Calculate LAP EMI and eligibility
LAP is a secured loan where you mortgage your property (residential, commercial, or land) to borrow funds. You retain ownership and can use the property while repaying. Loan amounts typically range from 50-70% of the property's market value.
LAP interest rates are typically 1-3% higher than home loans but lower than personal loans. Rates range from 8-12% depending on the lender, loan amount, property type, and borrower profile. Secured nature keeps rates lower than unsecured loans.
Required documents include: property documents (sale deed, title), identity and address proof, income proof (salary slips, ITR, bank statements), property valuation report, existing loan statements if any, and photographs. Self-employed need business documents.
LAP tenures typically range from 5-15 years, with some lenders offering up to 20 years. Longer tenures mean lower EMIs but higher total interest paid. Consider your repayment capacity and retirement age when choosing tenure.
Yes, most lenders allow prepayment. For floating rate loans, banks often don't charge prepayment penalties (per RBI guidelines in India). Fixed rate loans may have 2-4% prepayment charges. Prepaying reduces total interest significantly.
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