Know More about Loan against Property in 2021

If you want to avail of a significant amount for different usages and have a property in a prime location in India, you don’t have to worry. It is because you can apply for a loan against property (LAP) with a known lender and get a considerable amount. 

The loan against property interest rate is lower since the loan is offered against property as collateral. 

Let’s explore more about the loan against property in this post!

What is a loan against property?

The loan against property helps you pledge your property and get a bigger amount. It is possible to use the loan money as per your needs and without restrictions. 

What are the benefits of applying for a loan against property?

A loan against property facility comes with many benefits. Let’s take a look: 

1. High value loan 

As discussed earlier, it is possible to avail up to Rs.3.5 crore as per your loan against property eligibility. 

2. Easy to meet loan against property eligibility 

The loan against property eligibility criteria is easy to meet. Since it’s a secured loan, the loan against property interest rate is also lower. In turn, it can help you pay lower EMIs. 

3. Quick disbursal 

Once you have the loan approval, you can get your sanctioned amount into your bank account within 72 hours. 

4. Flexible tenor 

Salaried professionals can get up to 20 years to repay the loan. On the other hand, a self-employed applicant can get up to 18 years to repay the loan.     

5. Hassle-free home loan balance transfer 

It is also possible to switch your loan against property account to a lender offering a lower rate and top up loan. It is possible via the facility of a home loan balance transfer. 

What are you waiting for? You can apply for a loan against property and enjoy approval for a hefty amount and at a reduced rate. Also, connect with us on our Home Loan Customer Care Number via mobile or SMS/email us to get all your queries resolved related to housing loan.