Loan Against Property
Loan against Property is a secured loan. If you own Residential or Commercial property you could utilize the value of the same by opting for mortgage loan. The property papers are retained as security for a loan at a much lesser rate than personal loan.
- The ownership of the property is retained by the owner. In case of inability to repay the loan the property could be disposed of to repay dues.
- Loan against property can be taken either for personal or business purpose like working capital, business expansion, repayment of expensive loans etc. Option for an overdraft facility is also available.
- Loan amount could range from Rs.10 lakh to Rs.50 Cr.
- LAP is available from minimum 1 year to a maximum of 15 years.
- Eligibility depends on income and the current market value of the property.
- Rate of interest could be in the range of 12% to 16 % on monthly reducing basis.