A loan against property (LAP) is a secured loan where a borrower uses their residential property as collateral. The loan amount is typically 40-60% of the property's market value. To qualify, applicants must be between 24-65 years old and provide proof of identity, income, residence, and property ownership. Common documents include ID proof, income tax returns, bank statements, lease agreements, and a guarantor form. LAPs can be structured as term loans with EMIs or as overdraft facilities. Axis Bank will decide on applications within 30 days if all required documents are provided. LAPs are also available to salaried NRIs.

1. Loan against Property

2. What is LAP??
A loan against property (LAP) is exactly what the name
implies -- a loan given or disbursed against the mortgage of
property. The loan is given as a certain percentage of the
property's market value, usually around 40 per cent to 60 per
cent.
Loan against property belongs to the secured loan category
where the borrower gives a guarantee by using his property
as security.
You can normally take a loan against your self-occupied or
rented residential property. This could be a house or even a
piece of land.

3. Eligibility..
Salaried Individuals:
Any individual who is in permanent service in government or a reputed
company
The applicant in all the cases should be above 24 years of age at the time of
loan commencement and up to the age of superannuation
Professionals:
Professionals (ie, doctors, engineers, dentists, architects, chartered
accountants, cost accountants, company secretary, and management
consultants only) can apply
The applicant should be above 24 years of age at the time of loan
commencement and up to 65 years or less at the time of loan maturity
Self-employed Individuals:
Any individual filing Income Tax returns can apply
The applicant in all the cases should be above 24 years of age at the time of
loan commencement and up to 65 years or less at the time of loan maturity

4. Documents for LAP
• Proof of identity
•Proof of income
•Proof of residence
•Bank statement or pass book where salary or income is
credited
•Guarantor form
•Lease Agreement

5. FAQ’
1) What is the turn around time for decisioning a Loan Against Property
application?
Ans. Axis Bank will convey its decision within 30 working days from the date
of receipt of the application provided the application is complete in all
respects. The computation of 30 days shall starts from the day on which
all documents required for a proper appraisal of the application are
provided by the Customer to bank.
2) Can I get an overdraft against my property?
Ans. Yes! An Axis Bank Loan Against Property can be availed of either as a
Term Loan with an EMI repayment option or as a Drop-line Overdraft
Facility.
3) I am an NRI. Can I get a Loan Against Property?
Ans. Yes! Axis Bank provides LAPs for salaried NRI customers.