Loan Against Property (LAP) - Overview

The Loan against property allows you to use the value locked up in a property to meet any expenses you may have. While the loan amount depends on the total value of your property, you are free to use the funds as you see fit.

Your property acts as collateral for the loan, but you can continue to use it as before.

From Orange Retail Finance, We Provide Loan Against Properties (LAP) Loan to Employee and Self-Employed (MSME’s).

Our streamlined process with minimal documentation ensures a hassle-free experience for every customer.

You can reach out to our support team for answers to any queries you may have or information you need via phone, email, or chat.

Apply for a Micro Loan against Property today.

Features and Benefits

• Funding is available from Rs 1 lacs to Rs 10 Lacs
• Affordable and attractive interest rates.18% to 21%
• Convenient Loan Repayment option up to 84 months
• Both Residential and Commercial property accepted as collateral
• There are No Part Pre-Payment charges
• Maximum Part Prepayment allowed is 30% in a year of Principal Outstanding
• Quick & Efficient processing for fulfilling your business working capital needs

Documentation: 

Pre-sanction Documents

1) Application Form 

2) KYC

3) Photographs

4) Proof of ownership documents

5) Business Proof / YIB

6) Income documents

7) Bank Statement

8) Documentation pertaining to the property offered as collateral

9) IMD fee cheque

Post-Sanction Documents

1) Loan Agreement: Loan Agreement duly signed by applicant / co-applicants.

2) Repayment Instrument: ACH / NACH

3) Original Property document (Regd. Sale deed / Title deeds/ Patta / Allotment letter (Housing or Govt. Authorised Body), EC, Building plant, Property Tax receipt, Patta, Chitta, etc.

4) MOD with the Latest EC

Eligibility 

Sno	Parameters	Norms
1	Applicant and Co-applicant Age	Minimum – 25 Max - 65
2.	Co-applicant	Mandatory (Blood Relationship only allowed)
3.	Business Segment	Self Employed Individual and partnership firms
4.	Target Segment (Residential Indians only)	Self-employed professionals (SEPs) and Non-Professionals (SENPs) Individuals/Proprietorship and partnership firms will fall under this category Small Pvt limited companies allowed under an exception
5.	Loan Amount	Minimum – INR 1 lac & Maximum Rs. 10 Lacs
6.	Loan Tenor	Minimum 12 Months & Maximum 84 Months
7.	Document Requirement	1.KYC For Individual / Partnership Firm / Company Identity Proof – Any one (e.g. Voter ID / Driving License / Passport) Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement) Business Continuity Proof – Any one document dated 2 years old (Bank Statement / GST Challans / IT Returns / Shops & Est. Certificate / Partnership Deed) Passport Size Photographs 2. Proof of ownership documents, Business Proof,  3. Income documents, 4. Bank Statement 5. Documentation pertaining to the property offered as collateral (including Encumbrance certificate for last 13 yrs, Title deed copies, Prior title deed copies wherever applicable, Latest Property tax receipt).

FAQ

• What is Micro LAP?
  • Micro Loan Against Property is a type of secured loan for which the lender keeps your property as collateral.
  • Whether you want funds for your business needs, you can secure this loan against your property and pay it over a period as long as 7 years

• What are the minimum and maximum loan limits offered in Micro LAP?
  • The minimum loan amount is Rs. 1,00,000
  • The maximum amount is Rs. 10,00,000, based on the Eligibility.

• What are the minimum and maximum Loan Tenor offered in Micro LAP?
  • Minimum Loan Tenor is 12 Months
  • The maximum Tenor is 84 Months.

• How is Maximum Loan Eligibility calculated?
  • Orange Retail Finance offers simple and transparent procedures to find your eligibility for Micro LAP. 
  • Your repayment potential can be assessed based on factors such a Monthly income, Fixed monthly obligations, Bureau score, Business Profile, etc.
  • The loan amount will also depend on the valuation of the property you are pledging and the availability of required documentation for the same.

• For what purpose we can avail Micro LAP?
  • You can avail of a Loan against Property for business purposes including expanding business premises.
  • The end use of the mortgage loan product should not be for any speculative or prohibitive activities.

• What security do I need to provide to avail of the loan?
  • The security for the loan will be the first mortgage of the property to be financed
  • Generally by way of deposit of Title Deeds and/ or such other collateral security.
  • The title to the property has to be clear, marketable, and free from encumbrance.
  • In other words, there should not be any existing mortgage, loan, or litigation, which is likely to affect the title to the property adversely.

Disclaimer

The rates, fees, as stated hereinabove, are subject to changes/ revision from time to time at the sole discretion of Orange Retail Finance.

This is an indicative list only. Additional documents may be asked for on a case-to-case basis.

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