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Loan Against Property

LAP is designed to suit the financial needs of someone who currently owns a home or a number of properties and wants to maximize the value of their holdings. It's crucial to keep in mind that the property you're using to secure your loan should be clear of any encumbrances (i.e. it is not given as security for any purpose or any other loan).

LAP is available from banks to both salaried and self-employed individuals. Rates and loan amounts vary depending on the value of your home and your annual income.

Features of Loan Against Property

  • Interest Rates at a Minimum
  • EMIs are low.
  • Approvals are granted faster.
  • Charges for prepayment are minimal.
  • Multiple-Use Funding
  • There are no restrictions on what you can do with it at the end of the day.
  • Collateral is accepted from both residential and commercial properties.
  • Take control of your mortgaged property.

 

Eligibility for Loan Against Property

Nationality
You must be an Indian citizen with documentation to back up your claim.

Occupation and Income
In order to establish your credibility, your lender will require you to provide information about your job and income. This information will be used to demonstrate your financial and professional stability.

Credit History
Your three-digit credit score, which reflects your repayment history for loans and other forms of credit, will be used to determine your eligibility for an LAP.

Banking Relationship
You will not be denied an LAP if you have a good association with your lender. In addition, your lender will provide you with favorable financing terms and conditions in terms of loan value, interest rates, loan length, hidden fees, and processing fees.

Market Value of Property
Based on the market value of your collateral property, your lender retains the right to determine the loan amount and terms and conditions of your mortgage loan. Furthermore, the market value of the mortgaged property must be greater than the loan amount based on its current worth.

Property Title
Your lender will demand you to be the existing owner of the property, and you will need to verify multiple ownership clear title if you are applying with a co-applicant. Furthermore, the property cannot be encumbered by any other financial institution.

 

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