Everything you need to know about Loan Against Property
What is loan against property (LAP)?
Loan Against Property (LAP) is a secured loan that enables you to use your residential or commercial property as collateral in order to borrow money. A loan against property can be used to fund a variety of personal needs such as paying for your child’s education, making home improvement or renovation, consolidating debt, or for business expansion.
What are the types of loans against property?
The two most common types of loans against property are residential mortgage and commercial mortgage. Residential mortgage is a loan taken against residential property such as a house, flat or apartment. Commercial mortgage is a loan taken against commercial property such as an office, shop or factory.
What are the features of a loan against property?
Loan Against Property offers several attractive features such as:
– Long tenure of up to 20 years
– Flexible repayment options such as EMI, Step Up and Step Down plans
– Option to avail additional top ups
– Attractive interest rates
– No hidden charges or fees
– Minimum documentation and quick processing
Who is eligible for a loan against property?
You must meet the following criteria in order to be eligible for a Loan Against Property:
– Indian resident
– Minimum age of 28 years
– Maximum age of 58 years or retirement age, whichever is earlier
– Salaried or self-employed
– Good credit score of 750 and above
– Sufficient income to repay the loan
– Minimum net worth of property
What documents are required to avail a loan against property?
The documents required may vary from lender to lender. Generally, you will need the following documents:
– Identity proof such as Aadhaar Card, Voter ID or PAN Card
– Address proof such as electricity bill or rental agreement
– Last 3 months salary slips (for salaried individuals)
– Business registration documents (for self-employed individuals)
– Processed Sale Deeds/Leave and License Agreement of the property
– Income tax returns of the last two years
– Bank statements for the last 6 months
– Property related documents such as Tax receipts, Building Approval Plan, etc.
Loan against property is a great option for those who need quick access to cash in order to meet their personal or business needs. It is an affordable and convenient way of borrowing money, with attractive features and tax benefits. However, it is important to thoroughly read the terms and conditions of your loan before signing any documents. Be sure to compare lenders and interest rates to get the best deal for yourself.
If you are looking for a Property Loan Consultant in Pune, Ved Financials is the right choice. We can help you get the best property loan deal based on your needs and eligibility. Contact us today to know more about our services!