Loan Against Property

  A loan against property (LAP) is a type of secured loan where you can pledge your property to avail funds for various purposes.

Types of Loan Against Property

Residential Property Loan: Against a residential property

Commercial Property Loan: Against a commercial property

Plot Loan: Against a plot of land

Eligibility Criteria

 Age: 21-65 years

Income: Minimum ₹3 lakhs per annum

Property: Property should be freehold and fully constructed

Credit Score: Good credit score Benefits of Loan Against Property High Loan Amount: Up to 60-70% of property value

Low Interest Rates: Competitive interest rates Long

Repayment Tenure: Up to 15 years

 Tax Benefits: Interest on loan is tax-deductible

Documents Required

Property Documents: Title deeds, proof of ownership, etc.

 Identity Proof: PAN card, passport, etc.

Income Proof: Salary slips, bank statements, etc.

Address Proof: Aadhaar card, utility bills, etc.

Interest Rates

Fixed Interest Rate: Interest rate remains same throughout loan tenure Floating Interest Rate: Interest rate may change based on market conditions

Popular Lenders HDFC: Offers LAP with competitive interest rates and flexible repayment terms