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	Loan Against Property

	Loan against Property is a secured loan. If you own residential or commercial property you could utilize the value of the same by opting for a equitable mortgage loan. The property papers are taken as security for a loan at a much lesser rate than personal loan. The ownership of the property is retained by you. In case of inability to repay the loan the property could be disposed off to repay dues. Normally loan against property is taken for a long term for working capital, expansion, repay expensive personal loans etc. You could also opt for an overdraft facility, which is renewed ever year. Loan amount could range from Rs.5 lakh to Rs.5 Cr. Loan tenor could extend upto 15 years . Eligibilty depend on your income and the market value of the property.
	Rate of interest could range between 12% to 16%.

	Process... All Purpose Loan One can use this loan for a variety of purposes, like funding existing business, debt consolidation, emergencies, education etc. Loans against residential & commercial properties ranging from Rs.10 lakh to Rs.3 crores. It is an ideal product for debt consolidation. Flexible process.LAP can be availed on either self owned or family owned property. Attractive Interest Rates. Easy repayment through EMI's or overdraft facility. Loans to Salaried and Self Employed. Fast Process.
	Eligibility... This criteria varyS from one bank to another.some of the common factors are: AGE Minimum age required is 21 yrs for salaried and 23 years for selfemployed. Maximum years is 50 years for salaried and 65 years for selfemployed. INCOME Minimum income should be Rs.20000/- per month. OWNERSHIP Loans can be applied by individuals, either solely or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants. However, the co-applicants need not be co-owner GEO LIMITS Individual financers have there own geo limitations.Generally most of the banks prefer the property to be located within City Limits. TENURE LAP is available from minimum 1 year to a maximum of 15 years.
	FAQ... What are the interest rates ? Interest rates on loan against property range from 12 per cent to 16 per cent. What are the modes of repayment? There are normally 2 modes of repaying either opting for a overdraft facility or through regular EMIS. What is the difference between a LAP and a personal loan? LAP is taken by mortgaging property. Personal loan is without any security or guarantors. LAP is Cheaper then Personal loans generally 12%-16% interest rate. Compared to LAP interest rates fall in the range of 16%-21% Personal Loan is available from Rs.50,000/- upto Rs.20 lakhs LAP is available from Rs.10 lakh upto Rs.3 crores. Maximum loan tenure for LAP is up to 15 years (180 months) Maximum loan tenure for personal loan is up to 5 years (60 months) What percentage of the property value is the loan sanctioned? LAP is sanctioned upto 60% of the property value if residential and 40% to 50 % in case of commercial. What documents are required ? Though the documents vary from bank to bank the common documents are: Photographs Proof of Identity Proof of age Proof of Signature Residence Proof Proof of business existence Qualifications Certificate (For Salaried) Proof of business existence Income Proof Salary Slips ,Form 16(For Salaried) 3 years Income Tax returns (self and business) Business profile Property Documents & NOC from Society. Last 6 months bank statements Processing fee cheque What happens if the loan is not repaid? The Property can be repossessed by the lender to recover its outstanding loan amount. To allow recovery of the loan amount, courts can order foreclosure (sale in the open market to recover dues) of the property.

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