Loan Against Property!
- Higher loan-to-value options
- Longer tenures for easier EMIs
- Market-aligned interest rates
Profitmart Finplus helps you convert your residential or commercial property into affordable funding by connecting you with trusted lenders.
Compare Loan Against Property Online in India
Get the lowest interest rates by comparing loans from leading banks and NBFCs.
Compare Loan Against Property Online in India
Get the lowest interest rates by comparing loans from leading banks and NBFCs.
The Ultimate Loan Against Property (LAP) Guide
Unlock the hidden value of your real estate with confidence. From evaluating your property’s market worth and comparing competitive interest rates to organizing your title deeds, find every essential detail you need to secure high-value financing for your personal or business goals.
Key Features and Benefits
Experience borrowing that is designed around your convenience and financial health:
- High Loan Quantum: Secure funding ranging from INR 5 Lakhs up to INR 7.5 Crores, based on your property's valuation.
- Maximum Value: Access up to 70% of your property’s current market value.
- Versatile Property Types: Available against residential properties, commercial spaces, and plots.
- Competitive Interest Rates: Enjoy lower borrowing costs with interest rates starting from as low as 9.8% to 11% per annum.
- Flexible Tenure: Spread your repayments comfortably over long tenures of up to 20 years, ensuring small and manageable monthly EMIs.
- Speedy Processing: Experience quick turnarounds, with processing usually completed within 3 to 4 days using minimal documentation.
- Zero Additional Collateral: Your property is the only security required.
- Balance Transfer Facility: Easily transfer your existing LAP from another institution to secure better rates.
- Minimal Prepayment Penalties: Enjoy borrower-friendly terms with low foreclosure or prepayment charges.
Eligibility Criteria
We keep our eligibility requirements straightforward so you can secure your funds with utmost ease. The property to be mortgaged must be registered in the name of the applicant or a close family member.
| Age Limit | 21 to 65 years |
| Employment Status | Salaried Professionals and Self-Employed Individuals |
| Annual Income | Minimum INR 3 Lakhs per annum |
| Work Experience | 1 to 5 years of stable employment/business vintage |
| Credit Score | 750 or above for the best approval odds and rates |
| Maximum Loan Amount | Up to 70% of property market value (Max INR 7 Crores) |
| Repayment Tenure | 15 to 20 years maximum |
Applicable Fees
Here is a transparent breakdown of the typical charges involved with your Loan Against Property:
| Processing Fees | Approximately 1% of the total loan amount |
| Prepayment Charges | Usually around 2.5% of the outstanding principal (varies by lender) |
| Late Payment Penalty | 1% to 2% of the overdue monthly instalment |
| Cheque Bounce Charges | INR 250 to INR 550 per instance |
Interest Rates
Because a LAP is a secured product, you are in a strong position to negotiate favorable terms based on your profile and loan tenure. Standard interest rates typically range from 9.8% to 16.50% per annum.
If you take out a loan for a longer period of time, your monthly obligations decrease, but the overall interest paid may be higher. A strong credit score and clear property titles will help you secure the lower end of the interest rate spectrum.
Required Documents
Keep this checklist ready to fast-track your application:
- Identity & Residence Proof: PAN Card, Aadhaar Card, Passport, or Voter ID.
- Income Proof (Salaried): Latest salary slips and Form 16.
- Income Proof (Self-Employed): Last two years of Income Tax Returns (ITR).
- Banking Records: Bank account statements for the last three to six months.
- Property Documents: Scanned copies of the registered sale deed, title documents, and approved plans.
Frequently Asked Questions
Common questions about Loan Against Property Loans, rates, and benefits.
Q1. Can I continue to use my property after taking a LAP?
Yes, your property serves as collateral, but you retain full usage and possession of it while servicing the loan.
Q2. What types of properties are accepted?
We accept a wide range of properties including residential houses, commercial spaces, and plots of land.
Q3. Can I transfer my existing LAP from another bank?
Yes, we offer a balance transfer facility that allows you to move your existing loan to us to secure better interest rates and terms.
Q4. What is eligibility for a loan against property?
The loan against property eligibility criteria is quite simple. You must be between the ages of 21 and 65, have a yearly income of INR35,000, a good credit history, and the property must be registered in your name.