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Loan Against Property (LAP) for personal or professional use.

A secured loan known as a "loan against property" is authorised against a piece of property that serves as security. Banks, housing finance firms, and NBFCs offer loans secured by either commercial or residential property. Regardless of whether they operate a business or are employed, anyone with a pre-owned property may apply for one of these loans.

You can get high-value funds via a loan against property at rates that are far lower than those of conventional loans. In comparison to other loan options, Loan Against Property is a wise financial decision that will support you over the long term and aid in maintaining stability.

 

Features of SS Finance Loan Against Property

We offer

  • The amount you receive can be anywhere between INR 20 lac and INR 7.5 crore, depending on the market value of your property and other eligibility factors.
  • Maximum loan tenure of upto 15 years.
  • Get funds within 72 hours*.
  • Loan Against Property starting at 9.60%* rate of interest.
  • The Loan-to-Value (LTV) Ratio can reach up to 75% of your property's value, providing you with sufficient funds to achieve your objectives and allowing you to secure a larger loan amount based on your property's worth.

Eligibility Criteria for Loan Against Property

For Loan Against Property Application

There are certain age and income specifications that borrowers have to meet, to mortgage their property. Financial institutions mostly offer LAP to the below mentioned category of borrowers:

Salaried applicants

  • Age: 33 to 58 years
  • Employer: Private company, public company, multi-national company.
  • Residency status: India

Self-employed applicants

  • Age: 25 to 70 years
  • Income: Regularity of income.
  • Residency status: India

Note: Loans are approved only when the self-employed can show an earning track record of three years, usually via income tax returns.

LAP processing fee: Most banks, including public lender SBI, charge 1% of the loan amount as processing fee, which could go as high as 3% too. Apart from the processing fee, the borrower also has to pay several small expenses, including documentation charges, commitment fee, valuation fee, stamp duty charges and GST.

Documents Required for Loan Against Property

List of Documents Required

Salaried applicants

  • Six months’ salary slips.
  • Bank account statements of the previous three months.
  • PAN card.
  • Aadhaar card.
  • Address proof.
  • Copy of the title documents of the property.
  • Income tax returns.

Self-employed applicant

  • Bank account statements of the previous six months.
  • PAN Card.
  • Aadhaar Card.
  • Address proof.
  • Copy of the title documents of the property.

Frequently Asked Questions (FAQs) for Loan Against Property

You can avail up to 50% of the property value as LAP. However, the amount will depend on the property type and other checks.

You can mortgage residential property for availing loan against property. However, the property should be free from any charge, i.e. there should be no other loan running on the property offered as a security for LAP.