MORTGAGE LOAN

MORTGAGE LOAN FORM

What is Loan Against Property?

The loan against property (lap) means a loan that is disbursed or delivered in lieu of the asset. The loan is given at a certain percentage of the market rates of the property, mostly around 70% – 90%. The lone forward property (lap) is a component of the secured loan group where borrowers allocate the guarantee by utilizing the property as security.

How to apply for Loan Against Property

Apply Online

Fill simple application form

We process

Your application for loan

Rates

We get the best rates for you

Approval

Loan is approved and amount credited

Advantages of Loan Against Property

  • Lower interest rates as its secured loan.
  • The loan amount can be used for Business Working Capital.
  • Greater Credit Eligibility.

Minimum Requirements for Loan against property

ANNUAL TURNOVER

₹ 35 Lakhs

CREDIT SCORE

TIME IN BUSINESS

3 Months

Documents required for Loan Against Property?

PAN CARD/PASSPORT

PROCESSING FEE CHEQUE

BANK STATEMENT

CREDIT SCORE

AADHAR CARD/PASSPORT

COPY OF PROPERTY DOCUMENTS

LAST 3 YEARS BALANCE SHEET

LATEST OD/CC SANCTION LETTER

FREQUENTLY ASKED QUESTIONS

Lenders give loans against those assets whether they are residential (rented and self-occupied) or commercial properties. Land without a plot or construction can also be considered as collateral by the lender.

  • LAP EMI is a defined amount you will pay for repayment of your loan monthly till the loan is completely paid.
  • However, the EMI amounts stays the same, every month the part of interest keeps coming down and principal keeps on increasing, except when interest rate increases.
  • LAP tenure in India ranges from 5 years to maximum of 18 years. Longer the tenure, lower the EMI.
  • The easiest way of paying a mortgage loan EMI is by the way of ECS in favour of the bank. It is not necessary to have a bank account in the same bank from whom you have availed the loan.
  • Other instruments can include post-dated cheques (PDCs) and by demand drafts, although, these are rarely used nowadays.

The main benefit of paying the lap EMI through ECS is that there is no signature mismatch risk for cheque bounces or any other technical issues. Note a huge cheque bounce fee is also charged by the banks for the technical bounce and therefore, it is advisable to avoid this risk by availing the ECS mode of debit.

The more the loan amount, the higher the EMI will be. Interest rate – low loan interest rate, EMI reduction. Loan term-loan period, EMI less.

Yes, you can repay your loan before the stipulated time and there is no prepayment fee only if you are repaying the loan from your source of money and without transferring the loan.

  • Your income, savings, debt obligations are considered.
  • Cost/value of the property against which you want loan are considered.
  • Your track record for other loans, credit cards repayments are considered.