Loan Against Property
In your journey to grow and touch new heights, we understand how important a source of true support is. Be it the expansion of your business or setting up a new venture, your own house can be your greatest source of financial strength. Taking a loan against your property is a smooth and hassle free process with us. Our expertise lies in tailoring your loan to suit your needs to safeguard your asset while providing wings to your dreams.
Things To know
Mortgaging existing property is a great way to get a loan at low interest rates to meet the current financial needs. Loan Against Property (LAP) can unlock the financial potential in your property. A loan against property (LAP) or Mortgage loan as commonly termed is exactly what the name implies — a loan given or disbursed against the mortgage of existing owned property. Any existing property can help you to avail a loan at interest rates lower than other consumer loans, Personal Loans or Business Loans.
One can avail these mortgage loans for commercial property or residential property collaterals. The property is mortgaged and a fixed percentage of the prevailing market value of the property (normally between 60-70% of the value of the property) is given to the borrower as a loan. Though such a property is mortgaged with the lender, you are still allowed to continue using it for residential or commercial purposes.
Loans against property area highly preferred form of loans in India, and have much more easily available than ever with the surge in banks and NBFCs providing these loans. Along with being cost-effective, these loans are reasonably convenient to avail and repay due to the relatively low interest rates and extended loan tenors.