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FAQ’S

Frequently Asked Questions

Loan against property
  • Why do people take loan against property?

    Loans against property may be availed by salaried as well as self-employed people. Self-Employed persons or businesspersons take such a loan to meet cash flow needs, since such a collateral helps raised a large sum of money for lower rates. Salaried individuals may use such a loan to meet large expenses such as a wedding in the family, or education of a child.
    Being a secured loan, such an arrangement may unlock the value of your property to put to use the money for various personal as well as business purposes, which could vary from expanding business to sudden and emergency expenses. Easy availability makes this product popular, as some lenders are ready lend you up to 70 percent of your property value. The terms and conditions offered in terms of interest and repayment are also better compared to other loans. Additionally, you can avail tax benefits on this type of loan, and if you plan to pay back the loan earlier than the loan tenure, some lenders don't even charge you a prepayment penalty.

  • What is loan against property ?

    A Loan Against Property may be termed as a loan availed from a bank, housing finance company, or NBFC against property. The collateral property may be a piece of land, house, or a commercial or industrial property. Your asset remains as security with the lender concerned until you pay back the entire amount of the loan. Lenders generally offer such unsecured loans at lower rates of interest for a reasonable period.

  • What are benefits of lap ?

    Loans against Property feature benefits such as below

    • Any type of Property accepted as Collateral
      You may avail a LAP against any type property. The property may be a house, a piece of land, a commercial property, or an industrial property.
       
    • Low Rates of Interest
      Rates of Interest are comparatively low on LAPs as such loans are secured loans against property.
       
    • Transfer of Existing Loan
      Most lenders offer you a facility to transfer your existing loan against your property, and such offers allow you to save money.
       
    • Quick and Transparent Process
      The LAP process happens to be a streamlined and transparent process, which gives you the benefit of quick approval.
  • What are the stages involved in taking a lap loan ?

    The following are the stages involved in taking a loan against property

    • Application
    • Document Verification
    • Background Check
    • Payment of Processing Fee
    • Loan Approval
    • Property Documents Processing

    Loan Disbursal