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Benefits of Taking Loan Against Property(LAP)

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Benefits of Taking Loan Against Property(LAP)

Get instant soft approval from the loan against the property by mortgaging your residential or marketable commercial property.

By TEAM ROKADAA.COM

Get instant soft approval from the loan against the property by mortgaging your residential or marketable commercial property. Get up to 100% loan amount on your property’s value within seven working days. Interest rate starts from 8.50% from over 40 Banks & NBFCs.

We provide Loans against the property on residential, commercial & Industrial Property.

The loan which is provided against any collateral mortgage property is called Property Mortgage Loan or Loan Against Property. Normally all the private sector and public sector banks are aggressively providing property loans in India. Apart from banks, lots of NBFC are also providing mortgage loans in Indore. Due to high competition in these products, there are lots of advantages to loan customers. They get low interest rates with higher tenure.

In the case of a loan against a property, the approval takes time of 6 to 10 days. Banks take the charge of the property at the time of loan disbursal. Key players like HDFC bank, ICICI Bank, ING Vysya Bank, Kotak Mahindra, Axis Bank, etc. are the major stakeholder of private sector banks in India. Banks interest rates are normally 8.50 % to 16.00 % in reducing the balance.

Property Loans/ Mortgage Loan

• Property Loans start from Rs 2 Lacs onward depending on your property valuation and your individual eligibility.

• Loan against property can be borrowed up to 100% of the market value of the same property.

• Easiest and Flexible for taking option between an EMI-based loan or overdraft facilities.

• Property loan is available with the option of high tenure loans for the low burden of repayment.

• Property loan is available with the option of high tenure loans for the low burden of repayment.

• Low MCLR rate and maximum tenure with low-interest rates as the comparison with a Personal loan or Business loan.

• Simple documentation and speedy processing.

• Property Loan avail for salaried & self-employed individuals or company also.

Features Of Loan Against Property

• It is the second cheapest loan in the market after Home Loan. It works out to be much cheaper than the Business loan which is usually issued at interest rates in the range of 8.50% – 16.00%.

• On the basis of security, they provide longer tenure. The tenure for a Loan Against Property is usually longer than a personal loan. Generally, based on a secured loan tenure goes up to 15 years.

• Due to the secured nature of the loan the other quality of LAP is the lower rate of interest which makes this product the lowest EMI product.

• LAP requires normal documentation like a personal loan or business loan. Only property documents added for the collateral purpose..

Mortgage Loan Interest Rates 2021

Banks NameInterest rateProcessing fees
ICICI LAP10.00% to 12.00%1% + GST
IDFC Bank Ltd8.75% to 10.75%1% + GST
RBL Bank Limited10.50% to 12.75%1% + GST
L & T Finance Ltd10.75% to 12.50%1% + GST
India bulls09.00% to 11.75%1% + GST
Deutsche Bank9.00% to 10.00%0.75% +GST
DCB Bank10.00% to 12.75%1% + GST
Cholamandalam10.00% to 12.75%1% + GST
Capri Global12.00% to 13.75%1% + GST
Reliance Capital11.00% to 12.75%1% + GST
DHFL10.00% to 12.75%1% + GST
Shriram Housing12.00% to 18.00%1% + GST
Aadhaar Housing13.00% to 15.00%1% + GST
Capital First13.00% to 18.00%1.5% + GST
Aditya Birla Home Finance10.00% to 12.00%1% + GST
Magma Housing12.00% to 15.00%Upto 2% + GST
Yes Bank10% to 11%1% + GST

Process

The loan against property goes through the following stages.

• Application for Loan.
• Processing of Application.
• Loan Documentation.
• Initiation for Verification / Valuation of property.
• Credit Sanctioning of the Loan.
• Disbursement of Loan.

Documents Required

• Identity Proof
• Residence Address Proof
• 6 month Bank Statement
• 3 month salary slips
• Previous or current job experience proof
• Form 16 for previous employment / ITR for self employed
• Property Document


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