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What is a Loan Against Property?

A Loan Against Property or LAP is to help you purchase or maintain a home, land, or any other real estate property. It is a secured loan that demands collateral against the loaned amount.

LAP offerings against your commercial or residential property allow you to use the value of your property to meet any expenses.

You can borrow a high-value loan depending on the value of your property collateral.

Loan Eligibility

Loan Against Property Eligibility Criteria

Loan Against Property offerings concerning your residential or commercial property facilitates you to utilize the locked-up value in your property to fulfill the expenditure of any type. Unlocking this value for multifaceted use will require you to prove your eligibility for a LAP.

Some common factors that decide eligibility for a LAP are listed below.


The applicant must be an Indian Countryman with documents proving his claim.

Occupation and Income

To determine your credibility, your lender will ask you to provide your occupation and income-related details to prove your professional and financial stability.

Credit History

Your Credit Score and Credit History are imperative to prove your ability to repay your LAP.

Banking Relationship

A healthy relationship with your lender will help you complete the LAP process smoothly. In addition, your lender may offer you better terms and conditions concerning loan value, interest rates, loan tenure, hidden charges, and processing fees.

Market Value of Property

Based on the market valuation of your collateral property, your lender owns the right to determine the loan amount along with the terms and conditions of your mortgage loan. Further, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.

Title of Property

While applying for the LAP, you should be the current owner of the property, and in case of co-application, you need to prove multiple ownership and clear title. Further, the property must not be mortgaged with any other financial institution.

Rate Of Interest

Loan Against Property Interest Rates

You can choose a Loan Against Property Plan from an array of attractive interest rate options from our well-known Partner Banks and NBFCs. In addition, you will get acute fee structures to lower your EMIs enormously.

Apart from factors such as loan tenure, credit score, type of property, and your profile, factors such as types of interest, benchmark lending rates, and LTV Ratio will affect your LAP rates of interest.

Bank Name Interest Rate Processing Fees
DBS Bank 8.25% 1%
HDFC Home Loan 8.5% 0.50%
Standard Chartered Bank 8.55% 0.75%
Axis Bank 8.6% 0.50%
Kotak Bank 8.7% 0.50%
IDFC First Bank 8.75% 1%
HSBC Bank 8.75% 0.50%
Federal Bank 8.9% 0.75%
Yes Bank 9% 0.75%
L & T Housing 9.05% 1%
RBL Bank 9.1% 0.75%
PNB Housing Finance 9.25% 1%
Bajaj Home Finance 9.25% 1%
DCB Bank 9.85% 1%
Tata Housing Finance 10.5% 1%
Indiabulls 10.9% 1.50%
Hero Housing 11% 1%
ICICI HFC 11% 1%
Priamal Housing Finance 11.5% 1%
Fullerton Grahshakti 12.5% 1.20%
Aditya Birla Housing 12.5% 1%
DMI Housing 13% 1.50%
Capri Housing 13% 1.50%
Shriram Housing 13.1% 2%
Adhar Housing Finance 13.5% 2%
Ujjivan Housing 13.8% 2%
Vastu Housing Finance 14% 1.50%


Documents Required for Loan Against Property

Whether you are a self-employed person or a salaried individual, we can help you get a customized solution for you. Legal251 helps streamline the loan process requiring nominal documentation for a hassle-free, unique experience.

Here's the list of documents you will require to provide to begin the loan process and get your LAP quicker.

Basic Documents

Photo Identity Proof

Age Proof

Address Proof

Income Proof

Income Tax

Employment Proof

Mortgage Property Documents

Existing Loan Documents if any

Documents required for Loan Against Property Self-Employed, Non-Salaried and SMEs

Proof of Business


GST Registration Certificate

Trade License Partnership Deed

Article of Association

Memorandum of Association

Import Export Code

Registration Certificate

Professional Practice License for Doctors, Consultants, etc

Registration Certificate of Establishment for Shops, Factories, and Other Establishments

Business Address Proof

Income Proof - Financial Statement Audited by CA

Profit and Loss Account Statement

Aadhar Card Balance Sheet

HUF Deed 6 Months Bank Statements

Income Tax

3 years Income Tax Returns or Assessment Orders

Advance Income Tax Paid

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*Other documents might be required additionally by the department

Balance Transfer

Loan Against Property Balance Transfer

A Loan Against Property Balance Transfer allows you to transfer your outstanding principal on your existing loan against property to another Bank or NBFC at lower interest rates. A well-planned loan balance transfer helps you reduce your EMIs, save on interest outgoings, and reduce your debt burden.

Loan Against Property Balance Transfer Eligibility

The following are the common criteria that decide the eligibility for your loan application and approval at most Banks, and NBFCs.

  • Salaried Person - 21 years to 58 years.
  • Self-Employed Person - 25 years to 65 years.

  • Salaried Person - Minimum Rs. 10,000 per month.
  • Self-Employed Person - Minimum Rs. 2,00,000 per year.

  • Salaried Person - Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company.
  • Self-Employed Person - Minimum 3 years of Experience in the current field.

Credit Score

Typically, a credit score of 750 may be considered a good score for approval.


Loan Against Property or LAP is availing a secured loan against collateral such as a commercial or residential property with the lender. This loan is free from end-use restrictions. Hence, the borrowers can utilize the funds for different business-related purposes, such as business expansion and purchasing industrial equipment.
Generally, you can involve your spouse as your co-applicant for LAP, which may help you get a higher loan amount. Nevertheless, if the property is co-owned, all co-owners obligatorily must be co-applicants.>
Usually, the processing fee for a LAP is one percent. However, it may vary from lender to lender or bank to bank.
The maximum tenure for Loan Against Property is 15 years, depending on the condition of not exceeding the applicant's retirement age, with flexibility in some instances.
You can repay your LAP in EMIs (Equated Monthly Installments), covering principal and interest.
Yes, loan prepayment is possible, too, without a prepayment fee if you pay back after six months of availing of the loan or paying from your funds without transferring the loan.
Following are the documents required for a Loan Against Property for salaried employees:
  • Latest salary slip
  • Last 3 months' bank account statements
  • PAN Card/Aadhar Card
  • Address proof such as electricity bill, telephone bill, passport, Aadhar card, driving license, voter ID, lease rental agreement, and more.
  • Property documents for the mortgaged property
  • Income Tax returns receipts for the last 3 years.
Yes, you can avail your LAP against either your self-occupied or rented residential properties.
Yes. You only have to ensure that the property title is clear, without litigation, and should not have any existing mortgage or loan.
Yes, you can foreclose your LAP account after submitting a written request to the bank.