Secure a Loan Against Property (LAP) Easily
What is LAP?
• Loan secured against a residential or commercial property.
• Less risky for lenders than unsecured loans, as property can be
sold in case of default.
• LAP gets easily approved and the amount is large.
• Both salaried and self-employed individuals can apply.
If you are salaried, you should be:
• Between 24 and 60 years of age.
• Employed with a reputed company, like MNC.
• Indian resident.
If you are self-employed, you should:
• Be between 24 and 60 years of age.
• Have steady income flow for 6 months to a year, till loan
• Be Indian resident or own property in India.
Tips to Secure LAP Easily
• Interest Rate - Research and compare lenders to land attractive
interest rate and maintain a good credit score for negotiation.
• Tenure – Choose long tenure for affordable EMIs and short
ones for quick repayment.
• Loan amount – Compare loan to value ratios of different
lenders to get maximum loan amount, but only what you can
More Tips to Secure LAP Smoothly
• Property condition – Ensure your property is in good shape and
the paperwork is in place.
• Loan agreement – Check for adverse clauses, hidden costs, and
penalties. Find out what happens if you miss payments or
• Processing and disbursal time – Make sure you get the loan
amount by the time you need it.
LAP Documents for Self-Employed
• Proof of income - Documents showing the business to be 5
years old at least, ITR, account statements, tax audit report.
• Proof of identity – Aadhaar Card, driving license, Government
employee ID, Voter ID, PAN Card, Passport.
• Birth date proof: Driving License, SSC mark sheet, birth
certificate, Aadhaar Card.
• Proof of address: Telephone bill, gas bill, property tax receipt,
voter ID, electricity bill.
LAP Documents For Salaried Borrowers
• Proof of income – Form 16, pay slips, account statements.
• Proof of identity/address/signature/date of birth: Same as self-
Why Apply For LAP Tod