Personal Loan Against Property (LAP)

Loan against Property –for Individuals(LAP)

Bank of Maharashtra Loan Against Property (LAP) scheme, enabling individuals to unlock the potential of their residential or commercial properties to meet various personal financial needs. This Loan Against Property facility allows you to leverage your property's value to secure funds for purposes such as education, medical expenses, business expansion, or debt consolidation.

Key Features of Loan Against Property:

Here are some important features that you should know about personal Loan Against Property

High Loan Amounts: Depending on the property's value and your repayment capacity, substantial loan amounts can be availed.
Competitive Interest Rates: Benefit from attractive interest rates, ensuring affordable monthly instalments.
Flexible Repayment Tenure: Choose a repayment period that suits your financial planning, with tenures extending up to several years.
Multipurpose Utilization: Funds can be used for various personal needs, providing financial flexibility.
Minimal Documentation: Streamlined documentation process for a hassle-free experience.

S.No.

Particulars

Scheme guidelines

Name of the scheme

Loan against Property –for Individuals

Purpose of loan

To cater to the requirements of meeting personal expenses.

Eligibility

Permanent Employees of Central/ State Govt. /Public Sector Undertakings (PSUs) (including Schools/ Colleges/ Educational Institutions), and Individual Businessmen, professionals and Self-employed individuals who own residential property/ commercial property /or building in his/her own name which are unencumbered and under self-occupation.

Min Annual Income

Minimum annual Income – 5.00 Lakhs.

Maximum Quantum of Loan

Based on repaying capacity and subject to the ceilings given below

		Rs. in crore
Min.		0.05
Max.	Properties located at Metros	10.00
	Properties located at other centres	5.00

Margin

For Loans up to Rs.1.00 Cr:

40% of the Realizable value of the property

For Loans above Rs.1.00 Cr:

50% of the Realizable value of the property

Repayment Period

Maximum Repayment period of 10 years or on borrower reaching the age of 75 years whichever is earlier.

Rate of Interest

Click here to view the Interest Rate

Deduction

Not to Exceed 60% of the Gross Income including Proposed EMI / Notional Interest.

Security

Mortgage of the Property

Processing Fee

1 % of the loan amount + GST

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Interest Rates:

The interest rates for the Loan Against Property are competitive and may vary based on factors such as loan amount, tenure, and the applicant's credit profile. For the most current rates, please refer to the Retail Interest Rates page.

Application Process:

Planning to apply for loan against property? Here are things that you need to know

Check Eligibility: Ensure you meet the bank's criteria for the loan against property eligibility.
Property Valuation: The bank will assess the market value of your property to determine the eligible loan amount.
Documentation: Prepare and submit necessary documents, including identity proof, address proof, income proof, property documents, and any other documents as specified by the bank.
Loan Processing: Upon submission, the bank will process your application, which includes verification of documents and property evaluation.
Sanction and Disbursement: Once approved, the loan amount will be sanctioned and disbursed as per the agreed terms.

Advantages of Choosing Bank of Maharashtra's Loan Against Property:

Transparent Process: Clear terms and conditions with no hidden charges.
Expert Assistance: Dedicated professionals to guide you through the loan process.
Quick Processing: Efficient processing ensuring timely disbursement of funds.

Important Considerations:

Loan Amount: The sanctioned amount is typically a percentage of the property's market value, subject to the bank's policies.
Repayment Capacity: Your income and existing financial obligations will be assessed to determine repayment capacity.
Processing Fees and Charges: Be aware of any processing fees, prepayment charges, or other applicable fees.

For more detailed information or to initiate the application process, please visit the Loan Against Property page or contact your nearest Bank of Maharashtra branch.