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Loan Against Property (LAP) is a type of secured loan that allows one to avail credit by mortgaging an owned land or property, be it residential or commercial as well as self-occupied or given on rent. A LAP can be used for purposes such as meeting medical emergencies, funding children\u2019s higher studies, marriage expenses, or even starting up a business or financing a much-awaited international or domestic trip.<\/p>\n\n\n\n
Under a loan against property process, the lender evaluates the current market value of the pledged property and disburses a loan amount equivalent to the same to enable one to get the required credit requirements.<\/p>\n\n\n\n
Following are some of the key features of the loan against property offered by Tata Capital \u2013<\/p>\n\n\n\n
Before applying, it\u2019s important to understand the basic requirements lenders look at to assess your repayment ability and the value of the property offered as security:<\/p>\n\n\n\n
One can secure a credit with Tata Capital by following this process for loan against property<\/a> \u2013<\/p>\n\n\n\n Step 1: Check loan qualification with our LAP eligibility calculator<\/p>\n\n\n\n The first and foremost step in the LAP loan process is an assessment of one\u2019s eligibility for the credit. For this, borrowers can use the LAP eligibility calculator<\/a> available on our website. To use our LAP eligibility calculator, one needs to provide details like their monthly income and expense, city of residence, date of birth, existing EMIs, and the tenure for which one wishes to take the loan.<\/p>\n\n\n\n Step 2: Choose loan amount and tenure<\/p>\n\n\n\n As a next step, one needs to select the amount of loan which they wish to avail of by pledging their property and the tenure for the credit.<\/p>\n\n\n\n Step 3: Submit loan application and required documents<\/p>\n\n\n\n After choosing the loan amount and tenure, one needs to fill out our loan application form with details like Name, Date of Birth, PAN, Property Type, Reason for LAP, Property Value, and Required Loan Amount. Along with the submitted form, one must provide the following documents for LAP<\/a> \u2013<\/p>\n\n\n\n Step 4: Get the loan mount in bank<\/p>\n\n\n\n Once the completed loan application form and the required documents are submitted, one of our loan approval officers evaluates the applicate and approves the disbursal of the credit in the bank account of the borrower if all the details are complete and the borrower is eligible for the credit.<\/p>\n\n\n\n Understanding how Loan Against Property works<\/strong> can help you plan your finances better and avoid delays. The procedure for Loan Against Property<\/strong> usually begins with checking eligibility based on income, age, credit score, and property ownership. Once you know how to take Loan Against Property<\/strong>, you submit an application along with KYC documents<\/a>, income proof, and property papers.<\/p>\n\n\n\n As part of what is the process of Loan Against Property<\/strong>, the lender conducts a credit assessment to evaluate repayment capacity and a legal and technical verification of the property. This step ensures the asset is dispute-free and suitable as collateral. After successful checks, the lender issues a loan sanction letter<\/a> detailing the approved amount, interest rate, tenure, and terms.<\/p>\n\n\n\n The LAP loan process<\/strong> then moves to documentation and signing of the loan agreement. Once all formalities are completed, the loan amount is disbursed, either in full or in stages, directly to your bank account. Repayment starts through monthly EMIs over the agreed tenure.<\/p>\n\n\n\n Preparing your documents in advance helps streamline the LAP loan application<\/a> and approval process:<\/p>\n\n\n\n At Tata Capital, we levy a loan against property processing fee for the administrative expenses incurred while processing loan applications. For, Residential and Commercial properties, loan against property processing fee stand at 1% of the loan amount plus the GST. Whereas the LAP processing fee for all other properties stands at 1.25% of the loan amount along with the GST. For mint loans also, the LAP processing fee is 1.25% of the loan amount and the GST.<\/p>\n\n\n\n For detailed information on Tata Capital\u2019s LAP fees and charges, please click here<\/a>.<\/p>\n\n\n\n\n
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How Loan Against Property works: Application to disbursal<\/strong><\/h2>\n\n\n\n
Also, read – Top 10 home loan benefits you should know in India<\/a><\/p>\n\n\n\nChecklist: Documents required for LAP loan process<\/strong><\/h2>\n\n\n\n
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Loan against property processing fees & timeline<\/strong><\/h2>\n\n\n\n