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Loan Against Property

Loan Against Property

A loan against property (LAP) is precisely what the name implies -- a loan agreed or disbursed against the advance of assets. The loan is given as a sure percentage of the property's market price, regularly around 40 per cent to 60 per cent.

Loan against property belongs to the tenable loan group where the borrower gives a promise by using his assets as safety.

Apply Loan Against Property

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Benefits of loan against property:

  • Cheaper than personal loan: Loan against property facility out to be very cheaper than a individual loan. Its interest rates between 16% to 21%.
  • Longer loan tenure: The tenure for a loan against property is frequently longer than personal loan. Generally it is agreed for an utmost tenure of 10 years.
  • Lower EMI: If the interest rate is inferior many times, their equated monthly payments turn out to be very cheaper than private loan.
In nutshell, loan against property is a tenable versatile loan with superior tenure and minor rate of interests.

Loan against property are used to begin any business or to restore your home. But it can also be used to pay back accessible high rate loans.
  • The greatest loan amount varies from bank to bank. It could range from Rs.2 lacks up to Rs.100 lacks. The accurate amount depends on your possessions valuation, profits and of course reimbursement capability.
  • The rate of interest is regularly 6.5%+, but depending on one's profile and the Bank's criteria, it may possibly differ.
  • The maximum loan amount can approach up to 50% of assets charge for profitable setups and up to 60% for housing properties.
  • The maximum loan tenure is 15 years.
  • You necessitate safety, guarantee or guarantors for obtaining a Loan against Property. Most banks do not agree to properties that are on lease or that are based on supremacy of legal representative.
  • The maximum age limit of eligibility is 60 years.
  • You can decide either flat or floating rate of interest. You also have an alternative of altering from flat to Floating interest rates and associate once each year.
  • A processing fee is generally 0.05% to 3% of the loan amount and is payable truthful.
  • You can also prepay the whole loan marvelous anytime after 180 days of availing the loan. Pre-payment charges will be levied consequently. If you mean to do so, please request for the pre-payment amount to be waived or a diminution in the penalty charges.
  • You can also augment or develop your loan against property eligibility. For that you require to prove income of at least three people, sooner a family member or a business colleague.
Our Partner
Banks Interest Rate
Loan Rate of Interest
Bank Interest
ICICI Bank 11.50% - 17%
HDFC Bank 12.00% - 14.25%
11.50% - 13.50%
SBI 12.25%