A Loan Against Property (LAP) is a secured loan where you pledge your residential, commercial, or industrial property as collateral to get funds for personal or business needs. It is a great way to leverage your property’s value while continuing to own and use it.

What is a Loan Against Property?

A Loan Against Property is a secured loan offered by banks and financial institutions against a property you own. The loan amount is determined based on the market value of the property, and it can be used for various purposes such as business expansion, education, medical emergencies, or even debt consolidation.

Types of Properties Eligible for Loan Against Property

Lenders usually accept the following types of properties as collateral:
Residential Properties – Self-occupied or rented houses and apartments.
Commercial Properties – Shops, office spaces, warehouses, etc.
Industrial Properties – Factories and other industrial units.
Land Plots – Some lenders allow loans against freehold land.

Eligibility Criteria for Loan Against Property:-

To apply for LAP, you must meet the following criteria:
✔ Age: 21 – 65 years
✔ Employment Type: Salaried or self-employed
✔ Income Proof: Stable income to ensure repayment capacity
✔ Credit Score: A good CIBIL score (700+) increases approval chances
✔ Property Ownership: Clear ownership with no legal disputes

Documents Required

- Identity Proof (Aadhaar, PAN Card, Passport)
-Address Proof (Utility Bill, Passport, Voter ID)
-Income Proof (Salary Slips, IT Returns, Bank Statements)
-Property Documents (Title Deed, Encumbrance Certificate, Tax Receipts)