Unlock the best Loan Against Property deals with lower interest rates and a smooth, hassle-free process.
Loan Against Property Features
Flexible Loan Eligibility
Loans value from Rs.10 Lakh to Rs. 5 Crore
Loans against commercial, residential or industrial property
Loan for your business as well as personal needs
Features and Benefits of our Loan Against Property
- Secured Loan : The loan is secured against the value of your property. The property acts as collateral, reducing the risk for the lender. This generally leads to lower interest rates compared to unsecured loans.
- Loan Amount: The loan amount is determined based on the value of the property you pledge. Generally, you can get a higher loan amount compared to personal loans or other unsecured loans.
- Flexible Tenure : The tenure (repayment period) for a Loan Against Property is usually longer compared to other types of loans, often ranging from 5 to 20 years. This allows for lower monthly installments.
- Multipurpose : The loan amount can be used for a wide range of purposes, giving you the flexibility to address various financial needs without any restrictions.
- Improves Credit Scores : Successfully repaying a Loan Against Property can positively impact your credit score, as it demonstrates responsible borrowing behavior.
Loan Against Property Eligibility and Documents
Read on to know the criteria required to apply for our Loan Against Property.
Eligibility Criteria for Loan against Property
Nationality: You need to be a Citizen of India with documents to prove your claim.
Occupation and Income: Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.
Credit History: Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.
Banking Relationship: Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.
Market Value of Property: Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.
Title of Property: Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.
Documents Required to Apply for Loan Against Property
- Proof of identity/residence
- Proof of income
- Property-related documents
- Proof of Business (for self-employed)
- Account statement for the last 6 months
Loan Against Property EMI Calculator
A Loan Against Property, also known as a Mortgage Loan, allows you to unlock the value of your owned property by mortgaging it to raise funds. At Prime Loan Company, this loan is secured against your residential or commercial property, which acts as collateral to cover the risk of non-payment or default.
Before approving your Loan Against Property, Prime Loan evaluates your complete personal and financial profile, including factors such as nationality, age, occupation, income, and the market value of the property offered as collateral. Our Mortgage Loan Calculator helps assess the financial aspects of your eligibility and repayment capacity, ensuring a transparent and informed loan approval process.
How is the EMI for a Loan Against Property Calculated?
Your Loan Against Property EMI (Equated Monthly Installment) is calculated using the standard compound interest formula:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
EMI = Equated Monthly Installment
P = Principal loan amount
r = Monthly interest rate (Annual rate ÷ 12, expressed as a decimal)
n = Loan tenure in months
This formula helps you understand your monthly repayment amount based on the loan amount, interest rate, and repayment tenure. You can use the Prime Loan EMI Calculator to quickly and accurately plan your repayments.
Fees and Charges for Loan Against Property Loan
The fees and charges of property loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to property loans:
Loan Against Property Reviews
Prime Loan Company helped me find the right lender who offered the best interest rates and favorable terms and conditions for purchasing a warehouse to set up my manufacturing unit. Thanks to their efficient service, my Loan Against Property was approved and disbursed within just 20 days. I truly appreciate their support throughout the process.
Seema Singh
Happy Client
Lack of proper knowledge about loan usage and repayment had landed me in a debt of ₹37 lakhs from four different banks, all with high interest rates. Managing multiple EMIs and tracking payments became overwhelming. That’s when I came across a blog on debt consolidation posted by Prime Loan Company. It gave me valuable insights, and I immediately contacted their toll-free number to learn more. The team at Prime Loan was extremely supportive—they guided me through the entire process and helped me consolidate all my loans into one, using my home as collateral. Their assistance made a huge difference in managing my finances more efficiently.
Rajni Malhotra
Happy Client
I was really impressed with the Loan Against Property service by Prime Loan Company. As soon as I applied, I received a call from their representative to guide me through the next steps. My documents were collected right from my home, and the entire process was completed on time without any hassle. A big thank you to Prime Loan for their prompt and professional service!
Sameer Patil
Happy Client
I took my Loan Against Property through Prime Loan Company, and the entire process was incredibly smooth. Their team kept me regularly updated at every stage and ensured the loan was sanctioned within a proper timeframe. I’m very satisfied with their service and would definitely recommend Prime Loan to others.
Priya Nair
Happy Client
Loan Against Property FAQs
What can I use a Loan Against Property for?
A Loan Against Property (LAP) from Prime Loan Company enables you to unlock the value of your property by using it as collateral to access substantial funds. The loan amount can be utilized for a wide range of purposes—whether it’s expanding your business, consolidating debt, renovating your home, covering education or medical expenses, planning a wedding, funding travel, or managing other personal or business needs.
The loan amount you can borrow depends on several factors, including Prime Loan’s lending criteria, your creditworthiness, the intended use of the loan, and the overall financial health of your business. Typically, business loans can range from a few thousand rupees to several lakhs.
How much loan can I get against my property?
The loan amount you can secure through a Loan Against Property (LAP) with Prime Loan Company depends on several key factors—primarily the current market value of your property, your income level, repayment capacity, and our lending policies.
What are the interest rates for LAP?
The interest rate for Loan Against Property usually starts from 9.00% p.a and ranges anywhere between 9.00%p.a and 13-15% p.a
How do I apply for a LAP?
To apply for a Loan Against Property (LAP), check the lender’s eligibility criteria, gather necessary documents, and compare offers. You can apply online or offline, submitting the application along with required documents. The lender will assess your property’s value and approve the loan if you meet their criteria. Repay the loan in installments as per the agreement.
Can I still use my property if it's mortgaged for LAP?
Yes, you can continue to use your property even if it is mortgaged for a Loan Against Property (LAP). The property remains in your possession and can be used for residential or commercial purposes as before. However, you must ensure timely repayment of the loan to avoid any risk of losing the property due to default.
What is a Loan Against Property Overdraft (LAP OD)?
A Loan Against Property Overdraft (LAP OD) is a type of loan facility that allows you to withdraw funds from your LAP account up to a specified limit. Similar to a credit card or a line of credit, you can withdraw and repay funds multiple times, as long as you stay within the approved limit.With LAP OD, you only pay interest on the amount you withdraw, not on the entire approved limit. This can provide flexibility in managing your finances, as you can use the funds as needed and repay them at your convenience. However, interest rates for LAP OD are typically higher than regular LAP loans, so it’s important to use this facility judiciously.
What are the benefits of LAP OD over regular LAP?
Loan Against Property Overdraft (LAP OD) offers several advantages over a regular LAP. One key benefit is its flexibility, as it allows you to withdraw and repay funds multiple times up to the approved limit, similar to a credit card. This flexibility can be especially useful for businesses with fluctuating cash flows or individuals with varying financial needs. Additionally, LAP OD offers interest savings, as you only pay interest on the amount you withdraw, not on the entire approved limit. This can result in lower overall interest costs compared to a regular LAP. Furthermore, LAP OD can serve as a convenient source of funds for emergencies or unforeseen expenses, providing quick access to cash when needed. Overall, LAP OD provides greater financial flexibility and cost savings compared to a traditional LAP.