Loan against Properties

What is a Loan against property?

Having a property is everyone’s dream, be it a house (residential) or an office space (commercial). It is considered as a person’s biggest asset. At times life may throw situations at you wherein you fall in urgent requirement of cash. Getting a personal loan at times is difficult with the documentations involved. At this time one can unlock the potential and value of their property by taking a loan against it.

A loan against property is a type of a personal loan with the secured collateral involved. An individual needs to keep his/her property as security or collateral. By opting for a loan against property from a leading financial institution, you can avail a whole sum of money, which you can repay over a time period with the calculated interest. Your monthly repayment i.e. EMI will affect the size of your loan, the payback time and the monthly interest rates.

Benefits of LAP

• Low EMIs
• Immediate Funds availability
• Fast and easy Loan Processing
• Speedy Approvals
• Flexible Tenure
• Simple and Hassle free Documentation
• Easy Balance Transferring

What is the Eligibility for a Loan against Property?

• Any salaried or self-employed professional : For salaried individuals of age between 21-58 and self-employed of age 25-65 having incomes more then 20,000+ per month respectively.
• Repayment Capability : The amount of Loan against Property sanctioned is decided based on the current income and banking history for the last 3 years for a salaried / self-employed professional.
• Good CIBIL Score : A good CIBIL score is required for a quick approval of home loans as it checks your credit history over a period with other banks.