Loan Against Property
Banks provide LAP for both Salaried as well as Self-Employed individuals. The rates and loan amounts differ based on your property and your annual income.
Banks will always want to consider all risks, which is why while you are applying for your loan against property, there are certain factors the bank considers with respect to your property to mitigate its risks in giving out the loan. These factors determine your rate of interest, and loan amount. You can get a LAP of up to 80% of the registered value of your property depending on the Bank’s policy and the property type and valuation. The value of the property would be determined through a valuation conducted by the Loan Provider.
Individuals apply for LAP for a variety of reasons. Some of the common ones are your childs wedding, loans for new business ventures, second homes, vacations, medical treatment just to name a few.
FAQ
Loan against property is a secured loan availed of against a commercial or residential property kept as collateral with the lender. As the funds come with no end-use restriction, borrowers can utilise the funds for various purposes, such as to fund a business expansion, or your child’s wedding or education.
What are the parameters that determine the eligibility of loan against property?
- Age
- Income
- Property value
- Existing debt obligations if any
- Continuity/ stability of business/ employment
- Credit history
Yes, in which case the co-owners will also be marked as co-applicants of the loan.
Contact
- 201, 2nd Floor, Square Plaza, Vishwas Colony, Beside Bombay Sandwich, R.C. Dutt Road, Alkapuri, Vadodara-390007
- +91 8000206660
- Sales@ecpl.loans