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Loan Against Properties

Loan Against Property (LAP) services allow individuals to leverage the value of their owned residential or commercial properties to secure a loan. This type of loan offers substantial funds at competitive interest rates, making it an attractive option for diverse financial needs. Whether for business expansion, education expenses, debt consolidation, or personal emergencies, LAP provides flexibility in fund utilization. Borrowers can typically access a significant portion of their property's value, with repayment terms spanning several years. Additionally, LAP often entails lower interest rates compared to unsecured loans due to the collateral involved, making it an advantageous financing solution for both individuals and businesses.

List of documents for Loan Against Properties

  • KYC
  • Fincial Paper
  • Property Papers
  • Property chain

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  • What is a Loan Against Property (LAP)?

    A Loan Against Property (LAP) is a type of secured loan where individuals or businesses can borrow funds by pledging their owned residential or commercial property as collateral.

  • How much loan amount can I get against my property?

    The loan amount against a property typically ranges from 50% to 70% of the property's market value. The exact amount depends on factors such as the property's type, location, condition, and the lender's policies.

  • What are the repayment terms for a Loan Against Property?

    Repayment terms for LAP usually range from 5 to 20 years, depending on the lender and the borrower's preferences. Borrowers can choose between fixed or floating interest rates and monthly, quarterly, or annual repayment schedules.

  • Can I still use my property if it's pledged for a loan?

    Yes, you can continue using your property for residential or commercial purposes while it's pledged as collateral for a Loan Against Property. However, you must ensure timely loan repayments to avoid any risk of losing ownership.

  • What happens if I default on my Loan Against Property?

    Defaulting on a Loan Against Property can lead to serious consequences, including foreclosure or auction of the pledged property by the lender to recover the outstanding loan amount. It's crucial to communicate with the lender and explore options for loan restructuring or repayment assistance if facing financial difficulties.

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