Loan against Self-occupied Property (LAP)

S.No.

Particulars

Scheme guidelines

1

Name of the scheme

Loan against Self-occupied Property (LAP)

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

40% 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

Click here to view the Interest Rate

9

Deduction

Not to Exceed 60% of the Gross Income including Proposed EMI / Notional Interest.

10

Security

Mortgage of the Property

11

Processing Fee

0.50 % of the loan amount + GST

12

Documentation charge

0.10% of the loan amount + GST

13

Inspection charges

0.25% of the loan amount + GST