Loan Against Property (LAP) is offered to individuals against the mortgage of their property. This product enables individuals with regular income to have liquidity over their immovable property.
Eligibility Criteria
Only Individuals will be considered for this product
Please note: Co-Applicants may be considered to supplement repayment capacity
*Turn Around Time for Loan Against Property shall be within 7 working days subject to submission of requisite documents and fulfillment of terms & conditions as per Bank's policy.
Documents Required
Below are the illustrative list of documents that may be obtained depending upon the nature and status of the applicant.
Loan Tenure
Loan Tenor will be 1 Year to 15 years. Tenor may increase to a maximum of up to 2 years to adjust changes in Base Interest Rate.
Interest Rate
Interest rate: Base Interest Rate and Spread will be as per Operating Interest Rate Guidelines as issued from time to time.
The Spread can be adjusted to attract borrowers with excellent credit by the approval authority.
The Spread for this product will be announced by the CEO-in-India from time to time. In case the Spread is less than as notified Spread, it should be approved by Credit Officer Committee (COC).
Fees and Other charges
All the above mentioned charges shall be borne by the applicant. However, the approving authority can relax/waive of all above fees and charges except stamping costs.
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