Loan against Property (LAP) is a secured loan which you can avail by mortgaging your property. Banks and financial institutions provide mortgage Loan against Property for residential, commercial property or land etc. It’s a secured loan i.e. in case of loan default; the bank can take over the property and use it to recover loan dues. However, the ownership of the property stays with you throughout the whole tenure. You can typically use or rent out the property, in case of loan against commercial property. Only if you cannot repay the loan, the bank can sell the property to settle its debts. In the case of joint ownership, all co-owners need to be co-applicants in the loan.
Most financial institutions have similar rules and parameters to check your loan against property eligibility depending on your repayment capacity (based on your annual income and past loans and other commitments) & proper legal and technical verification of the property against which a loan is to be sanctioned. It includes a physical visit to the property, ownership verification and valuation of property by a trusted value. Though all banks follow different norms the maximum loan amount one can avail is 60% of the property value.
Fund your dreams using your property, whether you are looking to expand your business or need financial aid for personal reasons such as education, home improvement or wedding or other family occasions, LAP offers loan amount up to 10cr for the tenure of 15-20 years at lowest interest rates.
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