Loan Against Property (LAP) / Mortgage Loan
Loan against property (LAP) is a type of loan facility availed by individuals and businesses against the mortgage of a commercial or residential property. It is a secured loan, where the borrower pledges the property as collateral against the loan amount. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
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- Minimum Age Limit : 23 yrs
- Maximum Age Limit : 75** Yrs
- Minimum Income : 20000 Per Month
- Minimum Cibil Score: 650 or -1
- Minimum Job/Business Vintage : 2* years
- Minimum Loan Amount: 5 Lakh
- Maximum loan Term : 15 years
Loan-to-value ratio or LTV is a ratio of the loan amount you can obtain given the market value of your property. Generally, the LTV for a loan against property ranges between 60%* and 80%* of your property’s appraised value.