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Loan Against Property: Looking for LAP to make your dreams come true | EFL

A loan against property could be the best way to fulfil all your dreams. Let’s not forget that it’s easy to get too.
Now, what are the reasons why you could choose a loan against property? The reasons could be many. Loan against property can be used for personal or business needs. For a businessman, it could be to finance the purchase of a new property, start a new shop, scale up your business, upgrade machines in the factory, or market new products.

For others, it could be to renovate the house, fund the child’s higher education, daughter’s marriage, buy a new car, or travel abroad on holiday. It could even be for a medical emergency, given the unpredictability that covid-19 brings into our lives. If you do not have a sufficient amount to handle life’s challenges confidently, you don’t have to sell your property.

To address your financial needs, a loan against property comes to your rescue. There are primarily two types of loans against property. One is a loan against residential property and the other is a loan on commercial property. You can simply use your property as collateral and receive the required loan amount. This is the easiest and the most effective way to raise a loan.

Did you know realise that your home, office, or factory holds the key to your future? An instant loan against property from a Bank or an NBFC is the best financial solution for those seeking long-term capital. Loan against property interest rates tends to be lower than a personal loan interest rate. The loan against property interest is between 7% to 10%, while personal loans start from 12% and can go up to 20%, depending on the lender, your credit score, and monthly income.

There are some minimal requirements you’ll need to meet to get the loan. The property must be in your name. You need to have a CIBIL score of a minimum 700 and have filed income tax duly for the past three years.

Availing of a loan against property is easy too with most banks and NBFCs bringing the service to your doorstep.
A loan against property comes with a host of benefits too. Here’re a few of the main features:

Loan Amount
You will receive a loan amount based on the value of the property, your eligibility, and documentation. Different banks and NBFCs have their set limit as to how much loan against residential property or loan on commercial property they can disburse. The loan against property amount could also be set at 50% to 75% of the market value of the property, depending on the lender’s capacity. Banks have a set limit of up to 60% of the property’s market value.

Attractive Interest Rates
Choose a trusted loan provider who offers low loans against property interest rates. Attractive interest rates can be worked out considering your need and repaying capacity.

Flexible Repayment Period
You get the flexibility of repayment tenure extending up to 180 months when availing of a loan against property. You can decide on the tenure based on your earnings. You can pay the EMIs without any worry of financial stress or a compromise on your lifestyle.

Hassle-Free Documentation Process

With minimal documentation and a quick application process, you can access your loan against property. Nowadays, the entire process is paperless. All you need to do is upload soft copy of the documents to get you started.

Quick Processing and Speedy Disbursal

A loan against property gets approved instantly based on your documentation and eligibility. Also, the loan amount gets quickly disbursed to your bank account.

All you need to do is stop worrying if you need money. Get in touch with your chosen bank or NBFC. Their sales representative will provide you with complete details on the various benefits of a loan against residential property or a loan on commercial property. Their customer service representative will take you through the processes, step-by-step in a friendly manner. Soon, you’ll receive the loan that will help you fulfill your needs and bring a smile to your face.

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