Faqs - L&T Finance

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What is a Loan Against Property?

A Loan Against Property (LAP) is a secured loan where you pledge your property as collateral. You can borrow funds against the market value of your property for business or personal or need.

What is the maximum repayment period for my Mortgage Loan?

The maximum repayment period for a mortgage loan can go up to 20 years, depending on eligibility.

What are the parameters for arriving at Loan Against Property eligibility?

Eligibility parameters for Loan Against Property with L&T Finance include:
Salaried: Salaried employee of any public, private, or multinational organisation and age from 23 years to 62 years

Self-employed: Self-employed with a steady income from business and age: 25 years to 70 years

Total income and property value are also taken into consideration.

What is the maximum and minimum amount I can borrow for a Property Loan?

You can borrow between ₹30 lakh* to ₹7 crore*, depending on the value of the property and your eligibility criteria.

Can I pay extra EMI for a loan against the property?

Yes, paying extra EMIs or making part-prepayments can help reduce the principal amount and interest burden, thereby shortening the loan tenure.

What is the processing fee for a Loan Against Property?

The processing fee for a Loan Against Property is up to 3% of the sanctioned amount plus applicable taxes.

Can I get any tax benefit on a Loan Against Property?

Under Section 24(b), you can get a loan against property tax benefits on the interest paid on your loan if the funds are used for financing your new home. The maximum benefit that you can avail of under this section is Rs. 2 lakh.

What are the different forms of loans offered under Loan Against Property?

You can avail loans such as term loans with fixed EMIs or overdraft/line of credit facilities, where you withdraw funds as needed within the approved limit.

What can a Loan Against Property be used for?

You can use the funds for multiple needs such as business expansion, working capital, education expenses, wedding, medical costs, or debt consolidation. There are usually no end-use restrictions (except for speculative or unlawful purposes).

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