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Home/Mortgage / LAP
Mortgage / Loan Against Property

Unlock Your
Property's Value

Your property is an asset — make it work for you. Get funds for any purpose by mortgaging your residential or commercial property at lower-than-personal-loan rates.

9.50% p.a. onwards  ·  Up to 70% of value  ·  15-Year Tenure
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What Is LAP?

Lower Rate.
Any Purpose.

Loan Against Property (LAP) is a secured loan where you pledge your property to access funds at significantly lower rates than personal or business loans. The property continues to be yours — you live in it or rent it — while accessing its value as collateral.

Personal Loan rate10.50–24%
Business Loan rate11–18%
LAP rate9.50–12%
✓ Residential flat, house, villa
✓ Commercial office, shop, showroom
✓ Industrial property (select lenders)
✓ Overdraft facility available
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Documents Required

Mortgage Loan Checklist

👔Salaried Employee
Aadhaar Card + PAN Card
3 months salary slips
6 months bank statements
Form 16 / ITR
Employment letter
🏭Self-Employed Business
Aadhaar + PAN
3 years ITR + P&L + Balance Sheet
12 months bank statements
GST registration + returns
Business address proof
🏠Property Documents
Title deed (all chain documents)
Encumbrance Certificate (EC) — 15 years
Property tax receipts (last 3 years)
Approved building plan
Occupancy certificate (if ready)
Property valuation report
Existing loan statement (if any)
📋For Joint Owners
KYC of all co-owners
All owners to be co-applicants
Joint consent letter
Property sharing agreement (if applicable)
Court order (if inherited property)
FAQs

Mortgage / LAP Questions

How much loan can I get against my property?⌄
Typically 50–70% of the property's current market value (LTV). Residential properties: up to 70%. Commercial: 55–65%. Industrial: 50–55%. Final amount also depends on your income and repayment capacity.
Can I continue living in the mortgaged property?⌄
Yes. The property is pledged as security but remains yours. You live in it, rent it, or use it as you wish. The charge is released once the loan is fully repaid.
Can rental income from the mortgaged property be used for EMI?⌄
Yes. Banks consider rental income (100% residential, 90% commercial) as repayment source. This increases your loan eligibility significantly.
What is the difference between mortgage loan and home loan?⌄
Home Loan: Specifically to purchase/construct a property. Lower rate. Tax benefits u/s 24(b) and 80C. LAP: Against an already-owned property. Slightly higher rate. Funds for any purpose. No specific tax benefit unless used for business.
Can I take LAP on a jointly-owned property?⌄
Yes. All co-owners must be co-applicants. All parties must sign the mortgage documents. Common in inherited properties or properties jointly purchased by spouses.
What happens if I can't repay the LAP?⌄
After 90 days of default (NPA), lender can initiate property auction under SARFAESI Act. Always approach the lender proactively if you face difficulty — restructuring is far better than default. We advise clients on legal options if needed.
Is there a top-up option on LAP?⌄
Yes. After 12+ months of good repayment on an existing LAP, you can apply for a top-up as your income or property value increases. Top-up amount depends on current outstanding and updated valuation.
Can I take LAP for business expansion?⌄
Yes — and it is often the most cost-effective way to fund business growth. LAP rates (9.5–12%) are much lower than business loan rates (11–18%). The property provides security, enabling larger amounts at better terms.
How is property valuation done for LAP?⌄
The lender appoints an approved registered valuer. They assess the property based on location, condition, carpet area, comparables, and market rates. The loan amount is based on this value, not what you paid for the property. Recent appreciation can increase your LAP eligibility.
Can an NRI take a Loan Against Property in India?⌄
Yes. NRIs can take LAP on India-based properties. Repayment from NRE/NRO account. Processing may require Power of Attorney for a resident co-applicant or representative. FEMA-compliant structure is maintained.

Important Legal Notice

For your guidance and assistance only. Srikara Financial Services is an independent financial guidance and assistance platform. We help individuals understand and access loan and insurance products offered by banks, housing finance companies, and registered insurance providers. We do not lend money, we do not underwrite or issue insurance policies, and we do not make credit or underwriting decisions of any kind.

All loan sanctions, disbursals, and credit approvals are made solely by the respective financial institutions based on their own credit assessment policies. All insurance policies are issued solely by the respective registered insurance companies based on their own underwriting criteria. Approval is never guaranteed. Interest rates and premiums shown are indicative and subject to change.

No liability for financial outcomes. Srikara Financial Services and its representatives are not liable for any financial loss, claim rejection, policy lapse, loan default, or any other financial outcome arising from products accessed through our guidance. All financial decisions are the sole responsibility of the customer. We strongly recommend reading all product terms, conditions, and key information documents before making any financial commitment.

Tax information. Tax benefits and exemptions mentioned on this website are based on prevailing Income Tax Act provisions applicable to resident Indians. Tax rules are subject to change by the government. NRI tax treatment varies by country of residence. Please consult a qualified chartered accountant or tax advisor for personalised tax guidance. This website provides general information only and does not constitute legal, financial, or tax advice.