About Loan Against Property
This is a kind of mortgage loan whereby the borrowers can avail of funds by mortgaging their property with the lender.
Loan against property can be availed of against both residential and commercial property.
The administration charges for loans against property are higher than for home loans.
The funds can be used by the lender for either business or personal purposes.
The LTV in case of a loan against property can be anywhere between 65% to 70%. Further, the interest rates on loans against property are also slightly higher as compared to those on home loans.
We also provide loan against industrial property in Pune Region areas.Its generally around 50% of the value of the industrial property.
Loan Against Property We Are Providing Pan India 40+locations as of Now.
FAQ's of Loan Against Property ?
Is it mandatory to have a co-applicant for availing LAP ?
A co-applicant for a loan against property is mandatory only when the property being mortgaged is owned by more than one person. In such a case, all co-owners of the property need to apply as co-applicants.
What types of properties are accepted by lenders providing Loan Against Property (LAP) ?
Different lenders have different criteria for the type of property to be accepted against a mortgage loan. However, mostly all lenders accept the residential, commercial or industrial property. It is important to note that the physical condition and age of the property may affect its acceptance by the lenders.
What is the maximum loan tenure available under LAP ?
Mostly, the tenure of a loan against property goes up to 20 years. However, this may vary from one lender to another.
Can NRIs avail loans against the property ?
Yes, there are several financial institutions that offer loan against property to NRIs.
