Apply for Loan Against Property!

    Loan against property

    The banks offer the loan against property as a security amount for a particular property they own. LAP is intended to satisfy the funding requirements of someone who already owns a home or a number of houses and wants to maximize the value of their holdings. It is crucial to keep in mind that the properties you are using to secure your mortgage should be free of any encumbrances, which are not given as security for any other purposes.

    The LAP loans are available for both salaried and self-employed individuals. However, the interest rates or the loan amount varies based on the property and the annual income of the applicant. Banks will still like to weigh all costs, which is why when you apply for a loan against property, the bank weighs some variables about the property in order to reduce its risks of making the loan. Your interest rate and credit amount are determined by these parameters.

    There are chances that you can get a loan against the property of around 80% of the registered value, which also depends on the bank policy along with the valuation of the property. There are various reasons an individual applies for LAP, it can be for weddings, business ventures, vacations, medical treatment, etc.

    How to apply for LAP

    • Application
    • Processing
    • Documentation
    • Property Verification/Valuation
    • Sanctioning of the Loan
    • Disbursement

    Loan against property Eligibility Criteria:

    The LAP depends on various factors; let us talk about few to help you understand the criteria.

    Income – The income is the major factor that will determine the eligibility of your loan. The banks check the income to keep the EMI ratio balanced.

    Tenure – The shorter the tenure the better eligible you are for the loan because it leads to lesser EMI.

    Age – The age is another important factor that will determine the eligibility

    Interest Rate offered – Banks decide the interest rate, if the interest rates are low, then the loan eligibility gets higher.

    CIBIL Score –  The credit score helps the bank decide the repayment capacity of an individual.

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