#loan against property
Loan Against Property
Let your property take care of your needs. Loan Against Property (LAP) refers to a multipurpose loan which can be obtained by mortgaging your existing residential or commercial property to meet the financial crunch.
Purposes of Loan Against Property
Marriage of children
Education of children
Features of Loan Against Property at a glance:
Loans from Rs2 Lakh to 3 crores depending on your needs
Borrow up to 70% of market value of the property
Flexibility to choose between an EMI based loan or an overdraft
High tenure loans for ease of repayment.
Attractive interest rates.
Banks have their own set methods to estimate your loan against property eligibility. The exact amount depends on your property valuation, income, savings, and existing obligations, credit history and of course repayment capacity. The age limit is fixed between 18 to 60 years. Normally the maximum loan amount for loan against property can be upto 50% of property value for commercial setups and up to 70% for residential properties. You can increase eligibility by clubbing income, most preferably a family member or a business partner.