Loan Against Property (LAP)
A Mortgage Loan (often referred to as a Loan Against Property or LAP) is a secured loan where you borrow funds from a financial institution by pledging an existing immovable asset—such as a residential, commercial, or industrial property—as collateral.
Eligibility Criteria
- Age Limits: Applicants must be at least 21 years old at application and under 65–70 years old at loan maturity.
- Credit Score: A healthy credit score of 750 or above ensures quick approval and optimal interest rates.
- Property Ownership: The property to be pledged must have a clear, marketable title free from existing legal disputes.
- Income Threshold: Minimum stable monthly income of ₹30,000 for salaried individuals or verifiable steady annual profits for businesses.
- Business Vintage: Self-employed individuals must demonstrate an active, continuous business operation for at least 3 years.
Required Documents
- KYC Proof: Government-issued Identity and Address proofs (Aadhaar Card, PAN Card, Passport, or Driving License).
- Income (Salaried): Last 3 months’ salary slips, 6 months’ bank statements showing salary credits, and latest Form 16.
- Income (Self-Employed): 2 to 3 years of certified Income Tax Returns (ITR) with computation, Balance Sheets, and 12 months’ primary bank statements.
- Property Documents: Original Title Deeds, complete chain of previous ownership documents, approved building plans, and latest paid property tax receipts.
