Mortgage lender HDFC on Friday re-launched its Loan Against Property (LAP) scheme, boasting attractive interest rates as low as 11 per cent with increased tenor.

The product can be availed against property at attractive interest rates of 11.25 per cent per annum for loans up to Rs. 1 crore and 11 per cent for loans above Rs. 1 crore, it said.

The loan term can be up to 15 years for both residential and non-residential properties, it added.

At present, financial institutions, including banks, are offering LAP at rate varying between 11.5 per cent and 14 per cent.

Even the existing home loan customers of HDFC are eligible to 60 per cent of the market value of their homes, including the present loan outstanding, while all other customers are entitled to 50 per cent of the market value of the property, it said.

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