Loan Against Property

Purpose:

1. Personal expenses / Business Commitments/ Education
2. House Repairs /alterations / additions (upto Rs. 10 Lakh)
3. Any other valid purpose

Eligibility:

1. 1. The Property can be residential or commercial in nature. However, property to be free of charge. LAP can also be availed on properties like School, Hospital etc.
2. Salaried/ Small traders/Retailers /Professionals/ Proprietary/ Partnership firms/ LLP as well as Private Limited Companies.
3. Salaried employees should be employed for atleast 2 years with a minimum net salary of Rs. 20000/-(OTHER than Metro branches).
4. Professionals should be practicing for at least 2 years.

LTV:

Repayment Period:

1. Term Loan with maximum repayment period of 15-20 years.
2. Loan tenure should not exceed residual service period.
3. In case of resale of old property/property taken as security, loan tenure should not exceed residual life of the property as per valuation report.

Prepayment Charges:

1. For non-individial (pre-closure for availing loan from other bank) - 2% on outstanding balance of term loan or drawing power of OD a/c.
2.  If paid through own sources - NIL
3.  For Individual - NIL

Rate of Interest: 

1. ROI starting from 9.55%* to 9.80% p.a.*
   *ROI varies as per property type
2. Present PLR  @15.60% p.a. (w.e.f -20.06.2025)

Processing Fee: 

Commitment charges:

Shareholding:

1. Upto 1 Cr - Rs. 1000/-
2. Above 1 Cr - Rs.25000/-

Security:

1. By way of Mortgage (Legal / Equitable) of residential or commercial property
2. The property should be owned by the Applicant or spouse
3. In case of Private limited company - The property acceptable as security can be in the name of the company or any of the directors.

Documentation:

1. Prescribed loan application form (Duly Filled)
2. Photograph, Photo ID & Residence Proof of the Applicant & Guarantor
3. For salaried person, copies of:

1. For businessman / professional, copies of:

1. Documents for creating mortgage as per list provided by Bank.