With the help of loan against property, you can raise money for everything from business to buying another property. The loan limit is fixed according to the income of the customers based on the cost of the property.
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It is not easy to take loan for new business or big needs. In fact, while giving a large amount, the banks also keep the conditions strict. However, if you have a property, then this difficulty becomes very easy. on bank property for large amount Loan Let’s give These loans are secured loans, so their interest rates are not high and the loan amount is issued on the basis of the property value of the people and their own income. If you also need any kind of loan and you want to take a loan from the bank by mortgaging the property, then we tell you the terms and conditions related to loan against property.
What are the features of loan against property
Through loan against property, you can avail higher loans which can reach up to Rs.10 crores. This amount can be different for different banks. While the loan can be repaid over a period of 15-20 years, the loan amount and loan tenure depend on the value of the property and the age of the borrower. These products are the best way to extract maximum value from one’s property. Because by using the property you can meet your needs with the amount received from it in the form of loan and by returning the loan you can once again get back the ownership of your property.
What are the terms of LAP
Loan against property is offered only to the owner of a property. For this, along with the application, the applicant has to submit all the documents related to his property to the bank. Along with this, receipts of payment of tax, water tax etc., all necessary no objection certificates are required to be submitted. Banks do not offer loan against all properties. Along with all the property papers, the applicant’s income papers are also sought. The loan amount is sanctioned on the basis of the market value of the property and the income of the applicant.
What is interest rates on LAP
According to bankbazaar.com, loan against property is available at an initial interest rate of 7.5 percent. At the same time, loans up to Rs 25 crore are available. Banks are offering loans for a maximum period of 20 years. IDF First Bank is giving the loan at the lowest rate, although it is offering loans only up to Rs 7 crore. At the same time, IIFL is giving loans up to Rs 10 crore with an initial interest of 11.5 percent. SBI is offering loans at an initial rate of 8.45 percent, HDFC Bank 8 percent, Axis Bank 7.9 percent,