Loan Against Property- Interest Rate, Eligibility & Documents | Complete Information | HomeFirst

A loan against property (LAP) is a secured loan provided by banks, housing finance companies, and non-bank financial institutions (NBFIs) against residential or commercial property. These loans help you manage your finances when you need it for personal or business purposes like education, medical, marriage, expanding business and so on. Since these are secured loans, the interest rate on these loans are very low as compared to personal loans and the amount is also disbursed in a timely manner.

With HomeFirst, you can get your loan approval within 48 hours. You can apply for a LAP loan if you already have a property in your name. The loan repayment tenure can be scheduled and modified according to your convenience. With HomeFirst, both salaried and self-employed can avail a loan against property(LAP).

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Loan Against Property- Eligibility
Nationality- Indian
Minimum Monthly Income- ₹15,000
Age- between 21- 65 years
For self employed- existing business should be in operation since 3 years and should be profitable for past 2 years
For salaried individuals- monthly salary should be more than ₹15,000

One of the most important things to understand about LAP is that lenders only provide a certain percentage of the property’s market value. Banks typically lend between 50% and 60% of the property’s value. Other private lenders provide approximately 80% of the property’s value. LAP is a secured loan because you keep the collateral with the lender.

How to Apply for Loan Against Property?
Follow these steps to apply for a Loan Against Property with Home First Finance Company:
Go to the product page by clicking on it.
Choose “Loan Against Property.”
Fill out the form with your information. Please double-check that all of the information is correct.
Enter your phone number and email address precisely. Please keep in mind that all future communication will be sent to the address you provide, so please provide a phone number and email address that you are currently using.
Before clicking on “Submit,” carefully read the “Terms and Conditions.”
Our representative will contact you to continue the process.

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