Loan against Property

Description

A loan can be availed at an attractive rate of interest against property as collateral security. Typically banks give loans up to 70% of the value of your property. Loan processing is faster than unsecured and other loans. Loans are available for up to 15 years. The borrower can take the disbursement of loans in parts. Third-party property is not accepted for loan against property. All the co-owners of the property should be party/co-applicant to the loan.

The loan can be taken against residential or commercial property.

Borrowers can use LAP for long term working capital, education/marriage of children, business expansion, holiday travels etc.

You can take a one-time loan or also can avail overdraft facility. The loan can be top up if you need the loan again after a period; the lender will reassess the value of a property. Check and maintain your credit score, as this will help you negotiate the interest rate with banks.

It is possible to sell the property during the loan tenure provided either buyer of the property takes over the loan liability, or you repay the loan to a bank.