Loan Against Property
Loan against Property (LAP), also known as mortgage loan, allows consumers to raise funds by leveraging their residential, commercial or industrial properties. Like unsecured loans, LAP can also be availed for meeting both personal and business needs other than speculative purposes. Banks and HFCs offer loan against property for tenures of up to 20 years. The loan amount for LAP can go up to 75% of the property’s market value, depending on the lender and the credit profile of the borrowers. Many lenders also offer Lease Rental Discounting (LRD) facility, which allows consumers to avail loan by pledging the rental receipts of their tenants.
Featrues
- Age – 21 to 60 years
- b>Max Loan amount – Rs.35 Crores
- Residential and Commercial Property
- LTV – up to 75%
- Repayment Tenure – 5 years to 15 years (Some Bank may offer longer tenure)
- Interest rates usually starts from 9% (Some bank may offer lower than this also)
- For both Salaried and Self Employed
- Cibil Score Above 680
