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Loan against Property –for Individuals(LAP)

S.No.

Particulars

Scheme guidelines

1

Name of the scheme

Loan against Property –for Individuals

2

Purpose of loan

To cater to the requirements of meeting personal expenses.

3

Eligibility

Permanent Employees of Central/ State Govt. /Public Sector Undertakings (PSUs) (including Schools/ Colleges/ Educational Institutions), and Individual Businessmen, professionals and Self-employed individuals who own residential property/ commercial property /or building in his/her own name which are unencumbered and under self-occupation.

4

Min Annual Income

Minimum annual Income – 5.00 Lakhs.

5

Maximum Quantum of Loan

Based on repaying capacity and subject to the ceilings given below

 

Rs. in crore

Min.

0.05

Max.

Properties located at Metros

10.00

Properties located at other centres

5.00

6

Margin

For Loans up to Rs.1.00 Cr:

40% of the Realizable value of the property

For Loans above Rs.1.00 Cr:

50% of the Realizable value of the property

7

Repayment Period

Maximum Repayment period of 10 years or on borrower reaching the age of 75 years whichever is earlier.

8

Rate of Interest

Click here to view the Interest Rate

9

Deduction

Not to Exceed 60% of the Gross Income including Proposed EMI / Notional Interest.

10

Security

Mortgage of the Property

11

Processing Fee

1 % of the loan amount + GST

 

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