Urban LAP Loan - Mortgage Loan for Urban Property

Whether you need funds for business expansion or other financial needs, our urban Mortgage Loan is tailored to meet your requirements. With our urban LAP loan, you can unlock the value of your residential or commercial property and get a loan starting from ₹ 3 Lakh* to ₹ 7 Crore*. Get competitive interest rates starting at 9.40%* p.a. on LAP with minimal documentation and quick approval. You can repay the loan choosing a flexible tenure of up to 20 years.

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

Tailored loan amounts based on property value.

Competitive 9.40%* per annum interest rates.

Quick approvals and disbursals within 72 hours*.

Repayment tenures up to 20 years.

Streamlined, minimal documentation process.

Flexible repayment options.

Dedicated support from financial experts.

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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Urban LAP Eligibility & Documents Required

Urban 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 an Urban 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 personal 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 (if borrower 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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Who is eligible for an Urban Loan for LAP?

To be eligible for an Urban Loan for LAP, the applicant must be an Indian citizen between the ages of 23 to 70 years for salaried and 25 to self-employed individuals. The applicant should have a stable income source and a good credit score, typically above 700.

What is an Urban LAP Loan?

An Urban Loan Against Property (LAP) allows you to borrow funds by mortgaging your residential or commercial property in an urban area. The loan can be used for various purposes, such as business expansion, debt consolidation, or meeting personal financial needs.

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 depends on the property's value and the borrower’s financial profile. Loan amounts can range from ₹ 3 Lakh* to ₹ 7 Crore*, depending on the eligibility criteria and the property’s market value.

How much of an Urban Loan for LAP can I get?

The loan amount you can receive under an Urban Loan for LAP depends on the market value of the mortgaged property and your repayment capacity.

Is a CIBIL score required for an LAP Loan for Urban?

Yes, a good CIBIL score is generally required to obtain an LAP Loan for Urban. A CIBIL score of 700 or above is considered favourable and helps secure better interest rates and loan terms. The lender uses the CIBIL score to assess your creditworthiness.

Do I get Tax Benefits of Mortgage Loan for Urban?

Yes, you can avail yourself of tax benefits on the interest paid on a Mortgage Loan for Urban if the funds are used for business purposes or property acquisition. Depending on how the loan proceeds are used, these benefits are available under Sections 24(b) and 37(1) of the Income Tax Act.

How long does it take to process an Urban LAP Loan?

The processing time for an Urban LAP Loan with L&T Finance is quick and efficient. Loan approvals are quick. The loan amount is disbursed within 72 hours* of approval.

How can I apply for Urban LAP finance?

You can apply for Urban LAP finance with L&T Finance by visiting our website and completing the online application form. You will need to submit the necessary documents, such as identity proof, address proof, income proof, and property documents. After verification, your loan can be approved quickly and the funds disbursed within 72 hours*.

What are the fees and charges for a Mortgage Loan?

Mortgage loan fees include processing charges, documentation costs, prepayment penalties, late payment interest, and other charges for services like document copies and loan closure. Visit our Fees & Charges section on the LAP loan page of our website to know more.

Will there be a processing fee for Urban Mortgage Financing?

Yes. The fee is 3% of the loan amount plus applicable taxes. It is deducted from the sanctioned loan amount at the time of disbursal.

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The process of applying L&T Finance Housing loans was a very easy and seamless process. And the credit goes to L&T Finance's entire Housing loan team. They have been extremely helpful & quick response. A very transparent process, the best of the market rates and quick disbursement.

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Powai, Mumbai

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