A loan against property is a secured personal loan that you can avail of by pledging your property as collateral. These personal loan schemes are also known as mortgage loans. Loan Against Property interest rates range between 8.00% p.a. to 25% p.a. You can avail of loans of up to Rs. for a tenure of up to 20 years with LAP.
The repayment tenure determines the interest rate charged by the bank. The shorter the repayment tenure, the higher will be the rate of interest charged.
You must have a credit score of 700 and above if you wish to avail a loan against property at lower rates of interest.
The market value and the type of property determines the interest rate charged by the lender.
The age, occupation, income, etc. also determines the interest rate charged by the bank.
Yes, it is possible provided that the co-applicant of the loan is the joint owner of the property. In fact, a higher loan amount can be availed for joint properties.
Financial lenders have a set application fee which includes the charges to evaluate the property and the legal verification process.
Yes, some lenders offer the Loan Against Property for Non-resident Indians as well, but it depends on the terms and conditions set by the lender you wish to avail the loan from.
Using your application reference number, you can check the status of your loan application on the website of the lender. If the loan is approved, you will receive a message on your registered mobile number that your loan has been approved and that the money will be credited to your account shortly.
Customers can opt for the Loan against Property for business purposes, personal reasons or debt consolidation.
No, the interest rates offered by lenders vary.
Some of the ways through which you can avail a loan against property scheme suitable for you are given below:
Make sure you have all the correct documents.
Compare the loan schemes offered by different lenders.
Now apply for a Car Loan online, All you need to do is provide your details below application form.
