Apply for Rural Loan Against Property @ 9.40%*

A Loan Against Property for rural areas is an excellent way to unlock the value of your land or property. We provide rural Mortgage Loans with competitive interest rates starting at 9.40%* per annum and a loan tenure extending up to 20 years. Our rural LAP options ensure quick approvals and disbursement within 72 hours, allowing you to easily access the funds you need.

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

Competitive Interest Rates

Our Rural LAP interest rates start as low as 9.40%* per annum.

High Loan Amount

Get a loan that provides up to 75% of your property’s market value.

Flexible Tenure

Loan tenures range from 3 to 20 years.

Quick Processing

Loan approval is quick disbursal.

The loan application process requires minimal paperwork.

No hidden fees or charges.

Loan Against Property EMI Calculator

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

Preferred loan amount

₹

₹3,00,000

₹7,00,00,000

Interest rate (per annum)

9.40%

13%

Loan tenure (months)

36 months

240 months

Estimated EMI

per month

₹ 36,690
Interest payable
₹52,41, 690

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Rural LAP Eligibility & Documents Required

Rural LAP Eligibility Criteria

Residency:

Indian resident

Age:

Salaried: 23 years to 70 years
Self-employed: 25 years to 70 years

Profession:

Salaried / self-employed professionals and non-professionals

Other:

Can be increased by adding co-applicant income or other verifiable income sources

List of Documents Required for Rural LAP

Age Proof

Aadhaar Card | PAN Card | Passport

Address Proof

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

Photo ID Proof

Income Proof

Income proofs vary for different professionals across salaried, non-salaried and self-employed.

Please find the easy detailed list of required documents here

a) Salaried

i. Salary slips for the last 3 months

ii. Bank statements for 1 year

iii. Latest Form 16

b) Self Employed: Professionals

i. Latest two ITRs (personal and business) with computation of income

ii. Advance tax challans (if available)

iii. Latest two years of P&L accounts and balance sheets (with schedules), certified by a CA(both perso nal and business)

iv. Bank account statements (current and savings accounts) for the last 1 year

v. Qualification Proof of professionals

c) Self Employed: Non-Professionals

i. Latest 2 years ITRs with computation for individual applicants and co-applicants (ifborrower is an individual)

ii. Bank account statements (current and savings accounts) for the last 1 year

iii. Latest 2 years of audited/CA-certified profit & loss accounts and balance sheets of the firm/company (if borrower is a firm/company)

iv. Proof of Business (GST / Shop Establishment/Udayam Aadhar, etc.)

v. MOA & AOA & Certificate of Incorporation

vi. For Partnership Firm-Partnership Deed

Other documents to be provided as required for disbursement of Loan

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FAQs & Support

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What are the eligibility criteria for a Rural Mortgage Loan?

Residency:
Indian resident
Age:
Salaried: 23 years to 70 years
Self-employed: 25 years to 70 years
Profession:
Salaried / self-employed professionals and non-professionals
Other:
Can be increased by adding co-applicant income or other verifiable income sources.

What is a Rural LAP Loan?

A Rural Loan Against Property (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 activities.

Is there a minimum income requirement for LAP in Rural Areas?

Yes, there is a minimum income requirement to qualify for LAP in rural areas.

Is a CIBIL score required to avail of an LAP Loan for rural?

Yes, a good CIBIL score is generally required to obtain a LAP in rural areas. A score of 700 or above is considered favourable and can help secure better interest rates and loan terms.

Are there any tax benefits for Rural Mortgage Loans?

Yes. Depending on the loan usage, tax benefits can be claimed under Section 24(b) of the Income Tax Act.

Who can avail of a Loan Against Property for rural?

Any individual or business entity that owns a property in a rural area can avail of a Loan Against Property for rural. This includes farmers, self-employed individuals, salaried professionals, and business owners who meet the eligibility criteria.

Are there any prepayment charges for LAP in Rural Areas?

Yes, there are prepayment charges for LAP in rural areas, 3% of the outstanding loan amount. Prepayment charges apply if you choose to pay off your loan before the end of the tenure.

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

The maximum loan amount under L&T Finance for a Loan Against Property in rural areas depends on the property’s market value and repayment capacity. You can borrow loan amount ranging from ₹30 Lakh* to ₹7 Crore*.

What are the fees and charges for a Mortgage Loan?

The fees and charges for a Mortgage Loan include processing fees (up to 3% of sanctioned amount plus applicable taxes), prepayment charges (up to 3% of the outstanding loan amount), and late payment penalties if EMIs are not paid on time. Review the loan terms for a detailed fee structure for detailed information.

Who is eligible for a rural Loan for LAP?

Eligibility for a rural Loan for LAP requires the applicant to be an Indian citizen aged between 23 and 70 years, with a stable income from agriculture, business, or salary.

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