Loan Against Property

Loan Against Property Starting From 8.75%

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Major benefits & Key features of Loan Against Property

One must always keep a fact in mind when we talk about loan against property (LAP) that this loan is a secured loan. Therefore, the bank never hesitates in offering a good loan amount against the property being used as collateral.

Some of the benefits to go through the process with us are:

  • • Since LAP is a Secured Loan, there are good chances of getting a loan against property approved as it is a secured loan in comparison to unsecured loan, where the risk-factor of recovering money in case of a default, is difficult for the banks or financial institutions providing funds. Also secured loans are a great way of improving credit score. The property title must be clear, and you need to furnish some other proofs to get the loan.
  • • LAP can serve a variety of needs. You can use the loan amount to fulfil all your needs that fall under legal demands. There are not many restrictions as to how to utilize the funds when it comes to LAP. However, most people borrow against property in situations of huge funding requirement such as for education, medical costs, purchasing new house, travel plans, setting up a business, marriage etc.
  • • LAP is a Cheaper Loan Option. Loan against property is the cheaper loan compared to unsecured loans and thus, an effective way to meet your monetary demands during the times of financial need.
  • • LAP has a flexible Loan Tenure. Loan duration is longer in this case compared to other unsecured loan. Thus, loan against property is a good option, with the tenure extending to around 20 years, in case, the loan amount is high.
  • • Loan repayment is be based on EMI or Overdraft Facility. You get the benefit of paying the loan either through equated monthly instalments or overdraft facility, whichever is suitable. It is the evaluation of the property along with your account history, which confirms the overdraft limit.