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How to avail Loan Against Property at low Interest Rates

· Mortgage Loan,LAP Interest Rates,LAP Self Employed,How to Apply LAP

Loan against Property, also referred to as “mortgage loan,” is a type of secured loan as collateral. You can avail this loan against your property (whether residential or commercial) as a mortgage with any financial institution or bank.

After calculating the value of your property on loan against property calculator, you can find out how much loan amount you will get as per 40-65% rate of the property’s current value. If you have more than one residential or commercial property under your name, it is best to keep your costly property as collateral to help you get the higher loan amount.

Features of loan against property

  • It is a secure loan.

  • A borrower is required to mortgage their residential or commercial property to get the loan amount.

  • The lower rate of interest on the loan against property.

  • A borrower can repay the amount as cheaper EMIs. They can use LAP calculator to find out the amount that needs to be repaid.

  • The approved loan amount against the property depends on the property’s current value and the borrower’s income.

  • There are maximum 15 years of repayment tenure for the loan against property.

Eligibility for a Loan Against Property

  • Indian citizens with professional stability are eligible for borrowing loan against property.

  • The borrower must use mortgage loan calculator for finding their credit history and eligibility to avail loan against the property.

  • A healthy relationship with any bank also helps you avail easy mortgage loan against your property.

  • The eligibility is also decided on the basis of the current market value of your mortgaged property.

  • The mortgaged property must be registered under the name of the applicant.

Additional Read: How to avail loan against property?

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