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Steps To Protect Against Fraud In Loan Against Property

· Mortgage Loan,LAP Interest Rates,LAP Calculator,LAP Debt Consolidate

Loan against property is a wise method to liquify your fixed asset (property). While, applying for the loan it is thus imperative to opt for property which is free from any litigation and does not have existing loan on it. This will help you acquire up to 60-70% of the value of the property as loan.

Additionally, it is advised to use the EMI calculator available at the lender’s official website to evaluate your repayments for the loan. This will avoid the initial hiccups and allow you to pay up the loan on time and build a healthy credit score.

However, in case you miss your loan repayment you must be aware of your rights to ensure your credibility as a borrower is not harmed and you get ample time to pay off the loan.

  • In case of default your lender has to follow a legal course before they can claim to sell off your property to recover the outstanding. In case, your repayment is overdue by 90 days the lender must firstly send you a notice of the same. Upon failure to pay off the repayment even then the lender has to send another 30-day public notice with details of the loan such as price of the property, date and time of auction etc.

  • In case of failure to pay off the repayment in the 60-day notice period the lender can issue another notice and sell your property. However, if you find a buyer offering a better price you may sell off your property to them.

  • You have the right to acquire the additional value of the property after paying off its outstanding. The property can be sold off at its maximum price depending on factors such as its location, maintenance and so on. Thus, it is advised to track the auction and buyers to claim the additional selling profit from your property.

Additional Read:

5 Steps To Stay Protected From Frauds Of Loan Against Property

Busting Myths Revolving Around Loan Against Property

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