POSTED BY June 22, 2021 COMMENTS (2)
ONToday I will tell you about loan against property (LAP)
If you have a property that is free from any loan, then you can take a loan by keeping that property as collateral
A Loan against Property (LAP) is a secured loan availed against a commercial or residential property kept as collateral with the lender. As the funds come with no end usage restriction, borrowers can utilize the funds for various purposes such as business expansion, weddings, child’s education, etc.
A loan against property is offered to the following individuals –
a) Salaried – An individual who is in permanent service in the government or a reputed company. Further, he/she should be above the age of 24 years at the time of loan commencement and up to the age of superannuation.
b) Self-employed Businessmen – Any individual filing Income Tax Return (ITR) and who is over 24 years of age at the time of loan commencement and up to 65 years at the time of maturity.
c) Self-employed Professionals – Professionals such as doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries, and management consultants can apply. The age criterion is similar to that of self-employed individuals.
Salaried Individuals | Self-Employed Professionals/Businessmen |
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What are the types of properties against which LAP can be taken?
Can I take a loan against the property for any reason?
Loans against the property can be taken for the following purposes. They are as follows –
What is the maximum loan amount a person can get in LAP?
The maximum loan amount a person can get against LAP is up to Rs 25 crore. However, the LAP should not exceed above 60% of the market value of the property. The maximum loan availed will vary from bank to bank.
What is the minimum credit score required to get a LAP?
The minimum credit score required to get LAP is a CIBIL score of 750 and more.
What can be the maximum repayment tenure and interest rate of the LAP?
The maximum repayment tenure of LAP is 15 to 20 years. Whereas the interest rate will vary from bank to bank but the interest rate will range somewhat between 9.80% p.a to 16.60% p.a.
This was all that I wanted to share in this article. You all can post queries in the comment section.
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Hi Manish,
I need your kind support & guidance. My previous organization is not willing to transfer my superannuation to my NPS account despite sharing all the PFRDA circular like PFRDA/2017/11/PD/3 dated 06th March 2017. I wrote email to various PF addresses but still no response. The PFRDA ombudsman is also not responding to the call (011-26517507 ext 188).
Kindly guide.
The next step for you is to take help from RTI to get answers.. officially they have to give you an answer as per rules