What is LAP - Full Form, Meaning & Benefits
Sep 16, 2024 | 4 mins read
Tap into your property's potential with our Loan Against Property. You can apply loan against property amount ranging from ₹30 Lakh* to ₹7 Crore* with a maximum loan tenure of up to 20 years. We provide easy and efficient processing of your loan with quick disbursal. Our property finance offers attractive interest rate and flexible repayment plans, to facilitate your needs of business expansion, education, or any other requirement.
Flexible loan options from ₹ 3 Lakh* to ₹ 7 Crore* for your needs
Seamless online journey with personalised assistance at every step
Repay your loan with easy EMIs through your preferred repayment method
Choose a loan tenure from 3 to 20 years, allowing you to repay comfortably over time
Benefit from attractive interest rates starting from 9.55%*
Quick funds disbursed within 72 hours* of loan approval
Results generated by the calculator(s) are indicative in nature.
Preferred loan amount
Interest rate (per annum)
Loan tenure (months)
Estimated EMI
per monthInterest payable
₹46,208Indian resident
Salaried: 23 years to 70 years
Self-employed: 25 years to 70 years
Salaried / self-employed professionals and non-professionals
Can be increased by adding co-applicant income or other verifiable income sources
Aadhaar Card | PAN Card | Passport
Utility bills (not older than 2 months) | Aadhaar Card | Driving License | Passport | Voter ID etc
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 proofs vary for different professionals across salaried, non-salaried and self-employed. List of required income documents
Processing Fee:
Up to 3% of sanctioned amount + applicable taxes
Login Fee:
Up to Rs.5000/- (inclusive of applicable taxes) (nonrefundable)
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
Penal Charge/Late Payment Charge (LPC):
2% per month (p.m.) on overdue EMI*
*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4thDec 2023
*Taxes applicable on LPC w.e.f.1st April 2024
Annual Maintenance Charges (applicable only for Dropline Overdraft and Hybrid Overdraft)
Up to 0.25% + GST of Dropline Limit available at start of each year (i.e. first on 13th Month and then every anniversary thereon).
Statement or document retrieval charges
Duplicate NOC (charge is applicable for paper copy post 3 free copies per customer), list of documents, Photo copies of the documents (property & others) Rs.1000/- + applicable taxes
Repayment instrument swap fee (per swap):
Rs. 500/- + applicable taxes (applicable only for branch walk-ins)
Asset valuation and verification fee
1% of loan amount + applicable taxes
Documentation and repayment setup fee
Rs.2,000/- + applicable taxes
Interest conversion fee
Floating interest rate to floating interest rate: 0.5% of balance Loan Amt. or Rs. 10,000/- whichever is higher + applicable taxes
Floating interest rate to a fixed interest rate and vice versa: 1% of balance Loan Amt. or Rs. 10,000/- whichever is higher + applicable taxes
Charges incurred by LTF for initiating action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002:
Actual cost incurred will be debited for expenses pertaining to Publication of Possession Notice/Publication Demand Notice/Publication of Sale cum Auction Notice.
Loan Cancellation Charges:
Rs. 5000/– + applicable taxes
Recovery of proportionate actual expenses from disbursement date(s), from individual borrower(s) in
LAP – Up to 1% of total disbursed loan amount + applicable taxes in case of closure within 24 months
Foreclosure / Full Prepayment Charges – Loan Against Property:
For Individual Borrowers –
For Non – Individual Borrowers – (Applicant/Co – applicant)
Pre-payment Charges – Loan Against Property:
For Non – Individual Borrowers – (Applicant/Co – applicant)
Foreclosure / Full Prepayment Charges – for Dropline Overdraft / Hybrid Overdraft
For Non – Individual Borrowers – (Applicant/Co – applicant)
Pre-payment Charges – – for Dropline Overdraft / Hybrid Overdraft:
Not allowed till the day after the First Due Date. No Charges
applicable from the day after the First Due Date
Part pre-payment of Loan toward limit reduction is not available
Non-Compliance Charges:
1% p.a. of principal outstanding loan amount + applicable taxes
Breakup between Principal & Interest:
As per Repayment Schedule
Example of SMA/ NPA classification:
More particularly mentioned under “Classification of Assets” under the head “Miscellaneous”
Field collection service fee:
Rs. 500/- per collection + applicable taxes
Legal fees and charges:
Up to Rs.50,000/- + applicable taxes
Recovery charges:
Up to Rs.1,00,000/- + applicable taxes
Auction fees:
Up to 1% of auction sale amount + applicable taxes
1. Apply Online in Minutes:
Click on "Apply Now" and fill in the form with your personal details and other relevant information
2. Connect with our representative
Our representative will contact you with the details of the loan offer and collect your documents
3. Eligibility and Document check
Your eligibility will be checked and documents will be verified before processing the loan
4. Configure your mode of repayments
You can select your repayment mode and set up a convenient EMI payment schedule
5. Get Loan Disbursement:
Receive the loan amount directly into your account, ensuring convenient and smooth access to funds
Eligibility parameters for Loan Against Property with L&T Finance include:
Salaried: Salaried employee of any public, private, or multinational organisation and age from 23 years to 62 years
Self-employed: Self-employed with a steady income from business and age: 25 years to 70 years
Total income and property value are also taken into consideration.
The maximum repayment period for a mortgage loan can go up to 20 years, depending on eligibility.
A Loan Against Property (LAP) is a secured loan where you pledge your property as collateral. You can borrow funds against the market value of your property for business or personal or need.
You can borrow between ₹30 lakh* to ₹7 crore*, depending on the value of the property and your eligibility criteria.
Yes, paying extra EMIs or making part-prepayments can help reduce the principal amount and interest burden, thereby shortening the loan tenure.
The processing fee for a Loan Against Property is up to 1% of the sanctioned amount plus applicable taxes.
Eligibility parameters for Loan Against Property with L&T Finance include:
Salaried: Salaried employee of any public, private, or multinational organisation and age from 23 years to 62 years
Self-employed: Self-employed with a steady income from business and age: 25 years to 70 years
Total income and property value are also taken into consideration.
The maximum repayment period for a mortgage loan can go up to 20 years, depending on eligibility.
A Loan Against Property (LAP) is a secured loan where you pledge your property as collateral. You can borrow funds against the market value of your property for business or personal or need.
You can borrow between ₹30 lakh* to ₹7 crore*, depending on the value of the property and your eligibility criteria.
Yes, paying extra EMIs or making part-prepayments can help reduce the principal amount and interest burden, thereby shortening the loan tenure.
The processing fee for a Loan Against Property is up to 1% of the sanctioned amount plus applicable taxes.
Eligibility parameters for Loan Against Property with L&T Finance include:
Salaried: Salaried employee of any public, private, or multinational organisation and age from 23 years to 62 years
Self-employed: Self-employed with a steady income from business and age: 25 years to 70 years
Total income and property value are also taken into consideration.
The maximum repayment period for a mortgage loan can go up to 20 years, depending on eligibility.
Buying a home in Mumbai was always a dream of mine, and L&T Finance has made this dream come true. They offered competitive interest rate, quick approval with easy documentation. I would highly recommend L&T Finance to anyone looking for a reliable home loan provider.
Mumbai
As a 2nd generation entrepreneur, expanding my PVD coating business was easy with L&T Finance. The process was fast, smooth, with minimal paperwork and the best interest rates. Thanks to PLANET, I can make part payments and withdrawals with ease. They've provided full funding for my growth.
Pune, Maharashtra
As a steel and aluminum trader, I needed constant capital post-COVID. L&T Finance's DLOD service impressed me with a seamless, fully digital process. Their executive guided me well, leading to a swift sanction. The competitive interest rate & round the clock transaction facility were game-changers for my business.
Mumbai
L&T Finance made my homeownership and business growth easier! After taking a home loan with another bank, I needed additional funds to expand my business. L&T offered a quick response, pre-approval, & a streamlined process with minimal paperwork. Plus, I received lower interest rate & maximum funding!
Mumbai
Choosing L&T Finance for our home loan was seamless. The team was supportive, with transparent documentation, quick responses, and competitive rates. Their efficient process made our home-buying journey smooth, and the L&T Emerald’s location, amenities, and security make it the perfect choice for our family.
Mumbai, Maharashtra
I was looking to buy a property and L&T finance Housing Loans stepped in forward to cater to all my demands, the ease of the documentation processes and their commitment to provide disbursement at the earliest. Whatever I asked, the team was there support at every step to get me through.
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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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The special aspects of L&T Finance SME Loans are their faster turn around time, minimal documentation. I had a very good experience with L&T Finance SME Loans and I recommended it to a lot of my Doctor friends who have equally benefitted.
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I was aware of L&T Finance Consumer Loans, as I have already benefited from their services in the past. They had even clarified my doubts about T&C and loan process by calling me up at my convenient time. Because of such good support, I decided to take loan again from L&T Finance Personal Loans.
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