A detailed guide on Loan Against Property (LAP)

1
(No Transcript)
2
Introduction

• The term "home loan against property" is often
  used in today's real estate and housing finance
  markets. A loan against property is a loan that
  you take out in exchange for your business or
  residential property as collateral. A loan
  secured against real estate is referred to as a
  secured loan. The property possessed by the
  individual asking for the loan serves as security
  in this type of loan. The value of your home
  determines the amount of a potential loan you
  will be offered.

3

• A loan against property is pretty
  self-explanatory. It's a loan issued against the
  property. It goes without saying that if you want
  to take out a LAP then you must own one
  self-residential property. You might be able to
  apply for a loan against commercial property,
  such as a store or industry, but this is unlikely
  because most banks choose to lend against
  residential property.
• Consulting the Best financial advisor firms is
  usually a good idea because they are
  knowledgeable and will supply the greatest loan
  advisors.

4
Things to expect

• How much money can someone borrow against the
  property?
• What are the credentials needed to apply for LAP?
• What is the interest rate of LAP?
• What is the purpose of LAP?
• Why LAP?Conclusion

5
Important things to know about LAPHow much money
can someone borrow against the property?

• The valuation of your home is crucial in
  determining the amount. Typically, a lending
  institution will approve a loan up to 65 of the
  propertys worth.
• Apart from the value of your home, the lending
  institution will take into account a number of
  factors, including your payment history on past
  loans, your earnings, assets, and the security
  of your job or business.

6
What are the credentials needed to apply for LAP?

• The fundamental documents include verification of
  identity, residence, earnings, age, academic
  qualification, and property ownership documents.
• You might also be asked to submit your last 6
  months bank statement. And also a cheque for the
  processing fee.

7
What is the interest rate of LAP?

• The rate of interest on LAP is based upon a
  number of criteria. It includes the type and the
  value of the property, credit score and context,
  loan amount, tenure, current EMIs, job status,
  and the policies during the loan application.
• The LAP interest rate on a loan secured by real
  estate might vary between 8 to 25 per annum.
  You can also get a loan of up to 25 crores for a
  tenure of 15 to 20 years.

8
What is the purpose of LAP?

• When you need to meet any form of large expense,
  LAP is a great solution to get the money you
  need. LAP is commonly used for the following
  purposes.
• Establishing a business
• Educational expense
• Vacations to another country
• Unexpected medical expense
• To purchase a new house
• And many more.

9
Why LAP?

• When compared to a personal loan, the interest
  rate of a loan against property is cheaper. The
  interest rate runs between 8 to 25, making it
  one of the most affordable loans available. The
  loan term might be as long as 20 years, making it
  profitable with low EMI. It is determined by the
  value of your home. Normally, it is charged as
  65 of the property when you apply for a loan.

10
Conclusion

• When you analyze all the above aspects of LAP, it
  becomes a viable alternative for raising funds to
  cover a large expense. The only drawback is that
  if you are unable to pay back it, the bank may
  seize control over it. However, you can seek
  advice from the Top financial advisor firms.
  Prior to actually taking a loan, you can discuss
  with them all the important factors.We are a
  Financial consultant company and we have the best
  financial advisors. We also provide the Best
  investment advisory services. You can contact us
  or visit our website for a better understanding.

11

• For any financial assistance, connect our experts

customerservice_at_agil.co.in
https//agil.co.in/
Agil
agilletsrisetogether