Avail Loan Against Your Property

Need Money? Use your property to fulfil your financial needs and desires! Home Equity Loan from Aavas in nothing but Loan Against Residential property (LAP)

Loan against property is one of the best ways to take a loan for all your financial needs. Whether you need funds for higher education, marriage in the family or any medical expenses property mortgage loan is one of the fastest ways to secure a quick loan for fulfilling your immediate monetary needs. Explore this guide on how to get an easy Loan against property.

Apply For Loan Against Property Calculate Your LAP EMI

Features of Aavas Home Equity Loan

Attractive interest rates
Integrated branch network that facilitates loan servicing at a branch convenient to you.

You can use this loan for a marriage, medical expenses or any other personal need

Benefits of loan against property

Competitive interest rates: Loan Against Property typically usually has lower interest rates compared to other unsecured loans.
Higher loan amount: Depending on the value of the property, the borrower can avail a higher loan amount.
repayment tenure: The repayment tenure for Loan Against Property can be up to 15 years, which gives the borrower ample time to repay the loan.

Eligibility Criteria for Loan against Property

Property ownership	The borrower must be the owner of a residential property, which will be offered as collateral for the loan.
Property value	The property must have a minimum value specified by the lender to be eligible for Loan Against Property.
Age	The borrower must be at least 18 years old and not more than 70 years old, at the start of loan.
Income	The borrower must have a regular source of income, with a minimum annual income as specified by the lender.
Credit Score	The loan amount you can avail depends on your eligibility and credit score, with higher eligibility and credit scores result in a higher loan amount. However, we also fund customers who have a credit score of (-1).

*Please note that the loan amount is subject to the Loan-to-Value (LTV) ratio.

Documents Required for Loan Against Property

For Salaried People
For Self Employed People

Identity Proof

Your PAN Card is mandatory, and any one of these:

Passport
Voter ID
Aadhar Card
Driving License

Address Proof

Passport
Voter ID
Aadhar Card
Electricity bill/ water bill/ telephone bill
Driving License

Proof of Income

Salary Slips/Bank Statement/Form 16
Salary Certificate

Property Documents

Title Deeds of the Property
Proof of No Encumbrances on the property

Identity Proof

Your PAN Card is mandatory, and any one of these:

Passport
Voter ID
Aadhar Card
Driving License

Address Proof

Passport
Voter ID
Aadhar Card
Electricity bill/ water bill/ telephone bill
Driving License

Proof of Income

IT Returns and/or Financial Statements of last 3 years And/or
Informal Income Documents

Property Documents

Title Deeds of the Property
Proof of No Encumbrances on the property

Note 1: For a full list of KYC documents, visit your nearest Aavas Financiers’ Branch.
Note 2: Make sure all your documents are valid (not past expiry date in case of Driving License and Passport)

Click to get more details about the Documents Required for Loan Against Property

Some interesting facts on Loan against Property

As many as 23.82% of applicants applied for a loan against property with Aavas in the last 30 days, to generate some liquidity.
Jaipur has witnessed an upward trend in the number of people seeking a loan against their property.

People with an average age of 42 years were looking to fulfill their financial needs with the help of Loan Against Property.
14.78% of loan against property applications were men and 8.92% of applicants were female, who wanted to have some funds for their various needs.

Loan Against Property FAQs

Loan against property is another word for a mortgage loan and is availed by the salaried and the self-employed to meet their personal and business requirements.

Loan against property, also known as LAP, can be availed to meet the fund requirements for business needs, medical emergencies, a child-s education, or for any other personal loan requirement.

A person aged between 18-70 years is eligible for a loan against property. Please note that factors like age, the value of the property and income of the applicant etc., also affect the eligibility for the loan against property.

The applicant must follow the following steps to apply for the Loan against property

Fill up the application form
Submit the required documents such as land documents, age and residence proof and income details.
On successful submission of the application, deposit the processing fee
After loan approval, you will get the required home loan.

The maximum funding that a borrower can get depends on the market value of the property. The amount of the loan is usually equal to 55% of the market value of the property against which the loan is being taken.

The property against which the loan is being taken is the actual security that needs to be provided to avail the said loan option.

Self-occupied residential property can be considered as collaterals for Loan against Property.