Mortgage a self-occupied house, shop, godown or industrial shed and borrow up to 70 percent of its market value for business expansion, education abroad, a wedding, or to consolidate costly debt. You continue to use the property as before. Rates are far lower than unsecured loans because the lender is secured.
Features
- Residential, commercial, industrial and mixed use property accepted
- Term loan or dropline overdraft structures
- Lease rental discounting against rented commercial property
- Balance transfer of existing LAP with top up
- Loan to companies and firms with directors and partners as co-applicants
- Flexible end use with minimal justification
Eligibility
- Property owner aged 25 to 70 at loan maturity, salaried or self-employed
- Clear and marketable title with approved construction
- Income to support EMI: salary, business profit or rental income
- Properties in municipal limits of Adoni, Kurnool, Nandyal, Bellary and other towns we cover
Documents required
- KYC and income documents as for a home loan
- Complete chain of title documents, latest EC for 13 years, property tax receipts
- Approved building plan and occupancy certificate where available
- Rental agreements if rental income is considered
Frequently asked
How is the property valued?
The lender appoints an approved valuer who reports market value based on location, construction and comparable sales. The loan is a percentage of that value.
Can agricultural land be mortgaged?
Generally not for LAP. A few co-operative and regional lenders consider converted or NA land. Ask us for your specific case.
What if the property is in my father's name?
He can be the co-applicant and mortgagor while you are the main applicant on income. This is common and lenders accept it.
Loan Against Property EMI calculator
Rates and limits preset for a typical loan against property. Move the sliders to match your case.
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