Q1. Is it mandatory to have a co-applicant for availing LAP?
A co-applicant for a loan against property is mandatory only when the property being mortgaged is owned by more than one person. In such a case, all co-owners of the property need to apply as co-applicants.
Q2. What types of properties are accepted by lenders providing Loan Against Property (LAP)?
Different lenders have different criteria for the type of property to be accepted against a mortgage loan. However, mostly all lenders accept the residential, commercial or industrial property. It is important to note that the physical condition and age of the property may affect its acceptance by the lenders.
Q3. What is the maximum loan tenure available under LAP?
Mostly, the tenure of a loan against property goes up to 20 years. However, this may vary from one lender to another.
Q4. Can NRIs avail loans against the property?
Yes, there are several financial institutions that offer loan against property to NRIs.