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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.

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

  • Continuous ownership of property
  • Competitive rate of interest
  • Less documentation

Eligibility Criteria for Loan against Property

AGE 18-70 Years
LOAN TENURE Up to 15 years

Document Required for Loan against Property

Application form

Duly filled by the applicant along with 2 passport size photos

Proof of identification

PAN card

Income statement

Bank passbook, IT returns of last 3 years, Payslip of last 2 months, Certified letter from the employer, Form 16

Property papers

Original documents against which the loan is to be taken

To Get more details about the Documents Required for Salaried or Self employed person to take Loan Against Property Click Here

Some interesting facts on LAP

  • As many as 27.67% 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 41 years were looking to expand their business with the help of MSME loan.
  • 19.19% of loan against property applications where men and 8.45% applicants were female, who wanted to have some funds for their various needs.
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Loan Amount, i.e=1000000

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.

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