Aug 17 2017

Loan Against Property, Commercial Loans, Residential Property Loans #bad #credit #loans #online

#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

Business expansion

Home renovation

Debt consolidation

Marriage of children

Education of children

Medical expenses

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.

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