Loan Against Property
Loan against property is given to individuals, firms and companies who have free
hold, un-encumbered, non-agricultural property. It can be residential, commercial
or industrial property.
Loan Against Property Terminology
Loan against property (LAP) is available in two types LAP
term loan and LAP overdraft facility. LAP can fulfill all your needs be it to finance
a marriage, higher education, a foreign trip, business investments or medical
treatment.
The eligibility criteria :
You are eligible if:
You are 21 years of age.
You are a salaried individual, professional, self-employed, agriculturist.
You are filing income tax returns for at least 2 years.
Your net monthly income is at least Rs.12,000/-. Income of spouse (co-applicant) can be clubbed for enhanced eligibility.
Loan Amount :
Minimum- Rs. 50 lakhs
Upto- Rs. 2500 lakhs
Margin :
25% to 50%
Security :
Equitable mortgage of the property offered for a mortgage.
Process Fees :
Varies with every financial institute
Repayment :
Upto 10 years
Prepayment Charges :
Varies with every financial institute.