Are you looking for a loan which has a low-interest rate, long tenure and can be used to fulfill multiple financial needs? If yes, there is just one financial product that promises it all – Loan Against Property (LAP)!
With the mushrooming of various online lending platforms like mymoneymantra.com, availing a LAP has become so easy and quick these days.
From filling up the application form to getting funds disbursal – everything can be done within a few minutes online.
However, you must be aware of certain key requisites to ensure that the entire loan process happens smoothly and your application gets approved instantly.
Here are some unavoidable aspects of Loan Against Property you should check out:
1. Value of the Property to be Mortgaged
Whether it is a residential property or a commercial one, you must be aware of its latest market value if you intend to Apply for a Loan Against Property. That is because the value of your property will define how much loan amount you are eligible for.
For instance, you require a loan amount of 50 Lakhs, but the mortgaged property’s current market value is 40 Lakhs. Then you will not be able to get an entire required amount because the lenders cannot sanction an amount higher than the property’s value.
But, you can get 50% to 90% of property’s market value as loan (also known as Loan to Value). If you still need the required loan amount which is higher than the property’s value; you may consider other financing options in combination such as Personal Loan.
2. Your Income and Loan Repayment Ability
People usually apply for LAP when they need a big quantum of money. The approval of this form of loan depends on your income and ability to repay the debt.
On the basis of your income and suitable EMI (equated monthly instalment scheme) repayment tenure for your loan will be decided, which may vary between 5-20 years. It is advised to opt for a LAP with affordable EMIs based on your monthly cash inflow.
3. Availability of a Co-applicant
If it is not viable for you to fulfill the eligibility criteria, essential for getting your LAP application sanctioned, you can bring in a co-applicant. The lender will check the co-applicant’s repayment capacity to analyze whether if he/she and you can repay the loan amount together or not.
4. Ownership of the Property
If the applicant is the sole owner of the property-to-be-mortgaged, acquiring a loan against it becomes much easier. It may happen that the property has multiple co-owners and they don’t agree with your decision of mortgaging the property. Or if the property is disputable or you don’t have required documents, your LAP request can be rejected.
5. Charges and Fees Involved
In addition to the interest rates, availing LAP may involve other charges too such as processing fee, sales tax, pre-closure charges, agent cost, etc. You must be aware of all the associated charges and fees you will have to pay before applying for a LAP.
Keeping the factors mentioned above in mind, you can get a perfect LAP deal. For best offers on LAP, visit mymoneymantra.com, a leading online lending marketplace with more than 30 years of experience in providing financial services.
Updated On Jul 15, 2026
Written By
Written By Reshma RawatAssistant Content ManagerCredit Cards, Credit Score, Personal Loan, Home Loan, etc.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
