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T. Kalaiselvan, Advocate (Advocate)     23 April 2023

Loan against property:     As the name says it all, loan against property is the loan you get from the bank against the mortgage of your property. This type of loan comes under the category of secured loan.

LAP is a secured loan taken against an individual’s property. It is a loan offered by banks or non-banking financial companies (NBFCs). 

T

o be eligible for a Loan Against Property, you must:

  • Have the collateral property in India
  • Must be 25 to 65 years of age
  • Must have a steady income from a job or a business with a minimum of Rs 25,000 a month
  • Secure the complete and legal property documents

Once you have confirmed that you meet the eligibility criteria, you can apply for a LAP. The lender will assess your creditworthiness and the property’s market value before approving or rejecting your application.


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