BENEFITS OF LOAN AGAINST PROPERTY

If you thinking to buy your dream house and running short of funds or need financial aid then there is no point of worry. Take a sigh of relief; loans are there to aid you financially. Loans provided by the banks, government and financial institutions are the most viable option available for you. 

If you own a property then you can opt for Loan against property. It is a loan sanctioned to the applicant when he/she pledges his own property as a guarantee. This type of loan is called as secured loan. Best loan against property in India is available. 

There are various LAP providers in India. It has number of benefits as higher loan amount is available for long duration of time at reduced rates. Tenure of repayment may get extended 15 years if the loan is large. It gets speedy approvals. One of the most important features of LAP is that both residential as well as commercial properties are accepted. It is associated with numerous benefits like higher amount of loan with lower EMI is available to attract customers. Sanctioned amount can be used for both purpose business and personal use.

This loan can be availed by salaried individuals, business owners, and partnership firms. Process involves simple documentations and formalities. Like application form identity and residence proofs and income documents. Loan amount varies from bank to bank but if we take an estimate then it would be around 2 lakhs up to 10 crores. The age limit is fixed between 18 to 60 years. Loan amounts to 50% of property value for commercial acquisitions and 60% for residential set ups.

These loans are known as multipurpose loans. Also it is cheaper than the private loans as property is kept as collateral. It is considered as the best ways to raise money.