With advanced age, the earning capacity of individuals tends to decrease. Moreover, many of them do not have any consistent earnings. Thus, to provide them with financial support, several financiers have come up with a loan for pensioners.
Aretiree with his own commercial or residential property can avail pensioner loan against their property. These loans come with several benefits and features. Listed below are some prominent features of this property loan that should help one asses LAP meaning better-
High loan amount
The advance amount of a loan against property for pensioners can go up to Rs.3.5 crore depending on the current market value of the property. Once applicants meet the qualification criteria and submit the required documents, the concerned lender can disburse the loan amount.
Multiple tenors
This type of loan facility also offers flexible repayment tenors up to 20 years which helps retired persons to adjust the EMI as per their financial capacity. After assessing essential monthly obligations, individuals can fix their EMI accordingly.
Attractive interest rates
Competitive interest rates of a loan against property help to keep the EMI low. Thus, this feature also works as an additional aid for retired individuals.
No end-use limitation
As a LAP loan comes with no restriction to end-use, borrowers can utilize the loan amount for various financial needs like medical care, home renovation, etc.
Also, due to its simple eligibility requirements, a large portion of senior citizens can be facilitated by availing pensioner loans.
