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| Loan Against property |
A loan against property (LAP) is
precisely what its name implies - a loan that is paid out against a property
mortgage. The loan is offered in relation to a specific percentage of the
market value of the property, which is approximately around 40-60%. In India,
LAP is categorized under the 'Secured Loan' group where the borrower shows his
property as the security, which can be a self-occupied ownership property or a
rented out property (both residential and commercial). It's not necessary for
the property to be a constructional structure. It can be a piece of land as
well.
LAP usually comes with an
interest rate of 12-15.75%.
In India, maximum tenure offered
for a LAP is 15 years.
Starting the process
If you want to take a loan
against property, the first thing you need to do is to shop around for a
lender. Use the internet to learn about the eligibility criteria of a LAP and
this is likely to vary from one bank to the other. In general, most banks would
ask for the following -
·
Your income/savings details and also information
of the debt obligations that you have
·
Cost of the property that you intend to mortgage
·
Your credit record
·
Repayment track record of loans taken prior to
this
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