Last Visited Page  

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

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

1 % of the loan amount + GST