Loan Against property (LAP)
LAP is offered against residential premises, a plot of land or commercial properties as per your convenience.
- Longer repayment period up to 15 years. The actual tenure of your loan is subject to the application meeting relevant Bank’s credit acceptance parameters.
- Lower Interest Rates & EMIs
- Loan amount available from Rs. 5 lakhs to Rs. 5 Crores
- Loan can be availed as overdraft and term loan
- No pre-payment charges but pre-closure charges may apply.
- NRIs including salaried people, self-employed and business persons are eligible for LAP.
- Security for the loan of mortgage of immovable property. Property in the name of close relatives also will be accepted. For granting LAP to PIOs, the property shall be in their own names.
- Insurance options for LAP at attractive Premiums. Amount for insurance can be included as a part of your loan component subject to satisfactory repayment capacity & availability of required security margin as per norms of the Bank.
- Repayment of the loan can be made using either through standing instruction from your branch or thorough automated payment through NACH.
- If you already have a funding against your property with a Bank, you can apply for a top-up loan or transfer your existing LAP to another Bank who offer you a better deal.
- Bank reserves the right to reject any application without assigning reasons thereof.
- The Bank has the right to solicit any documents as required for processing the loan.
Indicative List of Documents Required for Loan Against property (LAP)
Copy of valid Passport
Copy of PAN Card
Copy of valid Visa for continuance of employment
Copy of valid overseas and Indian address proof
Passport size photos of the applicant and co-applicant – Two copies each.
Proof of Income
NRE and NRO a/c statement with banks for the past one year.
Overseas Bank account statements if any
Overseas Loan account statements if any
Overseas Credit information Report if any.
Salaried NRI’s shall produce Salary Certificate/Slip
For non-salaried NRI’s, Balance Sheet/Profit & Loss Account for the past two years shall be submitted.
Other Property related documents
- Documents of Title – ie, Tittle Deed & Prior Deeds
- Encumbrance Certificate from Sub. Registrar Office covering the immediate prior deed or for 13 years whichever is later.
- Land Tax Receipt ( Latest)
- Possession Certificate
- Location Certificate
- Location Plan
- Approved Building Plan
- Building Tax Receipt (latest)
We at NRI Master will assist you to avail Loan Against Property (LAP) from leading banks in India at competitive interest rates. To apply for Loan Against Property (LAP), please contact us or request a call back.