Loan Against Property (LAP)
🏢 Loan Against Property (LAP)
A Loan Against Property (LAP) allows you to leverage the value of your residential, commercial, or industrial property to access substantial funds for personal or business needs. It is a secured loan that offers higher loan amounts, lower interest rates, and longer repayment tenures compared to unsecured loans.
✅ Key Features of Loan Against Property:
Loan Amount: Up to 50%–70% of the current market value of the property
Tenure: Flexible terms up to 15 years
Interest Rate: Lower than personal or business loans
Collateral: Residential, commercial, or industrial property
Usage:
Business expansion
Debt consolidation
Education expenses
Medical emergencies
Wedding or large personal expenditures
📋 Required Documents for Loan Against Property (LAP):
Personal KYC Documents:
PAN Card
Aadhaar Card / Passport / Voter ID / Driving License
Income Proof:
For Salaried Applicants:Last 3 months’ Salary Slips
Latest 6 months Bank Statement
Form 16 or Income Tax Return (ITR)
For Self-Employed Applicants:
Last 2–3 years Income Tax Returns (ITR)
Profit & Loss Statement and Balance Sheet (CA Certified)
GST Returns (if applicable)
Latest 6–12 months Bank Statement
Property Documents:
Registered Sale Deed / Title Deed
Approved Building Plan
Latest Property Tax Receipt
Occupancy/Completion Certificate (if applicable)
Chain of Ownership Documents (if required)
Other Documents:
Office/Residence Address Proof (Utility Bill / Rent Agreement)
Existing Loan Sanction Letters / EMI Statements (if any)