LOAN AGAINST PROPERTY

Unlock Up to 65% of Your Property Value — Rates from 9.5%

Use your residential or commercial property to access large loan amounts at lower rates. Best suited for business expansion, debt consolidation, and high-value personal needs.

From 9.5%

p.a. Interest

Rs.10 Cr

Max Loan

Up to 65%

of Property Value

LAP Snapshot

Property ValueRs.1.5 Crore

Loan AmountRs.90 Lakhs

LTV Ratio60%

Interest Rate9.75% p.a.

TenureUp to 15 Years

EMI (approx.)Rs.95,500/mo

KEY FEATURES

Why Loan Against Property Through FinGarage?

Residential and Commercial Properties

Both residential (independent house, flat, apartment) and commercial properties (office, shop, warehouse) are accepted as collateral across our lender network.

Lower Rates Than Personal Loans

As a secured product, LAP rates are significantly lower than personal loans or business loans. Most clients save 3–5% in interest versus unsecured alternatives.

Large Loan Amounts

Access up to Rs.10 Crores depending on property value, location, and your repayment capacity. Ideal for business expansion, education abroad, or consolidating high-cost debt.

Long Repayment Tenure

Tenure of up to 15 years on LAP makes EMIs more manageable compared to shorter-tenure business or personal loans.

Self-Occupied and Rental Property

Both self-occupied and rental-yielding properties are eligible. Rental income is counted toward repayment capacity, potentially increasing your eligible loan amount.

Balance Transfer and Top-Up

Already have an LAP at a higher rate? We help you transfer to a lower-rate lender and also avail a top-up on the existing loan if you need additional funds.

ELIGIBILITY

LAP Eligibility Criteria

Available for salaried and self-employed individuals. The property must be free from legal disputes and registered in the applicant's name.

✓Age 21–65 years at time of application (up to loan maturity for some lenders)
✓Salaried: minimum Rs.40,000 per month net income; Self-employed: Rs.5L annual profit
✓CIBIL score of 680 or above (700+ for best rates)
✓Property must be in the applicant's name or co-applicant's name
✓Clear title — no mortgage, attachment, or legal dispute on the property
✓Property in an approved city/location list of the lender

Documents Required

✓Aadhaar and PAN (all applicants and co-applicants)
✓Salary slips / ITR for last 2–3 years
✓Bank statements — 12 months
✓Property title deed / sale deed / agreement to sell
✓Approved building plan and occupancy certificate
✓Latest property tax receipts

THE PROCESS

How It Works

Property Valuation Discussion

Share property details including location, type, and current market value estimate. We give you an initial indicative loan amount within the same call.

Lender Selection and Documentation

Based on your requirement and property profile, we shortlist 3–5 suitable lenders and help you prepare the complete document set for simultaneous applications.

Technical and Legal Verification

Lender deputes a technical engineer and legal team to verify property condition and title. This typically takes 3–5 working days.

Loan Disbursal

Post approval, loan amount is credited to your bank account. Average time from application to disbursal is 10–15 working days for clean cases.

Frequently Asked Questions

Can I take a loan against a property I am currently renting out?

Yes, rental properties are eligible for LAP. In fact, the monthly rental income can be added to your salary or business income for eligibility calculation, potentially increasing your loan amount. The property must be legally registered in your name and have a clean title.

What happens to my property during the LAP tenure?

Your property remains in your possession and you continue to use it as you like. The lender holds the original title documents as security. Once the loan is fully repaid, all documents are returned to you. There is no restriction on renting out or occupying the property.

Is LAP available for under-construction properties?

Most banks prefer fully constructed, ready-to-occupy, or completed properties with an occupancy certificate for LAP. Some lenders do provide LAP against properties with completion certificates even if not yet registered. Under-construction properties are generally not eligible.

What is the maximum LTV (Loan-to-Value) ratio for LAP?

RBI guidelines cap LAP LTV at 60% for commercial properties and 65–75% for residential properties depending on loan size. In practice, most lenders offer 50–65% to maintain a safety buffer. Location, property type, and your repayment capacity all influence the final LTV offered.

Can I prepay my LAP without penalty?

For floating rate LAP, there is no prepayment penalty as per RBI guidelines applicable to all scheduled commercial banks. Fixed rate LAP may carry a foreclosure charge of 1–3%. NBFCs may have different policies. We disclose all charges upfront before you sign any document.