Loan against Property –for Individuals(LAP)
S.No. | Particulars | Scheme guidelines |
---|---|---|
1 | Name of the scheme | Loan against Property –for Individuals |
2 | Purpose of loan | To cater to the requirements of meeting personal expenses. |
3 | Eligibility | Permanent Employees of Central/ State Govt. /Public Sector Undertakings (PSUs) (including Schools/ Colleges/ Educational Institutions), and Individual Businessmen, professionals and Self-employed individuals who own residential property/ commercial property /or building in his/her own name which are unencumbered and under self-occupation. |
4 | Min Annual Income | Minimum annual Income – 5.00 Lakhs. |
5 | Maximum Quantum of Finance | Maximum : Rs. 3.00 Crore for Metro Rs.1.00 Crore for Others Minimum : Rs.2.00 Lakh |
6 | Margin | For Loans up to Rs.1.00 Cr: 40% of the Realizable value of the property For Loans above Rs.1.00 Cr: 50% of the Realizable value of the property |
7 | Repayment Period | Maximum Repayment period of 10 years or on borrower reaching the age of 75 years whichever is earlier. |
8 | Rate of Interest | |
9 | Deduction | Not to Exceed 60% of the Gross Income including Proposed EMI / Notional Interest. |
10 | Security | Mortgage of the Property |
11 | Processing Fee | 1 % of the loan amount + GST |