Overview
What is a Loan Against Property ?
Loan against property or LAP is a secured loan where the lender lends the borrower their required funds by mortgaging the borrower’s property. The borrower should hold the property in his/her name. The property to be mortgaged can be any asset eg. Your residential property, commercial or special property. The speciality of this type of financing is that you can avail your financial requirement without selling your hard-earned property. Your assets will be held as security by the financial institutions till you repay the full amount of loan.
Features of LAP
LOAN TO VALUE RATIO-LTV RATIO
The loan disbursal is based much upon the current market value of your property. The minimum average proportion is 65% but the final sanction amount will take into account your income level, credit history, CIBIL score, age etc.
LONG TENURE
LAP comes with a wide ranging options of EMI and TENURE. The borrower’s risk profile, income level age are taken into consideration while evaluating the loan tenure and EMI.
NO END-USE RESTRICTIONS
The amount of loan sanctioned against the property can be used for meeting any purpose according to the borrower’s requirements.
EASY APPROVAL
Being a loan secured by assets, the loan processes becomes simple and rapid. But there should not be any litigation pending relating to the property.
NOMINAL INTEREST RATE
Since the LAP is a secured loan and involves asset backing, borrowers can get a lump-sum loan at considerably low interest rates.
Why Fourbridges?
Fast & Easy Process
Lowest Interest Rate
Minimum Documentation
Specialist Team Support
Nationwide Digital Presence
Both Offline & Online Process Advantage
Eligibility Criteria
LAP Eligibility Criteria
Age
The minimum age for availing a LAP is 21 years but it varies with financial institutions. At the time of maturity the maximum permissible age limit is 60 for a salaried person and 65 for a self-employed person.
Income
You should be a Salaried or self-employed person. The minimum income criterion is different for different financial institutions.
Work Experience
According to the terms and conditions of the respective financial institutions the minimum work experience criterion varies.
Credit Score
Your credit score must be 700+
Eligibility Criteria
LAP EMI Calculator
How to apply for LAP
Check Your Eligibility
Click On Apply Now
Fill In Personal And Financial Details
Submit Application
Document Required
List of Documents Required for LAP
No matter if you’re self-employed or a salaried worker We have a customized solution that is perfect for you. Ruloans simplified loan process that requires only minimal documentation will ensure a enjoyable experience.
You’ll be required to provide the following documents in order to begin the loan process. You will also be required to avail an LAP as soon as possible.
Photo Identity Proof
- PAN Card
- Voter ID
- Aadhaar Card
- Passport
- Driving License
Proof of Residence or Address Proof
- Rent Agreement
- Ration card
- Passport
- Driving License
- Electricity Bill
- Property Tax Receipt
- Water Bill
- Telephone Bill
- Credit Card Bill
Age Proof
- Voter ID
- Passport
- Driving License
- Aadhaar Card
- Birth Certificate
- Secondary School Leaving Certificate
- Pension Payment Order or Receipt
- LIC Policy
Income Proof
- 6 months Bank statement
- 3 months Salary Slips
Employment Proof
- Employers Letter
- Identification Card
Mortgage Property Documents
- Sale Deed
- Allotment Possession Letter
- Society NOC
- Occupancy Certificate
- Form 7/12
- Form 8A
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
Income Tax
- Form 16
Existing Loan Documents if any
Testimonials
FAQ's
Frequently Asked Questions(FAQ's)
Loan Against Property offer benefits such as:
- Flexible repayment options
- Lower interest rates
- Tax benefits
- Quick and fast approvals
Self-occupied residential property, commercial property (offices, shops etc.) and alternate property (Residential plots, schools, hospitals, Industrial property, hotels) can be considered as collaterals.
Yes, you can. However, all the co-owners of the property will also have to become co-applicants of the loan.
The amount of loan sanctioned against the property can be used for meeting any purpose according to the borrower’s requirements.
Yes, you can prepay your outstanding loan amount in parts or in full.
You can apply online through our website.
You can also email us at info@fourbridgesloans.com or contact/whatsapp us at 9147300131.
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