Property Loan (Loan against Property - LAP)

Also known as a Loan against Property (LAP), this is a secured loan where individuals or businesses pledge residential or commercial property as collateral. It has lower interest rates and can be used for personal or business needs.

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Overview

A secured loan where residential or commercial property is pledged as collateral. Suitable for business expansion, medical expenses, education, or debt consolidation.

Eligibility Criteria

  • Salaried or self-employed individuals
  • Property must be legally owned by the borrower

Interest Rates

  • Typically 8% - 14% p.a.

CIBIL Score Requirement

  • Minimum CIBIL score required: 650+
  • A lower score may lead to higher interest rates or loan rejection

Age Criteria

  • Minimum age: 25 years
  • Maximum age at loan maturity: 65 years

Benefits

  • Lower interest rates compared to personal loans
  • High loan amount available (up to 70% of property value)
  • No restriction on fund utilization

Documents Required

  • Property Ownership Documents
  • KYC Documents
  • Income Proof (ITR, Balance Sheet, Salary Slips)
  • Bank Statements
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