What are the types of loans against property?
Loans against property is a secured type of loan that can be easily availed on mortgaging your owned property with the lending bank or other financial sources. There are two different types of loans, one is the secured and the other is unsecured one.
For loan against property, it is a secured type of loan that is structured to meet the needs of the borrowers in cases of business and personal financial needs by mortgaging their property. At present, an applicant can apply loan against property online
Who can avail Loan Against Property?
Loan against property can be availed by both the salaried and the self-employed people, though requirement of this particular loan by the Self Employed is much higher than that of a Salaried person. However, there are various provisions of applying for loan against property. Also, one thing that has to be understood is that in this type of loan you actually get a loan after you hand over your property to the bank (mortgage).
What is the Maximum Tenure of LAP?
It has tenure of 15 years depending on the eligibility of the borrower, though there are few banks/NBFC providing LAP on high tenures also like 20 years. Through the loan against property you get a loan upto 60-70% of the market value of the property. There are two types of loan against property.
- Regular loan against property: This is mainly taken for business expansion, acquiring assets, and for marriage or medical emergencies.
- The overdraft of loan against property: People who have surplus income can opt for this. The interest on this is charged on the principal outstanding amount and can deposit surplus money in loan at any time.
- Loan against property top-up: This is an additional type of loan that is taken on the existing loan against property. The eligibility of the bank is based on your income and the value of the property.
Why suffer with the financial crisis when you can take the advantage of your one or multiple properties. You just need to visit a bank or explore the dedicated portals like Antworks Money and more to compare loan against property online and apply for it in just a few steps without hassle.
