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Winning with loan against property

When you aim towards realizing your dreams coming true, there are many options that can work your way to achieve this result and one of the ways is by virtue of going for loan against your property.

This becomes a big answer when you have a property that can take care of your needs. Loan Against Property or most commonly known as (LAP) refers to a multipurpose loan which can be obtained by mortgaging your existing residential or commercial property to meet the financial crunch and hence give you assistance to go for your level of financial goal.

Knowledge about the current and applicable home loan interest rates.

This kind of loan puts funds at your disposal for crisis like education, marriage, dream vacation, home renovation, debt consolidation or even business expansion. Opting for LAP as a borrower, you will get financial assistance at very reasonable rate of interest and you can spend the amount for any reason.

This kind of loan can be taken by Salaried, Self employed individuals, Partnership firms and Private Ltd companies. Different set of Banks have their own set of methodology to define and create the loan eligibility criteria. The limit for LAP may range from Rs.2 lacs to upto Rs.10 crores, depending upon the evaluation of the property.

The exact amount of the loan depends on various criteria such as the approximate value of the property, income, savings, and existing obligations, credit history and of course repayment capacity. The age limit is fixed between 18 to 60 years. Usually, the maximum loan amount can be upto 50% of property value for commercial setups and up to 60% for residential properties.

This loan requires simple type of documentation, which consists of an application form duly signed by the borrower, identity and residence proof, income documents; latest six months bank statement, documents to substantiate business existence as and when required and a processing fee cheque. In addition to the above, the borrower also needs to have a regular source of income to avail this loan.

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