Name: Micro Loan Against Property
Brand: L&T Finance
Rating: 5 (10 reviews)

A Micro Loan Against Property helps you unlock the value of your property. We provide Micro mortgage loans of up to ₹ 25 lakh* with competitive interest rate. You can choose a repayment period of up to 20 years. Our Micro LAP options ensure quick approvals and smooth disbursals, making it easy for you to access the funds you need.

Features & Benefits
EMI Calculator
Documentation
Eligibility
Fees & Charges
Frequently Asked Questions

Competitive Interest Rates

Get Micro Loan Against Property with attractive interest rates

High Loan Amount

Get loan that offer up to 75%* of your property’s market value

Loan Tenure

Choose repayment tenures ranges from 2 to 20 years

Monthly Repayment

Flexible repayment options in Easy Monthly Installments (EMIs)

Minimal Paperwork

Apply for a Micro LAP online with minimum documentation

No Hidden Fees or Charges

Apply for Micro LAP with a easy and transparent process

EMI Calculator

Results generated by the calculator(s) are indicative in nature.

Preferred loan amount

₹

₹2,00,000

₹25,00,000

Interest rate (per annum)

12.50%

22%

Loan tenure (months)

24 months

240 months

Estimated EMI

per month

₹ 36,690
Interest payable
₹52,41, 690

Apply Now

Eligibility & Documents

Eligibility

Age:

Self-Employed:
Minimum: 21 Years at the time of onboarding
Maximum: 65 Years at the time of loan maturity

Salaried:
Minimum: 18 Years at the time of onboarding
Maximum: 60 Years at the time of loan maturity

Non-Financial Individual:
Minimum: 18 Years at the time of onboarding
Maximum: 85 Years at the time of loan maturity

Residency:

The applicant must be an Indian citizen residing in a rural area

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.

Documents

ID Proof

Address Proof

Utility bills (not older than 2 months) | Aadhaar Card | Driving License | Passport | Voter ID etc

Income Proof

Any Valid income proof

Fees And Charges

List of all fees and charges for Micro Loan Against Property

Processing Fees
Up to 1% of loan amount + applicable taxes
Login Fee
Up to Rs. 4000/- + applicable taxes, non-refundable.

EMI Dishonour/Bounce Charge*
*A bounce charge is a charge for
(i) dishonour of any repayment instrument; or
(ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate
As shown in the table below

Loan sanction amount in Rs.

Charges in Rs.

< 5 lacs

₹ 500

5 – 50 Lacs

₹ 1000

>50 Lacs – 2 Cr

₹ 1500

>2 Cr

₹ 2000

Late Payment Charges/ Penal Charges
Up to 2% per month (p.m.) on overdue EMI + applicable taxes
Foreclosure Charges:
Up to 3% of principal outstanding + applicable taxes
Pre-payment Charges
Up to 3% of the pre-payment amount + applicable taxes
Charges incurred by LTF for initiating action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002:
Issue of Loan Recall Notice = Up to Rs. 500/ –
Issue of Demand Notice = Up to Rs. 1,000/ –
Issue of Possession Notice = Up to Rs. 2,000/ –
Applying District Magistrate Order = Up to Rs. 8,000/ -
Taking Physical possession. Up to Rs. 20,000/ –
Actual cost incurred will be debited for expenses pertaining to Publication of Possession Notice / Publication Demand Notice / Publication of Sale cum Auction Notice. All applicable taxes will be added.
Repayment instrument swap fee (per swap)
Up to Rs.500/- + applicable taxes (applicable only for branch walk-ins)
Document retrieval / Duplicate NOC charges
List of documents: Up to Rs.300/- + applicable taxes
Photo copies of the documents (property & others): Up to
Rs.500/- + applicable taxes
Legal fees and charges
As per actuals or Up to Rs. 50,000/- whichever is lower + applicable taxes
Recovery charges
As per actuals or Up to Rs. 1,00,000/- whichever is lower + applicable taxes
Auction Fees
Up to 1% of auction sale amount + applicable taxes

Seamless Loans, Simplified Experience

Download the Planet app for a one stop loan solution with effortless management at your fingertips. Learn More

Apply for Micro Loan Against Property with these steps

FAQs & Support

View all

What is the maximum loan amount I can get under L&T Finance for Micro Loan Against Property?

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.

How can I apply for Micro LAP finance?

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.

Are there any Foreclosure Charges for Micro LAP?

Yes, Loan prepayment is permitted, with foreclosure charges clearly outlined in the KFS provided by the company. For more details, please view Micro LAP Fees and Charges.

Will there be a processing fee for Micro Loan Against Property financing?

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

Can I prepay my Micro Loan Against Property Loan?

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

What are the fees and charges for a Micro Loan Against Property?

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

Who is eligible for a rural Loan for Micro Loan Against Property?

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.

What is the interest charged on Micro LAP?

The interest rate for a Mortgage Loan starts from 14%* p.a.

What are the eligibility criteria for Micro Loan Against Property?

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.

What is a Micro LAP Loan?

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.

Explore all FAQs

Micro LAP

L&T Finance made a huge difference for me & my farming business. I, along with 2 of my friends, got a micro loan with a quick & easy application process. The timely payments of my EMIs are manageable & my farming income has increased significantly. I'm truly grateful for L&T Finance's help!

Nirmala Dabi

Ratlam, Madhya Pradesh

Micro LAP

L&T Finance provided swift support for our 20-year-old silk handloom business. Their executive guided us through a seamless process, quickly disbursing the loan after property verification. We're thankful for their efficient and reliable service that helps us meet our daily business needs.

Mrs. Kannaga

Chennai, Tamil Nadu

Micro LAP

I am engaged in farming and a small dairy business. When I explored financing options, the interest rates in the market were too high. With a quick home inspection and property mortgage, I secured a loan at a competitive interest rate. The process was straightforward, and funds were disbursed quickly.

Mr. Palraj

Chennai, Tamil Nadu

Micro LAP

As an assistant professor with over 10 years of experience, I found L&T Finance's MLAP loan process easy, transparent, & with the lowest interest rates. Digital, minimal documentation process was quick, & the auto-debit EMI & PLANET app features make repayment and account access convenient.

Mr. Udhayakumar

Rajagambiram, Tamil Nadu

Micro LAP

We called and the L&T Finance representative came to our house. They quickly completed the formalities and gave us the money really fast so we could use it for our needs. Everything was done digitally. I am grateful to L&T Finance.

Mrs. Kanaga

Handloom Service