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A Micro Loan Against Property (M LAP) allows you to borrow funds by mortgaging your rural property. The loan can be used for various purposes, such as business expansion, personal expenses, or agricultural needs and more.

Any individual or business entity that owns a property in rural India, can take a Micro Loan Against Property. This includes farmers, self-employed individuals, salaried professionals, and business owners who meet L&T Finance's eligibility criteria.

Here is the eligibility criteria for Micro Loan Against Property:
Age: 18 and 65 years
Residency: The applicant must be an Indian citizen residing in India
Income Stability: Must have a stable source of income
Property Ownership: The applicant must own the property being mortgaged, and the property should have a clear legal title.

Yes, there is a processing fee for Micro Loan Against Property of up to 1% on loan Amount + applicable taxes.

Fees & Charges List of all fees and charges
Processing Fees: 1% on loan Amount + applicable taxes
Application fees: Rs. 4000/- + applicable taxes

EMI Dishonour/ Bounce Charges:
Loan sanction amount (in INR) : Charges in (in INR)
< ₹ 5 lakh: ₹ 500
₹ 5 Lakh – ₹ 50 Lakh: ₹ 1000
> ₹ 50 Lakh – ₹ 2 Crore: ₹ 1500
> ₹ 2 Crore :₹ 2000

Penal Charges/Late Payment Charges (LPC):
2% per month (p.m.) on overdue EMI + applicable taxes
*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023
*Taxes applicable on LPC w.e.f.1st Apr 2024

Foreclosure Charges: 3% on principal outstanding + applicable taxes

Yes, you can prepay for your Micro Mortgage Loan. However, foreclosure charges will apply.

You can apply for Micro LAP finance by:
1. Click here to Apply Now.
2. Get in touch with our customer representative
3. Wait for your eligibility and document check
4. Get Loan Disbursed.

The maximum loan amount under L&T Finance for Micro Loan Against Property depends on the property’s market value and repayment capacity. You can borrow up to 75%* of the property’s value, with the exact amount determined during the loan approval process.

Valid ID Proof - Aadhaar Card & Voter ID / MGNREGA card
Valid Address Proof - Aadhaar Card & Voter ID / MGNREGA card / Rent Agreement copy / Utility Bills
Income Proof - Any Valid income proof

Micro LAP tenure will be as outlined in the Key Fact Statement (KFS) shared by the company. The maximum tenure for a Micro LAP with L&T Finance is up to 20 years*. This flexible tenure allows you to choose a repayment period that suits your financial planning and repayment capacity.

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