Loan Against Property
Loan Against Property – is a Loan availed by pledging your property as a security or a collateral .Eligible loan amount depends on Individual Financial/ITR .
Key Features
Best Option for Long Term needs of Businesses
Interest Rate
Rates ranging from 8.5 % to 18.0 % depending on Cibil and profile.
Loan Amount
Up to Rs.50 crore
Loan Tenure
Up to 20 years
Processing Fee
1% - 3% of the loan amount + GST
How to Apply for Loan Against Property
Prepare Documents
Prepare your PAN card, Aadhar card, and the latest 3 years of ITR acknowledgements with returns, along with a 1-year bank statement. If you need a higher loan limit, you can attach your company financials.
Legal & Technical Clearance
Keep your property documents ready, including the sale deed, mother sale deed, latest tax receipts, encumbrance certificate, and a copy of the building plan.
Why Choose Loan Against Property
Lower rate of interest
These loans are offered at lower interest rates, which reduces the financial burden on the borrower.
Higher sanction amount
Offers higher sanction amount. You can club your company financials for a higher limit.
Tenure approval
LAP can be availed for a period of 10 to 20 years. So EMI payment on the loan is less, having less effect on your cash flow.
Tax benefits
If you use your loan amount from your LAP for specific purposes, you may get tax benefits. Section 37(1) allows benefits on interest/processing fees for business use. Under section 24(B), avail up to Rs 2 lakh deduction if used for residential property.