Get a loan against property starting at 9% interest per year for up to 20 years.
Are you looking to fund your business expansion, higher education, or any other significant financial need? Consider leveraging your property to secure a loan. Compare interest rates and loan details from many lenders and apply online for the offer that suits you best. At Grow Rupiz, we assist you in connecting with the best lenders offering competitive interest rates and flexible terms.
What is Loan Against Property (LAP)?
A Loan Against Property (LAP), also known as a mortgage loan, is a type of secured housing loan. Under this scheme, a person can obtain a loan (fund) by using their residential or commercial properties, like a house, shop, or land. In simpler terms, the borrower gives their house, shop, or loan to the lender (bank) as a guarantee (security) to get money. Most Indian banks, NBFCs, and HFCs offer loans against property for tenures of usually up to 20 years, and some may offer for even more years. The money given by the bank is usually a part of the property’s value, usually between 40% to 85%. Usually, it varies from lender to lender, and how the borrower’s credit.
Loans against property can be used for various purposes, like paying for education, medical bills, growing a business, or clearing old loans. Because the loan is given against something valuable, the interest rate is usually lower than loans without any guarantee. But if the person is not able to pay back the loan, the bank can take away the property. Many lenders also offer the Lease Rental Discounting (LRD) facility. This allows consumers to avail of loans by pledging the rental receipts of their tenants.
Loan Against Property for Different Purposes
You can use money obtained as a Loan Against Property for several things or purposes like:
- Paying for your child’s education
- Medical expenses
- Expanding your business
- Renovating your home
- Managing wedding costs
- Paying off other debts
| Lender | Interest Rates (p.a.) | Processing Fees |
| State Bank of India | 9.75% – 11.05% | 0.5% of loan amount (Max. Rs 25,000) |
| Axis Bank | 10.50% – 10.95% | 1% or Rs 10,000 (whichever is higher) |
| HDFC Bank | 9.50% – 13.30% | Up to 1% of loan amount (Min. Rs 7,500) |
| ICICI Bank | 10.85% – 12.50% | Up to 2% of loan amount |
| Bajaj Housing Finance | 9.40% – 18.00% | Up to 4% of loan amount |
| Kotak Mahindra Bank | 9.50% onwards | Up to 1% of loan amount |
| Bank of Baroda | 9.70% – 18.35% | Up to 1% (Rs 8,500 upfront – Rs 75,000) |
| IDFC FIRST Bank | 9.25% onwards | Up to 3% of loan amount |
| RBL Bank | 9.50% onwards | 1.25% of loan amount |
| Bank of India | 9.85%-13.70% | Up to 1% of loan amount |
| Bank of Maharashtra | 10.70% – 11.70% | 1% of loan amount |
| Union Bank of India | 10.20% – 12.85% | Up to 1% of loan amount |
| UCO Bank | 10.25% – 12.50% | 0.5% of loan amount (Max. Rs 2 lakh) |
| Federal Bank | 12.35% onwards | 1% of the limit sanctioned (Min. Rs. 3,000) |
| Indian Bank | 9.45% – 12.85% | 1% of loan amount or Rs 10,000, whichever is higher |
| PNB Housing Finance | 10.15% – 14.00% | 0.75% of loan amount (Max. Rs 1 lakh) |
| LIC Housing Finance | 9.25% – 11.55% | 1% of loan amount |
| Tata Capital | 9.00% onwards | Up to 1.25% of loan amount |
| Aditya Birla Housing Finance | 8.75% onwards | – |
| L&T Finance | 9.50% onwards | Up to 2% of loan amount |
| Godrej Housing Finance | 9.75% onwards | Up to 3% of loan amount |
Features and Benefits of Loan Against Property
A Loan Against Property (LAP) is a good way to get a big amount of money by using your property as security. It is helpful for people who need a large loan. Below are the main features and benefits of a loan against property:
- Big Loan Amount: You can get a large amount of money, sometimes up to 70% of your property’s value. This is helpful if you need a lot of funds at once.
- Lower Interest Rates: Since LAP is a secured loan, banks give it at a lower interest rate compared to personal loans or credit cards.
- Long Repayment Period: You get more time to repay the loan—up to 15 or even 20 years. This means smaller EMIs and less pressure every month.
- Use the Money Freely: There is no restriction on how you use the money. You can use it for personal or business needs.
- No end-use restrictions: The money from this loan can be used for many things. You can use it to pay off other high-interest loans, for marriage expenses, or to grow your business. But you cannot use it for risky or betting activities.
- Higher chances of loan approval: Because this loan is secured with a property, it lowers the risk for the bank or NBFC. So, the chances of getting the loan approved are better.
- Overdraft facility: Borrowers can also use an overdraft option with this loan. This helps in getting more money when needed and also saves on interest.
Who Can Apply for a Loan Against Property?
A Loan Against Property is available for many people:
- Salaried Individuals: People who work in companies and get a regular salary.
- Self-Employed Individuals: Business owners, shopkeepers, or freelancers.
- Professionals: Doctors, lawyers, or architects who own clinics or offices.
- Property Owners: You must own a property in your name.
You also need a good credit score and income to prove that you can repay the loan.
What Types of Properties Can Be Used?
You can use many types of properties to get a LAP:
- Residential Property: Your home or apartment
- Commercial Property: Shops, offices, or showrooms
- Industrial Property: Factories or warehouses
- Plot or Land: Some lenders accept land as well, but conditions may apply
The property should be owned by you and free from legal problems.
Documents Required for LAP
Different banks ask for different documents, but here are some common ones:
| For Salaried People: Identity Proof (Aadhaar, PAN, Voter ID)Address ProofSalary Slips (last 3 months)Bank Statements (last 6 months)Property PapersForm 16 / ITR (last 2 years) | For Self-Employed People: Identity & Address ProofBusiness Proof (GST, registration, etc.)ITR (last 2-3 years)Bank StatementsProperty Papers |
At Grow Rupiz, we help you collect and arrange all these documents, so the process becomes easier.
How Does Our Process Work?
The Loan Against Property process has a few steps. Do not worry—it is simple, especially when you have Grow Rupiz by your side.
Step 1: Contact Grow Rupiz – Call us or fill out the form on our website. Our team will understand your need and guide you.
Step 2: Share Your Details – We will ask for some documents and details about your property, income, and loan requirement.
Step 3: Loan Comparison – We compare offers from multiple banks and NBFCs and show you the best ones. You choose the one that suits you.
Step 4: Application & Processing – We help you fill out the loan application and submit your documents. Our experts keep in touch with the bank so your loan is processed faster.
Step 5: Loan Approval & Disbursal – If everything is okay, the bank approves your loan. The money gets transferred to your account soon after.
How Grow Rupiz Helps You?
You might wonder, “Why should I go through Grow Rupiz and not go directly to a bank?”
Here is why:
1. We Save Your Time – You do not need to visit 5-6 banks to compare offers. We do it for you and show you the best loan deals in one place.
2. Free of Cost – We do not charge you anything for our help. Our service is free for customers.
3. Expert Guidance – We explain everything in simple words. No confusing terms. You will always know what is happening.
4. Support at Every Step – From paperwork to approval, we stay with you. If there is any problem, we will talk to the bank on your behalf.
5. Better Chances of Approval – Because we know what lenders look for, we help you prepare the right documents and improve your chances.
Tips to Get Your LAP Approved Easily
Want your LAP to get approved quickly? Follow these simple tips:
- Keep your documents ready
- Maintain a good credit score
- Make sure your property has clear titles
- Don’t hide any loan or income details
- Take help from Grow Rupiz to avoid mistakes
Who Should Take a Loan Against Property?
LAP is not for everyone. You should take it if:
- You need a large amount of money
- You want low interest rates
- You have a property in your name
- You can repay on time
If you just need a small amount for a short time, a personal loan may be better.
Ready to Get a Loan Against Property?
If you have a property and need a big loan for your dreams—Grow Rupiz is here for you. We help you find the best deal, get the paperwork done, and make sure the money reaches you fast. No stress. No delays. And no hidden fees. Just fill out our form, and we will call you back. Let’s make your dreams come true—with the power of your property.
Loan Against Property: FAQs
Q: Do I lose my property if I take a LAP?
No. You keep using your property. But if you do not repay the loan, the bank can take action. So, always pay EMIs on time.
Q: Can I prepay the loan early?
Yes, you can. Some banks may charge a small fee for early payment. But many allow it for free.
Q: Can I get a LAP if my property is on joint ownership?
Yes. But all co-owners must be part of the loan process.
Q: What is the minimum loan amount I can get?
It depends on the lender. Some banks offer LAP for Rs. 5 lakhs and above.
Q: How long does it take to get the loan?
If your documents are correct, the loan can be approved in 5 to 15 working days.
