Loan Against Property – Unleash the Worth of What You Have
For those who have residential or commercial property, you can access the value of it without selling it. A Loan Against Property (LAP) is the perfect way to access a large sum of money, for personal or business needs, by just using your property.
This secured loan option is for salaried professionals, self-employed, or people with a stable income source such as rental income. Responsible lending uses existing income so that applicants can meet certain minimum income levels, whether salaried or self-employed to show they are capable of repayment.
Whether you are looking to expand your business, fund your child’s education, support medical expenses or consolidate debt — LAP provides large loan amounts at attractive interest rates and therefore longer repayment periods.
In summary, LAP allows for you to keep your property and access liquidity, which means you can put your assets to work for you, while you still own them.
Key Features of Loan Against Property (LAP)
- Secured Loan: Since the loan is secured against your property, you can access larger amounts with more advantageous terms.
- Eligibility is Based on Ownership of a Property : This is available only to individuals that own clear marketable residential or commercial property.
- Long-Tenure : The tenure of the loan typically starts from 7 years and goes on for 15 years based on the type of the property.
- Lower Rate of Interest : It is cheaper compared to unsecured loans because it is secured against your property.
- Flexibility : You may use the funds in any manner (business, personal, or even an emergency fund), with no restrictions!
- High Loan Amount : The loan value is based upon the property market value which gives you access to larger sums of money based upon the value of your property.
- Maximize your Ability To Borrow in Future : If the property appreciates in value and you pay on time, it will affect your overall creditworthiness going forward.