What is LAP?

LOAN AGAINST PROPERTY- Making your property your financer.
  • Loan Against Property means that a loan is given against the mortgage of property.
  • Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.

Age Criteria

  • Min 18 Years
  • Age upto 65 Years / Retirement Age

Property Criteria

  • Free hold/Lease hold (only with permission to mortgage from competent authority).
  • BuildUp House/ Office/Factory.
  • Plot-Residential, Commercial or Industrial.

Who All Can Avail?

  • Salaried
  • Self-employed Businessman
  • Self-employed Professionals

Income Criteria

  • Salaried :- Min Salary of Rs. 180000 p.a
  • Self-employed :- Min. ITR of Rs. 3 Lacs
  • Other Incomes :- Recurring-Rental, Interest Income can be considered

Income Tax Benefits

  • If the loan taken is used for business or profession, you can claim the interest in respect of such loans.

Benefits Through MMM

  • Customization even if above criteria are not satisfactory
  • Save substantial interest by doing Balance Transfer at lower rates
  • Passport size photograph
  • Copy of PAN card, adhaar card
  • Latest utility bill for residence and office
  • Professional degree copy, if any.
  • VAT / Service Tax registration.
  • Last year VAT / Service Tax returns, as applicable.
  • Latest last 2 years Form 26AS
  • Latest last 3 years financials (ITR, Computation of income, the Audited balance sheet with all corresponding schedule, tax audit reports with all corresponding annexures)
  • Partnership deed / List of partners along with their profit ratio (on letterhead) / MOA & AOA / List of directors and shareholding pattern (on letterhead) / Form 32 [ as applicable]
  • Latest last 6-12 month’s bank a/c statement of all operative bank accounts.
  • Details of all existing loans / credit facilities
  • The copy of property papers with complete chain-link and sanction plan.
  • Passport size photograph
  • Copy of PAN card, adhaar card
  • Latest utility bill for residence and office
  • Professional degree copy, if any.
  • Latest last 2 years Form 26AS
  • Latest last 3 years financials (ITR, Computation of income,and Form 16)
  • Copy of Appointment letter of current employer and relieving letter of last employer (if work continuity in current organization is less than 2 years)
  • Details of all existing loans / credit facilities
  • The copy of property papers with complete chain-link and sanction plan.
  • Salary slip for last three months.

Get a Quote

Now apply for a Home Loan online, All you need to do is provide your details below application form.