A loan against Property (LAP) or mortgage loan is a secured loan offered by banks and NBFCs against self-occupied / rented residential, commercial, or industrial property owned by the applicants.

The amount, which is availed by keeping the property as collateral till the loan is fully repaid, can be used by the borrower for various purposes like expanding a business, funding children’s education, meeting medical expenses, and more.

The applicant can avail of a maximum loan amount of up to 85% of the property market value.  The LAP is one of the best low-cost products to avail quick long-term funding from banks to meet all personal and business needs.

Features and Benefits of Loan against Property

Best product for high amounts and for a longer-term

Suitable for Salaried and self-employed

The maximum term available is 15 years

This loan can be availed against self-occupied / rented residential properties, such as a house, apartment, or flat, and commercial properties like an office building, malls, shopping complexes, or shops.