Need Money? Use your property to fulfil your financial needs and desires! Home Equity Loan from Aavas in nothing but Loan Against Residential property (LAP)
Loan against property is one of the best ways to take a loan for all your financial needs. Whether you need funds for higher education, marriage in the family or any medical expenses property mortgage loan is one of the fastest ways to secure a quick loan for fulfilling your immediate monetary needs. Explore this guide on how to get an easy Loan against property.
Features of Aavas Home Equity Loan
Benefits of loan against property
Eligibility Criteria for Loan against Property
|LOAN TENURE||Up to 15 years|
Document Required for Loan against Property
Duly filled by the applicant along with 2 passport size photos
Bank passbook, IT returns of last 3 years, Payslip of last 2 months, Certified letter from the employer, Form 16
Original documents against which the loan is to be taken
To Get more details about the Documents Required for Salaried or Self employed person to take Loan Against Property Click Here
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
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.