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Loan Against Property (LAP)
Unlock the monetary value of your commercial or residential property to fund large business or personal requirements.
Product Description
Loan Against Property (LAP) is a secured loan where you pledge your residential or commercial real estate as collateral. It offers significantly lower interest rates than unsecured loans and higher loan amounts (up to 70% of the property's market value). You can use this substantial capital infusion for business expansion, child's higher education, or massive medical bills.
Eligibility Criteria
- Property Type: Commercial, Residential, or Industrial properties with fully approved maps and clear legal standing.
- LTV Ratio: Generally up to 60-70% of the registered market value of the property.
- Income Stability: Both salaried and self-employed individuals can apply, but must demonstrate strong capacity to re-pay the large EMI via IT returns and salary slips.
- Credit History: Excellent repayment track record on previous loans is a strong determinant of LAP approval.