Loan Against Property

One of the variants of personal loan is the Loan Against Property (LAP). This is a secured loan offered by us in which we use one or more property owned by the client as collateral. It can be availed against commercial or residential property collateral. In the LAP the property is mortgaged and we evaluate the market price of it, against which we give a percentage of loan to the client. This is a fast way to get the money one needs and despite mortgaging the property the client can continue to use the property for residential and commercial purpose. Compared to personal loans without mortgage LAP offers lower rates of interest.

Loan Against Property

The typical eligibility criteria to avail Loan against property are:

  • You must be an Indian national
  • You should be at least 21 years at the time of submission of the loanapplication
  • You must have been employed by the current organization or should beinvolved in the current business for a specific number of years
  • You must  earn the minimum required salary as well as have the minimummonthly repaying capacity
  • You should have a good credit history with a proven track record of timelyloan EMI and credit card bill repayment. This factor may help you secure alower interest rate and reduce loan application processing time too.

Documents Required for LAP

For salaried individuals


  • Proof of identity and residence proof such as  Aadhaar Card, Voter ID Card
  • Salary slips of past 3 months
  • Form-16 issued by the current employer
  • Bank statements of salary account for the previous six months
  • A cheque covering the administrative costs/processing fees incurred by thebank in processing the application

For Self-employed Businesspersons


  • Proof of identity and residence proof
  • Educational qualification certificates, degrees, diplomas, and other academiccredentials
  • IT Returns of the three years preceding the one in which loan is applied for
  • Bank statements of six months preceding the one in which loan is applied for

For Self-employed Professionals


  • Identity and Address proof documentation
  • Certificates that prove your academic qualifications/credentials
  • All registration/licensing certificate pertaining to your profession
  • Business existence proof/business profile details
  • Previous 3 years’ balance sheets as well as Profit & Loss Statement of the company.
  • Acknowledged Income Tax statements of the company and self for the previous 3 years
  • Last 6 months’ bank statement