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Loan Against Property (LAP)


A loan against property is a loan against your house or even a plot. If all the land titles are in place, you have an income and you are eligible then this is the cheaper loan option for you. Though the interest rates on this loan are higher than that of a home loan, it's cheaper than that a personal loan or a loan against security.
Documents required for LAP
what are the documents required while applying for LAP
Pearl Finance Research Bureau
23 May 2008
The documents required while applying for loanagainst property are similar to those of home loanexpect for three additional documents. The documents required will vary from bank to bank.

Identity proof:
A copy of any of these - passport, driving license, voters ID or PAN card with your photograph will serve the purpose of your identity proof.
Proof of residence:
A copy of your passport, ration card, driving license, telephone bill, or electricity bill to show that you reside at the same place as mentioned in the documents.
Income proof:
The proof of income for salaried individuals will differ from that of self- employed individuals. Salaried people need to submit their latest salary slip, Form 16 (along with salary certificate from the employer), and their bank statement for the last 3 months. Self-employed people need to provide their IT returns for the last 2 years, balance sheet, and profit & loss account, bank statements for the last 6 months as proof of income.
Photocopies of all the property documents need to be handed over prior to sanction of the loan.
The customer also needs to give a declaration stating that the loan amount would not be used for the purposes of carrying out any illegal activities or for speculative activities.
A valuation report of the flat from the professional valuer appointed by the bank.

Do you need to show proof of income for Loan Against Property?
Even though you are taking a loan against your property, you need to show that you have income. A personal loan is more expensive as compared to a loan against real estate.

Loan Against Property (LAP)

Loan Details    
Loan Type :
Loan Amount :
Monthly Income: :
Annual Income: :
Prefered Bank    
Axis Bank Limited   Bajaj Finserv
Deutsche Bank   Dewan Housing Finance Ltd.
Fullerton India   GE Money
HDFC Bank Ltd.   ICICI Bank Ltd.
Indiabulls   LIC Housing Finance Ltd.
PNB Housing Finance Ltd.   Standard Chartered
Other Nationalised Banks
Personal Details    
Name :
Date of Birth :
Marital Status :
Qualification :
Address :
City :
Email :
Mobile/Phone :
If you have any loan then, please give details    
Details :

Loan Against Property (LAP): Eligibility Criteria: Overview

A loan against property (LAP) is a very good alternative if you need capital. Your property must have no outstanding ownership dispute associated with it and should not be mortgaged. If you can make repayments from your earnings, there is nothing to stop you from availing this loan facility.

LAP: Eligibility Criteria: Basics
Compare LAP rates on Pearl Finance
This loan comparator gives you one-point access to all lenders who are willing to lend capital based on inputs such as property type, value of property etc.

Loan against property eligibility criteria calculator
Use this calculator to find out the loan you are eligible for, given the value of your property and monthly income.

Eligibility criteria for LAP
There are various eligibility criteria that you will need to meet to be able to get a loan against property.

Secure a loan with your property
Unlike other loans which are taken for specific purposes, such as home loan or auto loans-these loans can be taken for any purpose.

Do you need to show proof of income for Loan Against Property?
Even though you are taking a loan against your property, you need to show that you have income.

What is LAP?
It is basically a kind of loan against the security of one's property.
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