Loan against Property can be availed against residential and commercial property.

You can avail an amount starting from Rs 2 lakh to Rs 500 lakh depending on the value of the property. However, the banks generally consider the following factors before providing approval:
• Market Value of the Property
• Registration of the Property
• Income and Repayment Capacity of the Individuals

There is a non-refundable fee that is required to be paid for applying for LAP. It is approx 1% of the total Loan Amount along with Service Tax.

The bank takes 4 – 5 days to disburse the loan; once the documentation process is complete and the eligibility is established.

Yes, if you are a salaried person then banks offer LAP to NRI customers.

If the person is the Co-Owner of the property then he/she will also apply as the Co-Applicant. So it is not necessary to have a co-applicant.

Yes, all the banks have the provision of the part- prepayment at the nearest branch locations. Once the pre payment is done then you can either reduce the EMI cost or reschedule the tenure of the EMI so that the loan can be repaid within time.

You can easily track your LAP status in the following ways:
1. Call the Bank on the Toll-Free Number
2. Mail on the registered mail id of the branch
3. Visit the bank branch personally

Here are the three ways through which you can make the payment:
1. Standing Instruction
2. Electronic Service Clearing
3. Post Dated Cheques