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Loan Against Property (LAP)


A loan against property is a loan given or disbursed against a mortgage of property. The loan value is of 40%-60% of the property's value. Loan against property belongs to the secured loan category. This means that here the borrower provides a guarantee by using his property as a form of security. This loan can be both for a self-owned house or a piece of land. The criteria for loan against property ranges from 12% to 15.75%. The loan payment tenure can go upto 15 years


Features at Glance
  • Loans from Rs2 Lakh onwards depending on your needs
  • Borrow up to 70% of market value of the property
  • Flexibility to choose between an EMI based loan or an overdraft
  • High tenure loans for ease of repayment.
  • Attractive interest rates.
  • Simple and speedy processing.
  • Loan for salaried & self-employed individuals.

Advantages of taking a Loan Against Property
  • Cheaper than Personal Loans: It works out to be much cheaper than a personal loans, which is usually issued at interest rates in the region of 16 per cent-21 per cent.
  • Longer Loan Tenure: The tenure for a Loan Against Property is usually longer than that for a personal loan. Generally, LAP is given for a maximum tenure of 10 years.
  • Flexibility to choose between an EMI based loan or an overdraft
  • Simple documentation and Fast Approvals: LAP being a secured Loan has comparatively faster approvals and minimal documentation.

Loan Against Property can be taken for following purposes:
  • Expanding your business
  • Get your child married
  • Send your child for higher studies
  • Fund your dream vacation
  • Fund Medical Treatments
  • In nutshell, Loan Against Property is a secured multi-purpose loan with larger tenor and lesser rate of interest.

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Compare Loan Against Property VS Personal Loan

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