Loan Against Property In Delhi

LAP-transfer-without-top-up

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What is Loan Against Property?


LAP that is known as 'Loan Against Property', is one of the variants of personal loan. In times of immediate financial needs LAP comes handy as it’s a type of secured loan. As the name suggests, the loan borrower can get a LAP from banks or NBFCs by keeping their property as mortgage. One can keep their residential as well as commercial as collateral to get a loan. The property has to be in current use. One or more properties can be kept as collateral by the borrower which belongs to him or her. Banks or NBFCs give the loan amounting from 40% - 60% of the current value of the land after evaluating the particular property. You are allowed to live in or use the property as you desire even though your property is kept as a mortgage to the bank or NBFC.

For what purposes you can use Loan Against Property funds in Delhi?


  • The need to take a LAP in Delhi changes from person to person. You can get a loan against property in Delhi for any of the below mentioned reasons:
  • To purchase new property/land by mortgaging existing property
  • For funding business and expanding your business
  • To fund emergency medical treatments
  • To fund higher studies
  • For marriage
  • For home renovation or expansion
  • To fund a vacation

What are the differences between Loan Against Property and Personal Loan?


People often confuse between loan against property and personal loans because some of their similar features. They end up considering them same. But there are many fundamental differences between loan against property and personal loans. You can analyze them in the below table and make the right decision to choose the perfect loan suitable to your budget and needs.

  • Personal Loan
  • Personal loan is a type of unsecured loan.
  • A borrower can take a personal loan for personal use without any security or guarantor.
  • Rate of interest for personal loans is higher.
  • A borrower has to pay higher EMIs.
  • In order to get a personal loan, the borrower's income defines the value
    of sanctioned loan amount.
  • The repayment tenure for personal loan rages between 12-72 months (1-6 years).
  • Loan Against Property
  • Loan against property is a type of secured loan.
  • A borrower has to mortgage the residential or commercial property for loan against property.
  • Rate of interest for loan against property is lower.
  • A borrower pays cheaper EMIs.
  • The approved loan amount for loan against property depends on the borrower's income details as well as value of the property which is being kept as mortgage.
  • The repayment tenure for loan against property goes maximum to 180 months (15 years).

What are the features of Loan Against Property?


  • You can get loan against property in Delhi by keeping your not only residential but also commercial properties as mortgage to the lender.
  • As loan against property is a type of secured loan, a borrower has to mortgage his or her residential or commercial property for to get the loan amount.
  • The interest rates in loan against property are decided after verifying various aspects of the borrower’s profile. These aspects include the borrower’s monthly salary, income details of self employees or businessmen, amount taken as loan etc. Banks and NBFC’s offer lower rate of interest as this is a type of secured loan.
  • The borrower has to pay all the hidden and extra charges while taking a loan against property in Delhi such as processing fee and administrative fee. In addition, the borrower also has to pay the lender for property valuation and its processing fee. Many lender charge 1%* of loan amount sanctioned as their processing fees.
  • As the loan repayment period is as long as 15 years, LAP is considered as a long tenure. Banks and NBFCs in Delhi offer higher loan amount for longer tenure with low interest rates as compared to other type of loans.
  • Loan against property is considered as the best way to debt consolidation. In simple words, you can pay off your multiple debts by bringing them under a singular debt i.e. LAP.
  • The process of obtaining loan against property in Delhi is very quick and hassle free. Some banks approve the LAP as quick as within three days.
  • If the property which is to be kept as mortgage is owned by partners or directors of a company, it can be taken in the name of that company.
  • Borrower can avail loans from 5 lakh onwards against property, if they apply for LAP in Delhi. But the amount depends on the current value of the property.
  • You can use your mortgaged property while repaying the LAP in Delhi, unlike gold where the gold ornaments remain with the loan lender and you don’t get them back until the loan is repaid in full.

What are the Eligibility Criteria to avail a Loan Against Property in Delhi?


Banks and NBFCs have very specific eligibility criteria to approve loan against property in Delhi. The criteria changes from lender to lender as per their policy terms. But there are some generic rules to be followed. We have listed them below:

  • Banks give loan against property by dividing their customer's profession and their income history. The common and generic factors are listed below:
  • The borrower has to be an Indian citizen.
  • Professional stability and savings history of the borrower also play a major role in approval of the loan against property.
  • The borrower should have a good credit history at his/her disposal with proven track record of timely loan EMI and credit card bill repayment.
  • Steady and healthy relationship with bank also help you to get the loan quicker and you might get exempted from the hidden charges and processing fee.
  • The eligibility is also decided on the value of your mortgaged property.
  • The property should currently exist and should be in applicant's name. The loan can be taken as co-applicants if the property is registered under multiple names.

The eligibly criteria for loan against property also changes based on applicant's profession. The details of the same are given below:

  • Salaried Applicant
  • The applicant should be a permanent employee with the government or a reputed company.
  • The applicant should be an employee with the existing company or government for minimum 3 months.
  • The minimum age to avail LAP transfer without top up for salaried applicant is around 24 to 25 years.
  • The applicant should currently be employed with existing organization.
  • The applicant should also have a good CIBIL score.
  • Professional Applicant/ Self-Employed Applicant
  • This category is further divided into two:

    Self-Employed Professional: Doctor, architect, chartered accountant, etc.

    Self-Employed Non-Professional: Trader, commission agent, contractor etc.
  • The minimum age to avail LAP transfer without top up for professional applicant is 25 years and the maximum age has to be 65 years.
  • The applicant should be involved in his/her business for 3 years.
  • The applicant should be filing income tax returns regularly.
  • The property which is being mortgaged also has to be eligible to be kept as collateral in the bank or NBFCs. The property eligibility criteria in Delhi are given below:
  • The property should have clear titles registered in the name of the applicant.
  • The property which will be kept as collateral should not be involved in any legal tangles.
  • The property should not be kept as a mortgage with any other financial institution while applying for loan.
  • The market value of the given property should be higher as the loan amount you’ll get will totally depend on the current value of property.

What are the Documents Required to avail a Loan Against Property in Delhi?


Banks and NBFCs in Delhi have specified the documents required to approve a loan against property. It changes as per the loan borrower’s profile and profession. But here we have given a generic list:

  • Documents Required for Salaried Applicant:
  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • Salary slips of last 3 months from application date.
  • Form-16 issued by current employer.
  • Bank statements of last 6 months from application date.
  • Copy of details of all existing loans.
  • A cheque covering the administrative costs/processing fees incurred by the bank in processing the application
  • Property papers with OC and CC.
  • Documents Required for Self-Employed Businesspersons:
  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • IT Returns of the three years preceding the one in which loan is applied for.
  • Copy of details of all existing loans.
  • Property papers with OC and CC.

What are the Interest Rates for Loan Against Property in Delhi?


The borrower has an option to choose for two types of interest rates while applying for loan against property in Delhi: Fixed Interest Rate and Adjustable Interest Rate. If you opt for fixed interest rate, the interest rate stays fixed throughout the loan tenure. The fixed interest rate changes from bank to bank but it’s always between 8.50% - 12% per annum*. If you opt for adjustable interest rate, the interest rate does not stay fixed or static. The interest rate changes time to time as per prevailing market conditions. This type of interest rate is beneficial for those who want to keep the loan for a short duration.

Why Choose Ruloans To Apply For Loan Against Property in Delhi?


India’s loan distribution business is very competitive and Ruloans can easily be spotted in the first row. Ruloans has a huge team of finance personnel to credit this success. With our internally developed highly proficient Loan Calculator algorithm, we are providing solutions for loan related needs across the nation. Delhi being the capital of India has always been on the favorites list of Ruloans. Our consumers can easily apply for a loan against property in Delhi using Ruloans’ latest online application procedure. We help you choose from a huge list of banks and NBFCs. You can borrow as per your needs. We help you borrow right.

Hassle free process

With our user firmly online application process we have provided a hassle free way to get LAP in Delhi. Also you can easily upload your documents using our online portal.

Benefits of applying with us

By applying for a loan against property in Delhi via Ruloans you can get benefits of our expert opinion. We help you get best deals and offers given by banks and NBFCs.

Compare your loan options

Ruloans provides you with options of many banks and NBFCs with their interest rate and other details when it comes to loan against property. You can choose from a number of options

Free expert guidance and advice

Ruloans does not charge you anything to help you get a loan against property in Delhi. Our advices and guidance are free of cost.

Privacy policy

On Ruloans’ website you can upload your documents for loan application with ease as we provide best security for your documents. We believe in safety, privacy and security of the documents you share with us. We do not share them with any third party.

How to Apply For a Loan Against Property on Ruloans?


  • How to Apply For a LAP Transfer without Top Up on Ruloans?
  • Step 1: Go to the 'LAP' menu on our website and click on strong 'Loan Transfer without Top Up' option and click on 'Apply Now' box.
  • Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
  • Step 3: Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
  • Step 4: From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
  • Step 5: Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions


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