Apply For Loan (Loan Against Property)

Important Information

KYC and Required Documents for Loan against Property:

FormSigned Application Form with a Photograph
Identity Proof

Passport, Voter ID, Driving, License or PAN Card

Age ProofBirth Certificate/ Voter ID Card/ School or College Leaving Certificate
Address ProofAadhar Card, Voter I’d Card, Passport, Electricity Bill, Credit Card Statements, Mobile Bill, Water Bill
Income ProofLast 3 Month Salary Slip, Last 6 Month Bank Statements, Last 2 Year Form 16
Self-employed professionals need to provide last years ITR and Bank account statement as well

Loan Against Property Overview

Loans have become a too convenient financial solution for arranging funds to fulfill our any kind of needs, be it personal or professional. Be it buying a new house, or car, or arranging money for your child’s education or for any other purpose, you can get a loan as per your need and requirement. There are many types of loans available in the market, such as – personal loan, gold loan, wedding loan, etc., but many people do not know about loan against property.


What is loan against property?

A loan that you can avail by mortgaging your property. Loan against Property, as the name suggests, is a loan that is either owned by the applicant or by his guarantor, who is usually the parent. is given in exchange for the value of the property. This property is mortgaged, which means that the property papers and legal ownership of the property remain with the bank till the loan is repaid.

Loan against property is a secured loan, in case of loan default; bank can take over the property and auction it to recover loan dues.

In this loan the home ownership stays with you, you can use and rent out the property. In case if you can’t repay the loan amount so you can sell your property and pay off the loan.

In case of joint ownership, all the owners should be a co- applicant.

Features & Benefits of Loan Against Property (LAP)

Some of the main features of Loan Against Property

  • The interest rates are very low as the property is mortgaged as the security of the loan.
  • This reduces the risk of default in payment on the part of the borrower.
  • Banks offer the facility of a longer repayment tenure, which can be up to 15 years.
  • Vacant land as well as rented residential property can also be mortgaged for availing loan.


Benefits of taking loan against property:-

  • You can use your property to take a loan without transferring your ownership.
  • Interest rates are much lower as compared to personal  loans.
  • The repayment deadline is long, so you get plenty of time to pay it off.

Eligibility Criteria For Loan Against Property (LAP)

There are some following factors that are considered by the some lenders while looking at your loan application. If you meet these eligibility criteria, you can consider yourself eligible for a personal loan.


CriterionSalariedSelf Employed
Age18 to 70 Y18 to 70 Y
Monthly Income10,00025,000
CIBIL Score650+650+
Min loan amount60% of the Property Value60% of the Property Value
Max loan amount80% of the Property Value80% of the Property Value
TenureUpto 15 YUpto 15 Y
Work Experience3 Y5 Y
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