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What is Loan Against Property?
Unlike an unsecured loan, loan against property (LAP) is a secured loan that is given by mortgaging a self-owned property (residential or commercial) with the lender. Typically, LAP is a loan that you can access against residential or commercial property including a house, flat/apartment, office, or a shop. To avail of a loan against property and acquire funding for your prospective business, you need to have a self-owned property with a clear and marketable title. Such a loan can be utilised in meeting business requirements such as the expansion of business, ploughing funds into the existing business to ensure growth, maintain steady cash flow, or even meet short term or emergency business needs. Such a loan helps a small business owner to remain in control of the business, unlike other investments in which lenders may seek to gain part control of the company. LAP is designed to meet such requirements of small businesses and remains one of the critical sources of financing for businesses.
What are the benefits of a Loan Against Property?
Such a loan provides you with easy access to funds in which your existing property is used as collateral. It remains one of the most popular loans because of its long repayment term and low-interest rate. There are critical aspects that are considered in determining your loan eligibility including income, credit history, and the current value of the property.
Avail a loan from Rs 5 lakh to Rs 40 lakh
A loan against property can help you avail a loan amount of Rs 5 lakh up to Rs 40 lakh. You can use your residential property, commercial property, shops, and warehouse as the collateral to avail of a LAP.
Who can apply?
Such a loan can be availed by anyone irrespective of whether you are salaried, self-employed professionals and businessmen including proprietors, partnership firms, micro, small and medium enterprises. You can apply individually or jointly apply for such a loan. All owners of the property will have to be co-applicants. Anyone who belongs to the age group between 21-65 years can apply for a LAP. You must be a resident Indian to apply for the loan
We make sure that such a loan is easily availed without any hassles by keeping the documentation process simple and easy. As compared to other loans, a LAP has minimal documentation requirements which leads to quick disbursal.