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Loan Against Property

What is 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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Loan against Property can be taken for following purposes:

  • increasing your business
  • Getting your son/daughter married
  • Sending your son/daughter for higher studies overseas
  • support your dream holiday
  • financial support for medical treatments

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.

These points should know before availing a loan against property.

  • Make a decision on the basis of your genuine necessitate. The price should be fits into your predictable financial plan.
  • Evaluate the interest rate from 2 or 3 banks, choose one which offers utmost advantage and serves your intention.
  • Determine the occupancy of the loan. The EMI may come less for longer tenure, but the total interest will be privileged.
  • You should know all about dispensation fees and time.
  • Think about for all time pre payment options.
  • If any evade in payments, you would have to give penalties.
  • Make sure that all deal and offers granted upon are supported by pertinent papers.
  • You should recheck all requisites and situation before signing the documents.
  • Do not take any fake information, you could be in difficulty.
  • Do not sign any empty documents. Do not leave anything for the management to fill up.
Lastly, you have received a loan do your best to pay as rapidly as feasible. Banks build their money off the interest they accuse and the earlier you pay back a loan the less money you will have to disburse in interest.
Our Partner
Banks Interest Rate
Loan Rate of Interest
Bank Interest
Rates
ICICI Bank 11.50% - 17%
HDFC Bank 12.00% - 14.25%
Kotak
Mahindra
11.50% - 13.50%
SBI 12.25%