LAP

If you're in immediate need of cash for personal or business needs, getting a loan against property can be a viable solution as it helps you liquidate your own property without having to sell it.

Our home loans come with unique benefits such as:

• 1. Low interest rate.
• 2. Low minimum amount.
• 3. High maximum amount.
• 4. Easy prepayment terms, and
• You can get up to 70% of the property value if it's a residential property & up to 60% of the value if it's a commercial property. The loan against property interest rate you're eligible for completely depends on your credit profile, income, occupation, etc among other factors.But, for all reference purposes, interest rate for loan against property starts from 10.35%

Here are some of the factors that determine your home loan eligibility:

• Credit Score (minimum 700)
• Income of all applicants
• Primary applicant's age (min 21 years and max 70 years)
• Primary applicant's occupation
• Other obligations & existing EMIs
• Additional sources of income, if any
• Repayment Capacity
• Current residential location
• Location of the property you wish to buy

Here's a helpful guide that'll give you clarity on how our loan against property application process works & the average time taken at each stage:

• Step 1: Loan against property application (1 hour)
• Step 2: Document submission (1 day)
• Step 3: Legal & technical verification (1 day)
• Step 4: Loan approval (2 days)
• Step 5: Loan sanction (7 days)
• Step 6: Funds disbursal (2 days)
• The funds that you receive as part of a loan against property can be used for any large expenses, such as home renovation, business expansion, medical cost or even alternate investments. the property will need to be officially registered in your name for you to get a loan against it.

Here are the types of properties that you can get a loan against:

• 1. Residential self-occupied/unoccupied property
• 2. Commercial self-occupied/unoccupied property
• 3. A rental property that's registered in your name

Loan Amount:

• 1. Minimum: Rs.5 Lakhs
• 2. Maximum: Rs.3 Crores

Loan Tenure:

• 1. Minimum: 3 years
• 2. Maximum: 30 years if you're salaried & 20 years if you're self-employed
• Loan against property Balance Transfer helps you switch your existing balance to another financial institute.

This is done to ensure more flexible repayment options along with preapproved offers, better service and lower interest rate* when compared to your parent bank.