Loan Against Property
Loan Against Property Service
A Loan against property is a type of loan which can be obtained for resolving various financial hurdles. The hurdles that come in front of companies in the business. So, this type of loan is a long-term-based loan. The security here is the equitable mortgage of the immovable property. Thus, a loan against property is the most secure type of loan for lending institutions. It is, so, the most easily available loan for the borrowers in normal circumstances.
How to avail of Loan Against Property in India?
Features and Benefits of Loan Against Property
The beneficial features are basic and can be realized by the borrowers before they apply. This loan is the most suitable because the property is one strong form of collateral security. The property is mortgaged for various purposes of finance. So, the borrower avails loan in accordance with the property’s current market value.
Here are a few common benefits of a Loan against property
- Flexible loan tenure
- Low-interest rate
- Lesser hassles
- Loan received as per the value of the mortgaged property
Interest rates depend upon the repayment schedule, EMI tenure etc. It ranges from 9%-15% depending on the lender, for a period ranging anywhere from 7 to 15 years.
Advantages of Loan Against Property
- Helps to build capital expenditure
- Long tenure
- convenient repayment
- Minimizes risk for the bankers and minimizes your interest rate
- Helps to build a capital-intensive business
- Suit for multiple debt instruments – CC, OD, Term Loan
Documents Required for Loan Against Property
- Salary slips of the past few months in the case of employed individuals.
- Bank statements of the past 3 months or depending on the conditions laid by the lending institution.
- PAN card/Aadhaar card, or any appropriate identity proof.
- Address proof.
- Copies of documents of the property on which the loan is being taken with.
- Income Tax returns.
What are the factors to be considered for LAP?
Types of Loan Against Property Loan
What is the Loan Against Property process?
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