Loan Against Property - Minemi

Loan Against Property (LAP): Unlock the Value of Your Property

Get access to funds by leveraging your property with a Loan Against Property. Fulfill your financial goals while retaining ownership of your valuable asset.

Introduction

A Loan Against Property (LAP) is a secured loan that lets you unlock the value of your residential, commercial, or industrial property. This versatile financing option can be used for various needs like business expansion, consolidating debt, higher education, weddings, or medical expenses. Offering lower interest rates and flexible tenures, LAP is a reliable choice for significant financial requirements without liquidating your assets.

Benefits of Loan Against Property:

Affordable Interest Rates: Lower than unsecured loans, ensuring cost-effectiveness.
Higher Loan Amount: Borrow up to 70-80% of your property’s current market value.
Flexible Repayment Tenures: Choose tenures between 5 to 20 years, making EMIs manageable.
Multi-Purpose Usage: Perfect for personal, professional, or business requirements.
Ownership Retained: Continue enjoying the benefits of your property while using it as collateral.

Eligibility Criteria for Loan Against Property

CriteriaDetails
Income RequirementMinimum ₹30,000/month for salaried individuals
Property TypeResidential, commercial, or industrial properties
Loan AmountUp to ₹5 crore or more (depending on property valuation)
Employment StatusSalaried, self-employed professionals, or business owners
Age21 to 65 years at the time of loan maturity
Credit Score700+ preferred for attractive interest rates

Documents Required:

Identity Proof: PAN Card, Aadhaar Card, Passport, or Driving License.
Address Proof: Utility bills, rent agreement, or voter ID.
Income Proof: Salary slips, IT returns, or bank statements.
Property Documents: Title deeds, sales agreement, or encumbrance certificate.

Loan Against Property Interest Rates

Bank/InstitutionInterest RateProcessing Fee
HDFC Bank8.50% - 9.75%Up to 1% of loan amount
SBI8.60% - 9.90%₹10,000 - ₹25,000
ICICI Bank8.70% - 10.10%Up to 1.5% of loan amount
Axis Bank8.55% - 9.95%1% of loan amount
Kotak Mahindra Bank8.65% - 9.85%₹5,000 - ₹10,000

Use Cases for Loan Against Property:

Business Growth: Invest in business expansion or operational needs.
Debt Consolidation: Pay off high-interest loans with a low-interest LAP.
Education: Fund higher studies in India or abroad.
Medical Emergencies: Manage unforeseen healthcare expenses.
Personal Milestones: Plan weddings or other life events.

LAP vs. Personal Loan Comparison

FeatureLoan Against PropertyPersonal Loan
Interest RatesLower (8.50%-10.00%)Higher (12%-18%)
Loan AmountUp to 70-80% of property valueFixed, based on income
Tenure5 to 20 years1 to 5 years
CollateralProperty requiredNot required
Processing TimeModerateFaster

Why Choose Minemi for LAP?

Compare offers from leading lenders with competitive interest rates.
Access personalized recommendations tailored to your financial profile.
Access personalized recommendations tailored to your financial profile.
Simplify the process with our user-friendly, end-to-end digital platform.
Frequently Asked Questions (FAQs)
What is the maximum loan amount I can avail under LAP?
You can borrow up to 70-80% of your property’s current market value, depending on the lender.
Yes, provided all co-owners agree and sign the loan agreement.
LAP tenures range from 5 to 20 years, offering flexibility to borrowers.
Yes, most lenders allow prepayment, but charges may apply based on the terms of the loan.

Check Your Eligibility in Minutes!

Get personalized loan options based on your income, current EMI, and credit score. Quick, easy, and tailored just for you—apply now to see what you qualify for!

Check Eligiblity Now