Overview
Loan Against Property or LAP helps you to purchase or maintain a home, land, or other types of real estate. Being secured in nature, LAP demands collateral against the loaned amount.
LAP offerings against your commercial or residential property put you in a position to use the value locked up in your property to meet any expenses of any nature.
You may select a high-value loan depending on the value of your property collateral for your borrowing.
Features & Benefits
Low-Interest Rates
Low EMIs
Faster Approvals
Minimal or Low Prepayment Charges
Funds for Multiple Uses
No End-Usage Restrictions
Residential and Commercial accepted as Collateral
Eligibility Criteria
To secure a LAP with utmost ease, you must cope with the lender’s loan against property eligibility criteria. The property must be registered in the name of the loan applicant or other family member. Here’s what you need to be prepared with:
Age Limit of the Applicant:
- 21 to 65 years
Employment Status:
- Salaried Professional, Self-employed Individual
Annual Income:
- At least INR 3 lakh per annum
Work Experience:
- 2 years and above
LAP Interest Rate:
- As per RBI guidelines
Maximum Loan Amount:
- Upto 100% percent of the property’s market Value
Credit Score:
- Typically, a credit score of 700+ may be considered a good score for approval
Repayment Time Frame:
- Upto 20 years
Documents Required
Proof of Identity:
- PAN card, passport, Voter ID card, MAPIN Card or driving licence.
Residence Proof:
- Voter ID card, ration card, utility bills, including electricity bill, telephone bill, Aadhaar card or lease agreement.
Age Proof:
- Voter ID card, Aadhaar card, PAN card or passport.
Financial Documents:
- Form-16
Proof of Income:
- 3 Months Salary Statements
- 6 Months Bank Statements
Proof of Employment:
- Employers Letter
- Identification Card
Mortgage Property Documents:
- Required as per legal norms
Need a Loan For any of your requirement?
Maxxvalue Advantage
Maxxvalue Advisory along with significant 100+ partner Banks across India spread over 1000+ locations extend Business Loan to all eligible individuals across India.
At Maxxvalue Advisory, Adhaar-based e-KYC speeds up the documentation process by eliminating physical paperwork. You can obtain a Business Loan with minimal documentation in no time.
You can think about loan costs, offers, and online services on our digital platform. Our online resources will direct you to settle on the right decision, and pick the right bank for your advance according to your financial plan and assumptions.
Experts at Maxxvalue Advisory know the ins and outs of the business. Our committed group of individual specialists will guide you to pick the right credit fee.
We esteem our clients and are consistently on our toes to give them advantages of our abilities. Applying for any advance or loans through us allows you an opportunity to benefit from the best offers and agreements our Partner Banks and NBFCs have to offer.
Loan against Property Balance Transfer Features
You can avail a high-value top-up loan in Loan against Property Balance Transfer.
Part-Prepayment and Foreclosure of loans to help you prepay your loan balance transfer loan, and save on interest payments.
LAP Balance Transfer offers great affordability by way of competitive mortgage interest rates, and nominal fees and charges.
Flexi-Loans are the new way of borrowing funds in India to access pre-approved loans based on your credit rating. This allows you to borrow funds at will and prepay when you have additional funds in hand.
Loan Application Form