Loan against Property –for Individuals(LAP)
Name of the scheme
Loan against Property –for Individuals
Purpose of loan
To cater to the requirements of meeting personal expenses.
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.
Min Annual Income
Minimum annual Income – 5.00 Lakhs.
Maximum Quantum of Loan
Based on repaying capacity and subject to the ceilings given below
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
Maximum Repayment period of 10 years or on borrower reaching the age of 75 years whichever is earlier.
Rate of Interest
Not to Exceed 60% of the Gross Income including Proposed EMI / Notional Interest.
Mortgage of the Property
1 % of the loan amount + GST