Loan Against Property
A loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
Frequently Aksed Quetions
What are the requirements for loan against property?
- A copy of the duly filled application form.
- Identity proof – PAN card/ Aadhaar card /Driving License/Voter ID/Passport.
- Address proof of both residence and office – Aadhaar Card/Voter ID/ or a copy of any utility bill like electricity bill.
What is the advantage of loan against property?
Since a loan against property is a secured borrowing option, a lender’s risk is reduced since any losses may be recovered by making a legal claim on your property. This security is the main reason why lenders offer a nominal interest rate on this type of loan.
Is cibil score required for loan against property?
To apply for a loan against property, lenders require you to meet their minimum requirements. Among these is the criterion that you must have a CIBIL score of at least 750 to qualify.
What is the maximum tenure for loan against property?
What is the maximum term for which I can avail a Loan Against Property (LAP) ? You can avail a loan against property for a maximum term of 15 years or till your age of retirement ,whichever is lower.
Can I take loan on my father property?
Yes you can take loan only if your father gives his consent to be mortgage his property against your loan as sureity.
What happens if loan against property is not paid?
A loan is classified as a non-performing asset (NPA) if the repayment is 90 days overdue. In such cases, the lender has to first issue a 60-day notice to the defaulter. If the borrower fails to repay within the notice period, the bank can go ahead with sale of assets
Can 2 person take home loan for same property?
The basic principle is that all co-owners of the property will have to be co-applicants of the home loan. However, all co-applicants need not necessarily be co-owners. Only their income is considered for credit / loan appraisal.
Can we sell loan property?
When your property is under debt, it means that its ownership documents are with a lender. To sell this mortgaged property, you will require the lender’s assent, which is unlikely unless you repay the mortgage loan you have availed.
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The company was founded in 2017 with the sole purpose of enabling people to leverage the best financial consultancy and services