession). 5. Bank account Statement of last/latest 6 months ( salary Account). 6. Bank Statement of last 1 year ( For Business or Profession). 7. Rent agreement of applicant ( If residing in rented house). 8. Utility Bill ( if residing in own house)

Required Property Documents

1. Original Title deed. 2. Chain of Title deed ( if Purchase or sale for more than once in last 13 years). 3. B-1 Khasra. 4. Diversion order. 5. Building Permission. 6. Latest Municipality Tax receipt

Other Conditions & Sharges Related to LAP (Refer Note)

1. LTV Ratio Shall be 65 % for Loans Up to 1 Crores. 2. Maximum Tenure shall be for 15 years or attaining the age of 70 years. 3. Processing Fees ( 1% + GST). 4. EM Charges (1%). 5. Document Charges

Note: these above conditions may be differ from bank to bank

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Do I need to pay a fee to avail a Loan against Property?

Yes in form of processing charges, equitable mortgage charges and other charges as may be notified by the circulars of banks.

What is the turnaround time of availing Loan against properties?

It usually takes 7-9 working days from the date of receipt of application. The computation of 7-9 days shall start from the day on which all documents with proper appraisal of the application are provided by the applicant to bank.

Why I should take LAP instead of Top- up Loan?

A Loan against Property (LAP) has many advantages over a Top-up Loan. LAP may offer a higher loan amount than a Top-up Loan. While an LAP can be availed of against a different property than the one for which the loan was originally taken, but the Top-up Loan may only be taken against the property already in mortgage. However borrower can enjoy less interest rate in case of home loan top-up instead of LAP.

What are the different types of properties considered under the LAP scheme?

Any property which is residential or commercial property.

 What is existing interest rate charged by the banks?

It is usually between 8.00 % to 8.5% PA (It may vary from bank to bank and also depends upon the credit score of the borrower).

What is maximum amount of LAP that i can get?

You can get loan from 5.00 lakhs to 5 Crore (may slightly differ from bank to bank)