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Property Loan Can Now Fulfil Your Dreams

A LAP loan given by the lender to the borrower against the property mortgaged which the borrower can further use for a large expense, such as children's education, childu2019s marriage, medical expenses, and expansion of the business. Unlike the unsecured loan, the loan against property involves a security that is the property, which the borrower can mortgage in case the loan is not repaid by the borrower. Hence, it is a type of mortgage loan. Read more at https://www.bajajfinserv.in/loan-against-property

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Property Loan Can Now Fulfil Your Dreams

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  1. All to Check for LAP Loan / Mortgage Loan

  2. LAP Loan is a secured loan which can be used for both commercial or residential property. The security in this kind of loan is the property owned by the person applying for the loan. The value of your property decides the amount of potential loan you will be sanctioned and the percentage decided by the lender. It provides the opportunity of high value loans, disbursal in 4 days, flexible tenure, easy balance transfer facility, online account management.

  3. Benefits of LAP Loan • A person can use his asset that is the property in the time of need for business and personal use. • The lap loan or we can say mortgage loan is processed relatively faster and comes with comparatively low interest rates. • No hidden charges. • You get your money in the bank within 4 days of application. • Salaried people can avail a loan amount up to Rs. 1 Crore whereas self-employed get an amount as high as Rs. 3.5 Crore.

  4. LAP Loan V/S Home Loan • It has no end-use restriction - Unlike other secured advances such as home loans, loan against property has no end-use restrictions and can be utilised to fulfil any financial requirement ranging from medical emergencies to higher education expenses, travel costs and any other miscellaneous charges. • In-hand disbursal of loan amount - With home loans, the credits are transferred directly to the account to property owners and, thus, can be utilized only in purchasing the property. • Easier documentation - Compared to home loans, the documentation process to avail loan against property is much easier.

  5. Factors that Affect LAP Interest Rate • Credit score : Credit score is the foremost determinants of LAP interest rates. While this factor does not influence property loan eligibility, financial institutions usually offer competitive interest rates to reliable borrowers who have a credit score above 750. • Tenor : A borrower can lower EMI payments by opting for a longer repayment tenor. However, opting for this tenor would increase the interest outgo and attract higher rates of interest.

  6. Factors that Affect LAP Interest Rate • Profile of a borrower : An individual’s age, income profile, residence have a significant impact on loan against property interest rates. Usually, young applicants with a sustainable income can avail the advance against low interest rates. • Property type : The interest rate of LAP also depends on the mortgage type. A residential property located in a prime location surrounded by amenities has a higher loan value. This helps in gaining an affordable interest rate.

  7. LAP Loan Eligibility - Salaried Employee • Identity proof like PAN card, Aadhaar Card, Voter ID Card, Passport, or any other govt ID. • Address proof like Voter ID Card, Aadhaar Card, Passport, Utility bill, Ration Card, or any other address proof issued by the government. • Salary slip – latest. • Last 3 months’ bank account statement. • Income Tax returns. • Documents of property to be mortgaged.

  8. LAP Loan Eligibility - Self Employed • Voter ID Card, Aadhaar Card, Passport, or any other government ID for Identity proof. • Utility bill, Voter ID Card, Aadhaar Card, Passport, or any other address proof issued by the government. • Last 6 months’ bank account statement. • Documents of property to be mortgaged.

  9. How to Apply for LAP Loan?

  10. With tools like Loan against Property Eligibility Calculator and Loan against Property EMI Calculator, you can manage your loan easily.

  11. Thanks! Visit us at: https://www.bajajfinserv.in/loan-against-property-contact-details

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