Loan against property (LAP), otherwise known as mortgage loans, is offered to borrowers for any personal purpose such as meeting expenditure on education, marriage, healthcare, etc. other than speculative purpose. An undertaking to this effect shall be obtained from the customer in the application itself and no documentary evidence for end use of the fund will be insisted upon. Loans under LAP will not be permitted for business purposes.
The applicant must have a regular income source to repay the loan.
Maximum loan amount is ₹ 10 lakhs.
The maximum period of loan shall be 10 years.