Product Overview
A Loan Against Property (LAP) is a secured loan that allows you to unlock the value of your residential or commercial property to meet your financial needs. By pledging your property as collateral, you can avail higher loan amounts at competitive interest rates with flexible repayment options. This loan is designed for both salaried and self-employed individuals who require funds for purposes such as business expansion, education, medical expenses, debt consolidation, or other personal requirements.
Key Features & Benefits
- Secured Financing Option: This loan is backed by your property as collateral, which reduces the lender’s risk and helps you avail funds at comparatively lower interest rates.
- High Loan Eligibility: Get access to substantial loan amounts based on your property’s market value, usually higher than unsecured loans like personal loans.
- Extended Repayment Tenure: Enjoy flexible repayment options with longer tenures, typically ranging from 5 to 20 years, making EMIs more affordable.
- End-Use Flexibility: Use the loan amount for multiple purposes such as business expansion, education, medical expenses, or personal needs—no strict restrictions.
Required Documents
- Identity & Address Proof: Aadhaar Card, PAN Card, Passport, Voter ID, etc.
- Income Proof(Salaried Only): Latest salary slips (last 3–6 months)
- Bank Statements: Last 6–12 months (applicable for both Salaried and Self-Employed)
- Employment Proof (Salaried Only): Offer letter, employment certificate, or company ID card
- Form 16 / ITR: Salaried for Form 16 or ITR for the last 1–2 years (if applicable) & Self-Employed for Income Tax Returns for the last 2–3 years with computation
- Business Proof (Self-Employed Only): GST registration, trade license, or business registration certificate
- Property Documents: Title deed, and other relevant property papers
Fees & Charges
The fees and charges for a Loan Against Property (LAP) may vary depending on the lender and individual case. Below is a general overview:
1. Loan Processing Fees: 0.25% to 2% of the loan amount
2. Stamp Duty Charges: Based on property value and applicable state laws
3. Legal Fees: Charged on an actual basis
4. Penal Charges: Typically around 2% per month
5. EMI / Cheque Bounce Charges: Approximately ₹500 per instance
6. Foreclosure Charges: Nil to 4% (as per Bank/NBFC terms)
Our Banking Partners
We have partnered with leading financial institutions to provide you with the best rates for Loan Against Property.
DCB Bank