Avail Loan Against Your Property

Loan against property is another word for a mortgage loan and is availed by the salaried and the self-employed to meet their personal and business requirements.

Loan against property, also known as LAP, can be availed to meet the fund requirements for business needs, medical emergencies, a child-s education, or for any other personal loan requirement.

A person aged between 18-70 years is eligible for a loan against property. Please note that factors like age, the value of the property and income of the applicant etc., also affect the eligibility for the loan against property.

The applicant must follow the following steps to apply for the Loan against property

• Fill up the application form
• Submit the required documents such as land documents, age and residence proof and income details.
• On successful submission of the application, deposit the processing fee
• After loan approval, you will get the required home loan.

The maximum funding that a borrower can get depends on the market value of the property. The amount of the loan is usually equal to 55% of the market value of the property against which the loan is being taken.

The property against which the loan is being taken is the actual security that needs to be provided to avail the said loan option.

Self-occupied residential property can be considered as collaterals for Loan against Property.