A Loan Against Property (LAP) is a form of credit that can be secured by a borrower. In this case, the borrower needs to pledge their property as a security or a collateral. These schemes also go by the name of mortgage loans. The interest rates on these loans start from 8.99%. Another defining feature of a Loan Against Property is that one can avail high amounts, usually going up to a few lakhs or even crores, as a Loan Against Property. Read on to know more.
On This Page: Our Loan Against Property Partners | Features of Loan Against Property | Benefits of Loan Against Property | How to Apply | Eligibility Criteria | Documents Required| How to Calculate Loan Against Property EMI | Fees & Interest Rates | Factors Affecting LAP Interest Rate | FAQs
Compare Loan Against Property top lending partners at Bajaj Markets and choose as per your requirement.
Our Partners |
Minimum Interest Rate |
Loan Amount/Tenure |
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9.85% p.a. |
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8.99% p.a. |
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14.00% p.a. |
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Apply Now | |
10.60% p.a. |
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9.45% p.a. |
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13.90% p.a. |
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12.50% p.a. |
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*The interest rates and associated charges can vary from one lending partner to the other and are subject to policy changes of the partner.
A Loans Against Property acquired through Bajaj Markets comes with a handful of exciting features, namely:
The Loan To Value (LTV) ratio of a Loan against Property can be anywhere between 75%-90% of the present market value of the mortgaged property
Loans against Property also come with flexible repayment tenure. They can go up to 25 years depending on the amount
Funds of up to ₹5 Crores are available
The eligibility criteria for a LAP are simple and easy-to-meet
Loans Against Property secured from us also come with a host of benefits.
One can secure a Loan Against Property of a high value at affordable interest rates
Swift and easy balance transfer facility
Doorstep service
Applying for a LAP loan is fairly straightforward and simple. Once you have been through all of the loan details and assessed every other aspect, you must follow the steps mentioned below to apply for a LAP loan.
Online Form Filling: Fill up the LAP loan form with details such as your name, date of birth, address, and contact details.
Specify Details:Then, you will need to disclose details pertaining to your income so that our partner lenders can help you with the best possible LAP loan options as per your credit profile
Submission: Submit the LAP loan application form.
Once the application process is complete, a representative will connect with you to take things further. You will have to provide the requisite documents and then coordinate for identity and property verification. These formalities must be adhered to so that we can help you enjoy a hassle-free borrowing experience.
Individuals will need to meet the minimum Loan Against Property eligibility criteria laid down by our lending partners to avail the funds. Meeting the conditions mentioned below will increase your chances of a fast approval and swift financing.
Eligibility Parameters |
Salaried Individuals |
Self-Employed Individuals |
Employment Status |
Must be employed with a MNC or a private firm of repute |
Self-employed with a steady income source |
1. A salaried employee must furnish the following documents:
Identity Proof: PAN card, Aadhaar card, Voter’s ID, passport, or any other credential issued by the Government of India
Address Proof: Voter’s ID, Aadhaar card, passport, utility bill, or ration card, or any other identity credential issued by the government
Latest salary slip
Bank account statements going back 3 months
Latest Income Tax Returns (ITR)
Documents of the property that is to be mortgaged
2. A self-employed individual, on the other hand, will need to furnish the following documents:
Voter’s ID, Aadhaar card, passport, or any other government-issued ID that can count as proof of identity
Utility bill, Voter’s ID, Aadhaar card, passport, or any other government-issued address proof
Bank account statements going back 6 months
Documents of property that the individual wants to mortgage
Calculating your EMI in advance with our Loan Against Property EMI calculator helps you manage your repayments better. Remember that the longer the loan repayment tenure, the lesser will be the monthly EMIs and vice versa.
If you want to calculate your Loan Against Property EMIs manually, you will need the following bits of information pertaining to your LAP loan:
The desired loan amount
The predetermined interest rate
The loan repayment tenure
The interest rate charged on a Loan Against Property is based on various factors like the applicant’s age, employment type, income, etc. Salaried employees may have to pay lower interest rates on the loan as they have a fixed source of income. On the other hand, a self-employed individual might have to pay higher interest on a LAP loan. Thus, the interest rate varies from one borrower to another based on their profile.
Having a good credit score is crucial in availing lower interest rate on a loan. An individual with a credit score of 650 and above is viewed as a creditworthy borrower and can get competitive rates on loans. If you have a low credit score, the lender may charge you with a high-interest rate.
The property being mortgaged also has a vital role in determining interest rates. The interest rate for commercial and residential properties may vary since the value for the property will not be the same. If the property being mortgaged is quite old and under poor conditions, the interest rate might be higher compared to the rates applicable on a well-maintained property.
When selecting the loan tenure for your Loan Against Property, keep in mind that these loans are a long-term commitment. If you opt for a shorter loan tenure, the EMIs (Equated Monthly Instalments) will tend to be higher and vice-versa. Some lenders might charge a higher interest rate for a shorter loan tenure.
You can avail a LAP loan by offering a residential, commercial, or industrial property as collateral. Usually, loans that are secured by putting up a residential property as a collateral attract the lowest interest rates.
A LAP loan has no defined end-use. It is essentially a high-value personal loan that the borrower is free to use as they please.
Loan Against Property eligibility is calculated on the basis of the borrower’s CIBIL score, monthly salary or income, property value, and debt-to-income ratio, if any, at the time of filing the LAP loan application.
Yes, it is possible that a borrower can avail a LAP loan without income proof or income tax returns (ITR). However, they will need to compulsorily furnish bank account statements going back six months and pay the applicable processing fee via a cheque.
No, a hopeful borrower looking to secure a LAP loan does not have to pay an application fee. However, other charges such as processing fees and penalties will be applicable as and when they need to be levied.
Yes, it is possible to apply for a LAP loan while offering up a jointly-owned property as a collateral. Some financial institutions, in fact, recommend the same as it increases the chances of loan approval.