Loan Against Property

LAP-transfer-without-top-up

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What is Loan Against Property / Mortgage Loan ?


Loan Against Property, or commonly known as LAP is a type of mortgage loan. It can be considered as a variant of personal loan. You can get funds from a bank or NBFC by keeping your commercial or residential property as mortgage. The banks and NBFCs evaluate the current value and position of the property. As per their evaluation they approve loan amount from 40% to 60% as per the current value of the property. To get a Loan Against Property in Mumbai, you can mortgage one or more commercial or residential properties registered under your name. Also one can utilize the mortgage property while it's been kept as collateral to the bank. This is the reason LAP is more famous than any other type of loans, especially personal loan.

For what purposes you can use Loan Against Property funds?


One does not require disclosing the reasons to take Loan Against Property in Mumbai to the bank or NBFC. The funds from LAP can be utilized for any personal or professional reasons. Be it expanding or business, to purchase new property/land by mortgaging existing property, to fund marriage ceremonies, to use in emergency medical treatments, to fund higher studies, to fund a vacation or to renovate/expand your home, you can easily use the funds from LAP in Mumbai.

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


Personal loan and loan against property have many similarities. People often confuse between them, take a loan and later realize that they have made a mistake. So you should always know the difference between LAP and personal loan. Though they share some similar features, one is better than the other. Personal loan is a type of unsecured loan where as LAP is a secured loan. That means to get a personal loan, one doesn't need to mortgage any assets but in LAP an asset mortgage is compulsory. It can be a residential or commercial mortgage. Thus the interest rate in personal loan is higher than LAP. Eventually this leads to the loan borrower paying higher EMIs in personal loan compared to LAP. Banks and NBFCs approve personal loan on the basis on the applicant's finance history. In LAP along with the applicant's finance history, the property is also valued by Banks and NBFCs before approving loan. Personal loan is given for a smaller tenure i.e. for 5 to 7 years*. But LAP is given for even longer tenure, as long as 10 to 15 years. .

What are the features of Loan Against Property?


  • Loan Against Property in Mumbai is a type of secured loan. A borrower has to mortgage the residential or commercial property for loan against property.
  • You can get Loan Against Property in Mumbai by keeping residential as well as commercial properties as mortgage.
  • The interest rates on this loan are decided considering various aspects of applicant's profile. Like applicant's monthly salary, income details of self employees or businessmen, amount taken as loan etc. As this is a type of secured loan, banks and NBFC's offer lower rate of interest for Loan Against Property in Mumbai.
  • This is a long tenure loan as the repayment period is as long as 15 years. Banks and NBFCs in Mumbai offer higher loan amount for longer tenure with enchanting interest rates as compared to other loan plans.
  • The borrower is also supposed to pay all the hidden and extra charges such as processing fee and administrative fee for Loan Against Property in Mumbai. The borrower also has to pay the bank for property valuation and its processing fee. Many banks ask to pay 1% of loan amount sanctioned under Loan Against Property in Mumbai.
  • The process of obtaining Loan Against Property in Mumbai is very quick and hassle free. Some banks approve the loan as quick as within three days*.
  • Mortgage loans prove to be the best way to debt consolidation. That mean you can pay of your multiple debts by bringing them under a singular debt in Mumbai.
  • You can use your collateral property while repaying the Loan Against Property in Mumbai, unlike gold where the gold ornaments remain with the banks or NBFCs and you don't get them back until the loan is paid in full.
  • If the property is owned by partners or directors of a company, it can be taken in the name of that firm.
  • Borrower can avail loans from Rs. 5 lakh onwards against property, if they apply for Loan Against Property in Mumbai. The minimum amount Rs. 10-15 lakh*.

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


Banks and NBFCs have very specific eligibility criteria when it comes to approving LAP in Mumbai. The criteria are divided on the basis of applicant's profession and income history. The loan borrower has to be a citizen of India. His or her professional stability and savings history play a major role in approval of Loan Against Property in Mumbai. The loan borrower requires having a good credit history with proven track record of timely paid loan EMIs and credit card bill repayment. The property which is being mortgage also needs to fulfill a certain criteria. The property should currently exist and should be in the loan 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:
  • 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 are given below:
  • The property which will be kept as collateral should not be involved in any legal tangles.
  • The property should have clear titles registered in the name of the applicant.
  • 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.
  • The property should not be kept as a mortgage with any other financial institution while applying for loan.

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


The list of documents for availing LAP in Mumbai changes whether you're a salaried applicant or a self-employed professional/ businessman. The process of getting a LAP in Mumbai can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria. The list of required documents differs from lender to lender. But we have given a generic list of required documents below:

  • 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.
  • Documents required for self-employed professionals:
  • 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.
  • Proof of educational qualification which includes certificates, degrees, diplomas, and other academic credentials.
  • Business proof (registration of business)
  • Copy of challans proving that Advance Income Tax has been paid.
  • Copy of details of all existing loans.
  • Bank statements of last 6 months from application date.
  • Property papers with OC and CC.

Why Choose Ruloans To Apply For Loan Against Property?


Ruloans work with a motto of ‘much more than money. We work with a team of more than a thousand professionals to help you borrow right. As we are India's fastest growing financial distributors, we are pledged to offer solutions to all your financial needs with our internally developed highly proficient Loan Calculator algorithm. We offer you a list of Banks and NBFCs to choose from to get any loan or credit card.

Hassle free process

Ruloans have come up with a highly efficient, smooth and easy online process for our consumers to get a loan against property. Our user friendly online procedure allows consumers to upload their required documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.

Benefits of applying with us

As we have a huge team of finance professional with considerable experience in loan industry, we offer the benefits of our experience to our customers. Applying for a LAP with us will give you a chance to avail the best offers and deals from the banks or NBFCs of your choice.

Compare your loan options

On our online portal you can compare interest rates, extra fees and other details of many banks and NBFCs. This process will help you to make the right choice and choose the right lender for your LAP as per your requirements.

Free expert guidance and advice

Ruloans offers its services to its customers free of cost. We help you and guide you throughout the loan without charging a dime.

Privacy policy

As our customers upload their documents on our online portal, we assure the security and privacy of those documents. They are processed electronically and sent to the bank or NBFC of your choice without any breach.

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 page on our website 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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