What is Loan Aganist Property ( LAP )?

• A loan against property (LAP) is a secured loan that banks, housing finance companies and NBFCs provide against residential or commercial property.
• These loans are usually offered at a lower interest rate as compared to a personal loan or business loan and are disbursed at a reasonable time.
• Anyone with a pre-owned property can avail such loans, whether they are salaried or self-employed in a business or professional setup.
• Bank/NBFC may offer loan up to 70% of the property value.

Eligibility Criteria for Home Loans for Salaried Individuals:

• Minimum Age : 24 Years
• Minimum Salary : Rs 20,000/-
• Nationality : Indian
• Minimum Cibil Score : 750 or More
• Minimum Job Experience: 3 Years

Eligibility Criteria for LAP Loan for Self-employed Individuals:

• Minimum Age : 24 Years
• Minimum Income : Rs 2,50,000/-
• Nationality : Indian
• Minimum Cibil Score : 750 or More
• Minimum ITR: 2 Years