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Loan Against Property

Loan Against Property

A loan against property (LAP) is a secured loan designed to cater to your urgent financial need. In this, your property is pledged as security with the bank. You can apply for a loan against property to meet personal or business requirements. There is no restriction on how the borrower uses the funds. Hence, you are free to use a LAP for various purposes.

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Compare Banks by their Interest Rates


Bank Name Interest Rate Loan amount Tenure (Months)
SBI 9.45% onwards INR 10 Lakh to 7.5 Crore 5 to 15 years
HDFC Bank 9.50% to 10.50% Up to 65% of the property market value Up to 15 years
Kotak Mahindra Bank 9.15% onwards INR 10 Lakh to 5 Crore Up to 15 years
Bank of Baroda 10.20% onwards Up to 25 Crore Up to 15 years
YES Bank 12.00% onwards Up to 85% of the property value Up to 15 years


A Loan Against Property (LAP), also known as a mortgage loan, is a type of secured loan provided by financial institutions such as banks or non-banking financial companies (NBFCs). It allows individuals or businesses to borrow money by pledging their immovable property, such as a residential or commercial property, as collateral. The property serves as security for the loan, providing the lender with a guarantee that they can recover their funds in case the borrower defaults on the repayment.

Getting a loan against property involves using a piece of real estate, such as a residential or commercial property, as collateral to secure a loan from a financial institution. This type of loan is commonly known as a mortgage loan or a LAP (Loan Against Property). Here are the steps typically involved in obtaining a loan against property: Eligibility Check,Required Documentation.

The advantage of a Loan Against Property (LAP) lies in its lower interest rates compared to unsecured loans like personal loans or credit cards. Since the loan is backed by collateral (property), lenders consider it less risky, resulting in more favorable terms for borrowers. Additionally, LAP offers higher loan amounts and longer repayment tenures, making it a suitable option for substantial financial needs. It allows individuals to leverage the value of their property without the need to sell it, providing a source of liquidity for various purposes like business expansion, education, medical emergencies, and more.

The criteria for obtaining a loan against your property typically include:

Property Ownership: You must be the legal owner of the property against which you’re seeking the loan.

Property Title: The property should have a clear and marketable title, without any legal disputes.

Property Valuation: The property’s value will be assessed by the lender to determine the loan amount you’re eligible for.

Age and Eligibility: Lenders may have age restrictions, and you must meet their eligibility criteria, which could include factors like income, credit score, and employment status.

Loan-to-Value Ratio (LTV): Lenders will typically offer a percentage of the property’s current market value as a loan. This is known as the Loan-to-Value ratio. The exact percentage can vary.

A Loan Against Property (LAP) set up as a charge on the security means that the property used as collateral is pledged to the lender. This serves as a security interest, ensuring that if the borrower defaults on the loan, the lender has a legal right to take possession of and sell the property to recover the outstanding debt. The charge is typically registered with the appropriate legal authorities, providing formal acknowledgment of the lender’s claim on the property.

A loan secured by property is appropriate for significant expenses or investments, such as purchasing a home, funding a real estate project, or making substantial renovations/improvements to existing property.

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