LIC HFL Loans Against Property (LAP)

A Loan Against Property (LAP) is a secured loan offered against the mortgage of your residential or commercial property. This loan can be used for a wide range of personal or business needs, such as a child's education or marriage, business expansion, or any other financial requirement.

Key Features of LAP

• Flexible Purpose: The loan can be used for both personal and business needs.
• Competitive Interest Rates: LIC HFL offers competitive interest rates, typically starting from 9.70% p.a. The final rate is based on your credit score and loan amount.
• High Loan Amount: You can avail a substantial loan amount, starting from ₹2 lakh and going up to ₹15 crore.
• No Prepayment Charges: There are no penalties for prepaying or foreclosing a floating rate LAP.
• Flexible Tenure: The maximum repayment tenure is up to 15 years.

Eligibility for LAP

• Age: Applicants must be between 23 and 65 years of age at the time of application.
• Employment Status: Both salaried individuals and self-employed professionals/businessmen are eligible to apply.
• Credit Score: A CIBIL score of 700 or above is generally preferred for a seamless application process and better interest rates.
• Residency: Only Indian residents are eligible to apply.

Documents Required for LAP

The documentation for a Loan Against Property is similar to a home loan, but also includes property-specific documents.

• Identity & Address Proof: PAN Card, Aadhaar Card, Passport, etc.
• Income Proof: Last 3-6 months' salary slips, latest Form 16, and ITR for salaried individuals. For self-employed, last 3 years' ITR with computation of income, and audited balance sheets.
• Property Documents: Title deeds, approved building plans, and other relevant legal documents.