Micro LAP
Understand About Types of Mortgage Loans
Jun 12, 2025 | 4 mins read
Loan Against 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.
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
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
PAN and any one of the following- Aadhaar Card| Driving License | Passport | Voter ID | Job card by NREGA | Letter issued by the National Population Register containing details of name and address
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
View allCan I prepay my Urban Mortgage Loan?
Yes, you can prepay your Urban Mortgage Loan. However, prepayment charges usually apply, around 2% of the outstanding loan amount. It’s advisable to review the prepayment terms in your loan agreement.
Who can avail of a Loan Against Property for Urban?
Any individual or business entity that owns a property in an urban area can avail of a Loan Against Property. This includes salaried individuals, self-employed professionals, business owners, and companies.
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 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.
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 difference between LAP Financing and Mortgage Loan?
Loan Against Property (LAP) and Mortgage Loan are often used interchangeably. Both involve securing a loan by mortgaging property. However, LAP is specifically for using existing property to raise funds, while Mortgage Loans may also include loans for purchasing new property.
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.
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.
What documents are required for an LAP Urban Loan?
For an LAP Urban Loan, required documents include age, address, and photo ID proof (Aadhaar, PAN, Passport), income proof (salary slips, ITRs, bank statements), and business-related documents (for self-employed).
Housing Loan
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Mumbai
Housing Loan
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Mumbai
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Mumbai, Maharashtra
Housing Loan
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Captain, Merchant Navy
Housing Loan
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.
Amit Chaturvedi
Powai, Mumbai
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