When a property is kept as security and funds are borrowed using that, then it is known as Loan Against Property (LAP)
Loan Against Property (LAP) Features
- Loan against fully constructed residential / commercial properties for personal / business use.
- Longer Tenor for lower EMIs
- Integrated network and centralized processing for taking easy home loans from anywhere
- Easy and Hassle free documentation and application processing
- Loans available for all profile of customers
LAP can be availed for
- Purchase/Acquisition/Renovation of property
- Loan consolidation
- Personal Needs / Travel/ Business / Marriage etc
- Higher Education
- Balance Transfer of existing HL / LAP
- Business or Working Capital Requirement.
Loan Details & Eligibility
15 Years
Loan Tenures (MAX)Age Limit (At the time of loan maturity)
- Salaried Individuals - 60 Years of age or retirement, whichever is earlier.
Minimum Age Criteria
- Income applicant should be min 21 years old
- Non income applicant should be min 18 years old
Max Loan Amount
Max Loan Tenor
- Up to 15 years
Max Loan Eligibility
| Maximum Funding |
|---|
| LAP Residential - 70% of property value |
| LAP Commercial - 65% of property value |
| LAP resi plot - 50% of property value |
| LAP mixed use - 50% of property value |
| LAP Industrial - 50% of property value |
Document Checklist
Proof of both identity, age, and residence (any combination that fulfills both.)
| S.No | Documents | ID Proof | Address Proof | Relationship Proof | Age Proof |
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| 1. | Aadhar Card/E Aadhar issued by UIDAI |  |
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| 2. | Valid Passport | |
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| 3. | Pan Card | |
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| 4. | Driving License issued by the RTO | |
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| 5. | Voter ID Card issued by EC | |
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| 6. | Job card issued by NREGA duly signed by an officer by the state Govt | |
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Income (Only for salaried applicant)
- Last 3 months salary slip
- Last 2 years Form 16
- Bank statements for last 6 months reflecting salary credits
- Appointment letter with salary breakup if current employment is less than 1 year old
Details of current loans
- Bank statement reflecting last 6 months EMI payment/ SOA of running loans
Property related documents (If Property has been identified)
- Copy of the Allotment Letter / Buyer Agreement/Sale Deed
- Receipts of payments made to the Builder/ Developer/Seller
Fees & Charges
- Initial Money Deposit of Rs 2500 - Loan Amount < 30 L
- Initial Money Deposit of Rs. 5000 - Loan Amount >= 30 L
- Processing Fees on loan disbursal - 1% + GST (Initial Money Deposit is adjusted in this 1%)
Rate of Interest : Floating
- A) Individual Borrower(s) : Nil
- B) Non Individual Borrower : 2% + Applicable Tax.
- Prepayment/ part-prepayment shall be prefferred after 6 months from the date of first disbursement.
Got Questions?
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LAP means Loan Against Property which is a secured loan availed against a commercial or residential property kept as collateral with the lender.
Loan Against Property can be availed on any full constructed residential or commercial property.
Following are the eligibility criteria:
- Salaried age limit: 21-60 years (65 if considering pension income)
- Self-employed non-professionals (SENP) age limit: 21-70 years if second generation is in the same business, else 65 years
- Minimum Salary: 20000 per month for both Salaried and SENP.
Terms & Conditions
Submission of all relevant documents as mentioned by HHFL in the sanction letter/ Loan Agreement; Clear, marketable title of the property in favour of the Borrower; All the security documents prescribed have been executed by borrower/co-applicant (s)/ guarantor/s A valid mortgage (equitable or registered if equitable mortgage is not possible) has been created in favour of the HHFL as per the laws of the State.