Loan Against Property

Leverage Asset, Maximize Prosperity, Secure Future: Discover the Benefits of Loan Against Property

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What is Loan Against Property?

A type of secured loan that enables you to take up loan at a relatively low interest rate. Loan Against Property is designed to meet your financial needs for instance children’s education, wedding expenses, emergencies, etc. The loan amount may vary depending on the value of your property and annual income. It demands collateral for the borrowed amount to meet all kinds of expenses.

Borrowers can obtain large amounts through Loan Against Property based on the worth of their property. Before pursuing this kind of loan, it’s crucial to thoroughly analyse the loan conditions, obligations for repayment, and hazards associated. Additionally, borrowers should be aware that losing the pledged property is a possibility in the event of loan default.

Eligibility Criteria and Documentation

  • Salaried Individuals
  • Self-Employed Individuals
  • NRI Applicants
  • Pensioners

What's the Eligibility Criteria and Documents Required for Salaried Individuals?

If you're a salaried person and want to apply for a Loan Against Property, you must meet the following criteria.

Eligibility Criteria

  • You must be between 20 to 60 years of age
  • You must be Resident Citizen of India
  • You must be Salaried Individual Employed with an MNC
    Public Limited, or Private Limited Company
  • You must have a monthly income of at least Rs.15,000
  • You must have at least 1 to 3 years of work experience
  • You must have a Minimum Credit Score of 750

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Income Proof
  • Employment Proof
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What's the Eligibility Criteria and Documents Required for Salaried Individuals?

If you're a salaried person and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • You must be between 20 to 60 years of age
  • You must be Resident Citizen of India
  • You must be Salaried Individual Employed with an MNC, Public Limited, or Private Limited Company
  • You must have a monthly income of at least Rs.15,000
  • You must have at least 1 to 3 years of work experience
  • You must have a Minimum Credit Score of 750

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Income Proof
  • Employment Proof
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What's the Eligibility Criteria and Documents Required for NRI Applicants?

If you're a Non-Resident Indian and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • Age
    • Employed - 21 to 60 Years
    • Self-Employed - 21 to 68 Years
  • Work Experience
    • Employed - 2 Years with at least 1 Year in Current Organisation
    • Self-Employed - Minimum 2 years in Current Business
  • Required - Co-Applicant must be a Direct Close Relative

Documentation

  • Photocopy of Passport and Visa of NRI
  • Yours and Co-Applicant's Proof of Identity
  • Yours and Co-Applicant's Address Proof
  • Income Proof
    • 6 Months Indian and International Bank Account Statement for last 6 months
    • Salary Certificate in English or 6 Months Salary Slips
  • Employment Proof
    • Appointment Letter
    • Job contract
    • HR's email ID or official email ID
    • Labour | Identity card | CDC for NRIs working in the Middle East or employed in Merchant Navy
  • If present in India during the application, and you will have to provide Power of Attorney attested or notarized locally. In case away, you will have to provide the Power of Attorney attested by the Indian Consulate of NRI's Resident Country.
  • Passport-Size Photographs

What's the Eligibility Criteria and Documents for Pensioners?

If you're a Pensioner and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • You must be Under the Age of 76 years
  • You must provide a Third-Party Guarantee

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Proof of Income
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What’s the Eligibility Criteria and Documents Required for Salaried Individuals?

If you’re a salaried person and want to apply for a Loan Against Property, you must meet the following criteria.

Eligibility Criteria

  • You must be between 20 to 60 years of age
  • You must be Resident Citizen of India
  • You must be Salaried Individual Employed with an MNC
    Public Limited, or Private Limited Company
  • You must have a monthly income of at least Rs.15,000
  • You must have at least 1 to 3 years of work experience
  • You must have a Minimum Credit Score of 750

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Income Proof
  • Employment Proof
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What’s the Eligibility Criteria and Documents Required for Salaried Individuals?

If you’re a salaried person and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • You must be between 20 to 60 years of age
  • You must be Resident Citizen of India
  • You must be Salaried Individual Employed with an MNC, Public Limited, or Private Limited Company
  • You must have a monthly income of at least Rs.15,000
  • You must have at least 1 to 3 years of work experience
  • You must have a Minimum Credit Score of 750

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Income Proof
  • Employment Proof
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What’s the Eligibility Criteria and Documents Required for NRI Applicants?

If you’re a Non-Resident Indian and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • Age
    • Employed – 21 to 60 Years
    • Self-Employed – 21 to 68 Years
  • Work Experience
    • Employed – 2 Years with at least 1 Year in Current Organisation
    • Self-Employed – Minimum 2 years in Current Business
  • Required – Co-Applicant must be a Direct Close Relative

Documentation

  • Photocopy of Passport and Visa of NRI
  • Yours and Co-Applicant’s Proof of Identity
  • Yours and Co-Applicant’s Address Proof
  • Income Proof
    • 6 Months Indian and International Bank Account Statement for last 6 months
    • Salary Certificate in English or 6 Months Salary Slips
  • Employment Proof
    • Appointment Letter
    • Job contract
    • HR’s email ID or official email ID
    • Labour | Identity card | CDC for NRIs working in the Middle East or employed in Merchant Navy
  • If present in India during the application, and you will have to provide Power of Attorney attested or notarized locally. In case away, you will have to provide the Power of Attorney attested by the Indian Consulate of NRI’s Resident Country.
  • Passport-Size Photographs

What’s the Eligibility Criteria and Documents for Pensioners?

If you’re a Pensioner and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • You must be Under the Age of 76 years
  • You must provide a Third-Party Guarantee

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Proof of Income
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

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Benefits Of Loan Against Property

Higher Loan Amount

Loan against property allows borrowers to avail higher loan amounts compared to other types of unsecured loans. The loan amount is based on the property’s value and the borrower’s repayment capacity.

Lower Interest Rates

As LAP is a secured loan, lenders offer lower interest rates compared to unsecured loans such as personal loans or credit cards. The interest rates on LAP are typically more favorable, resulting in reduced interest expenses over the loan tenure.

Longer Loan Tenure

Loan against property in India usually comes with longer repayment tenures, which can extend up to several years. This longer tenure helps in spreading out the repayment of the loan, resulting in lower monthly installments and increased affordability for borrowers.

Flexible Usage

The funds obtained through a loan against property can be used for a wide range of purposes. Borrowers can utilize the funds for various needs, including business expansion, debt consolidation, education expenses, medical emergencies, home renovation, or other personal requirements.

Continuity of Property Ownership

Unlike selling a property, where ownership is transferred, loan against property allows borrowers to retain ownership and usage rights of the property. This means borrowers can continue to live in or use the property while utilizing the funds raised through the loan.

Tax Benefits

Loan against property in India offers certain tax benefits to borrowers. The interest paid on LAP is eligible for deduction under Section 24(b) of the Income Tax Act, up to a specified limit. However, the tax benefits may vary based on the purpose for which the loan is used, so it’s advisable to consult a tax advisor for accurate information.

Types Of Loan Against Property?

Residential Property Loan

This type of LAP is availed against residential properties such as apartments, houses, or residential plots. Borrowers can pledge their residential property as collateral to access funds.

Commercial Property Loan

Commercial property loans against properties such as offices, shops, warehouses, or industrial units are available. Borrowers can utilize the commercial property they own as collateral to secure the loan.

Industrial Property Loan

Industrial property loans are specifically designed for borrowers who own industrial properties or factories. These loans provide funds against the industrial property as collateral.

Loan against Rental Income

In this type of LAP, borrowers can pledge a property that generates rental income as collateral. Lenders consider the rental income from the property while evaluating the loan eligibility and repayment capacity.

Loan against Vacant Land

Loan against vacant land allows borrowers to pledge undeveloped land or agricultural land as collateral. The loan amount is typically a percentage of the land’s market value, and it can be utilized for various purposes.

Loan against Multiple Properties

Some lenders offer loan against multiple properties, allowing borrowers to pledge multiple properties as collateral to access a higher loan amount. This can be beneficial for individuals who own multiple properties and require significant funding.

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  • Calculate your Emi on real-time basis
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FAQ

How does the bank determine how much Loan Against Property (LAP) it can fund?

Here are some key factors that help the bank determine how much loan it can fund:

  • Property Value: The loan amount sanctioned by the bank is usually a percentage of the property’s value, commonly ranging from 50% to 75% of the property’s appraised value. The exact percentage can vary based on factors such as the location, type of property, market conditions, and the bank’s lending policies.
  • Loan-to-Value (LTV) Ratio: It represents the proportion of the property’s value that can be borrowed as a loan.
  • Repayment Capacity: The bank evaluates the borrower’s income, stability of income source, existing debts, and other financial obligations to assess their ability to repay the loan.
  • Creditworthiness: A higher credit score indicates better creditworthiness and can positively impact the loan amount sanctioned.
What types of properties are eligible for LAP financing?

There are some of the common types of properties that are generally accepted as collateral for LAP:

  • Residential Property,
  • Commercial Property,
  • Industrial Property,
  • Land or Plot

Some factors that lenders may consider include the location of the property, its market value, legal clearances, property title, and the property’s condition. Lenders may also assess the property’s potential for future appreciation and marketability.

Can you offer LAP as an overdraft?

Yes, Loan Against Property (LAP) can be offered as an overdraft facility by certain lenders. LAP overdraft facility works similarly to a regular overdraft facility, where the borrower is granted a revolving line of credit against their property.

Can I transfer my LAP to another bank for a higher amount?

Yes, it is possible to transfer your Loan Against Property (LAP) from one bank to another in India, a process commonly known as a LAP balance transfer. By transferring your LAP to another bank, you can avail yourself of a higher loan amount or more favorable terms and conditions.

Is it possible to sell the property during the term of the loan?

Yes, it is possible to sell a property during the term of a loan in India, including a Loan Against Property (LAP).

What is the maximum and minimum amount of LAP that I can get?

You can get a Loan Against Property from Rs. 2 lakhs to Rs. 5 crore Some of the factors that banks consider when deciding a loan amount are:

  • The property’s registration
  • The property’s market value
  • Your requirement and eligibility
  • Your income and repayment capacity
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