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Loan Against Property

Home Loan Against Property

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Loan Against Property

As its name represents, a loan against property (LAP) is the loan provided or disbursed against the mortgaged property. According to different studies, the loan amount is given as a certain percentage of the market value of the mortgaged property, normally it is around 40 to 60 percent.  

Simple and Efficient to Invest

Our banking technology makes the loan simple as well as most efficient to invest in good causes. The Loan against property is much cheaper than the personal loan, which is normally issued at 9.5% interest rates. Typically, this is a daily or monthly decreasing balance method. It has the lowest rate of interest since the lending entity has a certain amount of security in the form of housing mortgage unlike a personal loan, which is given without any security. 

With How Interest Rate is charged on Loan Against Property?

Some financial organizations make LAP available only under the floating rate and loans on fixed-rate are off-limits.

 

Fixed-rate mortgage:

A fixed-rate mortgage is a type of mortgage loan which follows a fixed interest rate for the entire term of the loan. Normally, lenders can provide either fixed, variable rate mortgage loans with fixed-rate monthly installment loans. It is one of the most popular mortgage product offerings by financial institutions.

Types Of Mortgage Loans

  • Residential property Mortgage
  • Commercial property Mortgage
  • Industrial Property Mortgage
  • Open plot Mortgage

The Properties for a Loan

Normally, you can take a loan against your any valuable assets. self-occupied or rented residential property. This can be a house or a piece of land.

Eligibility criteria to get LAP

The eligibility criteria to provide LAP  varies from one bank to another. But by considering all the factors, the common factors that normally all banks consider are:

  • Your income, savings, mortgage obligations
  • Cost/value of the property mortgaged
  • Your previous payment track record for other loans, credit card bills, etc.

Tenure for Repayment