A Loan Against Property (LAP) allows you to borrow money by pledging your residential or commercial property as collateral. This type of secured loan can be used for various personal or business needs such as expanding a business, funding education, or handling medical emergencies.
Features
- High Loan Amounts: Get up to 70% of the property’s market value as a loan.
- Flexible Tenure: Loan repayment tenures can extend up to 10 years, depending on the lender.
- Competitive Interest Rates: Enjoy attractive interest rates starting from 9.00% per annum.
- Multi-Purpose Use: Funds can be used for personal or business purposes, including home renovation, business expansion, or funding education.
- Easy Repayment Options: Choose from EMI-based term loans or an overdraft facility, allowing you to repay the loan comfortably.
- Quick Processing: Efficient processing with minimal paperwork and doorstep service for document collection.
- Transparency: No hidden charges; all fees and charges are communicated upfront.
- Custom Solutions: Tailored loan options for salaried and self-employed individuals.
Why Us
- High Loan Value: Borrow a significant amount against your property value.
- Flexible Repayment: Long tenure options and various repayment methods to suit your financial planning.
- Competitive Rates: Benefit from low interest rates, reducing the overall cost of the loan.
- Transparent Processing: No hidden charges, ensuring clarity and trust.
- Quick Disbursal: Fast loan processing and disbursement to meet urgent financial needs.
- Expert Assistance: Professional guidance throughout the loan process to help you make informed decisions.
FAQs
What is a Loan Against Property (LAP)?
A Loan Against Property (LAP) is a secured loan where you can borrow money by mortgaging your residential or commercial property.
What can the loan amount be used for?
The loan amount can be used for various purposes such as business expansion, home renovation, medical expenses, education funding, or any other personal needs.
What is the maximum loan amount I can avail?
You can avail up to 70% of the market value of your property as a loan, depending on the lender’s policies.
What are the interest rates for LAP?
Interest rates for LAP generally range from 9.50% to 11.30% per annum, varying based on the lender and your eligibility.
What is the repayment tenure for LAP?
The repayment tenure can go up to 10 years, offering flexibility to manage your EMIs comfortably.
What documents are required to apply for LAP?
Key documents include identity proof, address proof, income proof, property documents, and any other documents specified by the lender.
How is the loan amount disbursed?
The loan amount is disbursed directly to your bank account after the loan is sanctioned and property verification is completed.
Can self-employed individuals apply for LAP?
Yes, both salaried and self-employed individuals can apply for a Loan Against Property.