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Borrow against a house or flat you own, at a rate far below a personal loan, with a tenure up to 20 years.
A loan against property lets you raise a large amount against a house you already own, without selling it or moving out. You continue to live in the property. The lender simply holds the title papers until the loan is repaid.
Because the loan is secured against real estate, the lender's risk is far lower than on a personal loan. The indicative rate is 7.8% p.a. for a loan against property, compared with 9.5% p.a. for a personal loan. Final rates depend on the lender and your profile. LAP tenure can run to 15 or 20 years instead of five. For a large requirement, the difference in EMI is enormous.
Lenders fund 50% to 70% of the market value as assessed by their own valuer, not by you. The valuation is almost always lower than what you believe the property is worth, so plan conservatively. Your income must also support the EMI on the normal FOIR basis.
A LAP makes sense to fund a business, a medical emergency, education, or to replace several high-cost debts with one cheaper EMI. It makes far less sense for consumption. Remember what is at stake: if you default, you can lose the house.
We get a realistic valuation view before the file goes in, so you are not surprised. We also compare lenders on total cost, because a low headline rate with a 2% processing fee is often worse than a slightly higher rate with a small fee.
Raise a substantially bigger sum than any unsecured loan allows, repaid over up to 20 years so the EMI stays affordable.
You continue to live in or rent out the house. Only the original title documents sit with the lender.
Indicative rate of 7.8% p.a., compared with 9.5% p.a. for a personal loan. Final pricing is decided by the lender.
Several lenders offer LAP as a dropline overdraft, so you pay interest only on the amount you actually draw.
| Property type | Self-occupied or rented residential house or flat with clear, marketable title |
|---|---|
| Ownership | You must be the owner. All co-owners must join as co-applicants. |
| Age | 21 to 65 years at loan maturity |
| Income | Salaried or self-employed, with documented and serviceable income |
| Funding | 50% to 70% of the lender's own valuation of the property |
These are typical criteria. Individual lenders vary, and we will tell you which ones are flexible on your particular case.
You do not need any of these to enquire. We only ask for documents once we know which lender we are approaching.
Pre-filled with this product's own rate band and limits.
Pre-filled with the indicative rate band for Loan Against Residential Property. Move the sliders to match your own case.
Twenty crore four lakh
14 yr
Your monthly EMI
₹19,63,914
for 14 yr
These numbers are indicative. Your actual offer depends on the lender. Most loans in India are floating rate, so the EMI can change when the RBI moves rates.
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