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Simply put, a loan against property is what it actually connotes -- a loan given or disbursed against the mortgage of property. This is unlike a personal loan, which is disbursed to an individual; no questions asked. The loan is given as a certain percentage of the property's market value (usually around 40 per cent-60 per cent). But the threshold amount too is generally defined by most lending institutions like say, Rs 200,000. This multi-purpose loan puts funds at your disposal to use as you wish. It unlocks the hidden value in the property you own.
Features at Glance
• Loans from Rs2 Lakh onwards depending on your needs
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Borrow up to 70% of market value of
the property
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Flexibility to choose between an EMI
based loan or an overdraft
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High tenure loans for ease of
repayment.
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Attractive interest rates.
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Simple and speedy processing.
• Loan for salaried & self-employed
individuals
Advantages of taking a Loan Against Property:
• Cheaper than
Personal Loans: It works out to be much cheaper than a personal loan, which is usually issued at interest rates in the region of 16 per cent-21 per cent.
• Longer Loan Tenure: The tenure for a
Loan against Property is usually longer than that for a personal loan. Generally, LAP is given for a maximum tenure of 10 years.
• Lower EMI: Since the rate of interest is lower, many times, LAP Equated Monthly Installments (EMI) turn out to be cheaper than those under personal loans.
• Simple documentation and Fast Approvals: LAP being a secured Loan
(like – Home Loan) has comparatively faster approvals and minimal documentation.
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