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Loan Against Property

Loan against property is nothing but a loan which you avail by keeping your commercial/residential property as collateral. Another name for Loan against property is a secured loan. … The value of your property decides the amount of potential loan you will be sanctioned. The amount, which is availed by keeping the property as collateral till the loan is fully repaid, can be used by the borrower for various purposes like expanding a business, funding children’s education, meeting medical expenses, and more. The maximum loan amount provided under LAP can go up to 70% of the property value. Along with being cost-effective, loans against property are reasonably convenient to avail and repay due to the relatively low mortgage interest rate.

Requirement For Loan Against Property

Eligibility criteria

The eligibility criteria for availing LAP varies from provider to provider. However, to provide you with an overview of the minimum requirements, mentioned below are some general conditions..

He/She should be at least 21 years at the time of submission of the loan application.
Applicant must have been employed by the current organization or should have been involved in the current business for a specific number of years
Applicant must have a good credit score, demonstrating his/her history of successful repayments

Maximum loan duration

It can be 5 to 20 years. Shorter or longer tenures may be allowed on a case by case basis, but it is rare.

Rates

Loan Against Property have a higher interest rate than home loans and lower then unsecured business or personal loan. At present, many leading banks and NBFCs offer such loans at interest rates of as low as 08.50%. However, the rate applicable to a borrower is contingent on key factors, including credit score, income level, loan amount and tenure, previous relationship (savings account, loans or credit cards) with the lender, etc.

Processing fees

Yes. In addition to the interest payable on the principal amount, there is a non-refundable charge on applying for a Loan Against Property loan. The lender charges processing fees, usually 0.50-2% of the loan principal, to take care of any paperwork that needs to be processed as part of the application process. The lender may waive this charge if you have a long-term association with him.

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Loan Against Property

Requirement For Loan Against Property

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