Have you asked yourself 5 questions about loan against property?
What is Loan Against Property (LAP)?, Is co-applicant applicable on this LAP?, Can I Prepay my LAP?, How to calculate the LAP amount?, When the loan is disbursed? - Here's the answers to all your questions.
What is Loan Against Property (LAP)?
Over the years, the value of your property has increased manifold. Do you know in case of requirement of fund, you can unlock hidden potential of your property? Rings the bell? Yes, you can avail loan against your property (LAP). Whether you need money for your marriage, sudden medical emergency or for any business activity – you can avail LAP and meet your desired goals with convenience. The lenders in the mortgage finance industry usually provide loan against both residential as well as commercial properties.
Is co-applicant applicable on this LAP?
As per your convenience, you can apply on a co-applicant basis. A co-applicant can be your spouse, parents or children. If your credit history is not satisfactory, then it is better to apply with a co-applicant. Be it new home loan or loan against property – the loan is usually disbursed in full. However, you can also get the loan in suitable instalments.
Can I Prepay my LAP?
While choosing the lender, ensure there is facility of prepayments. In case if you have excess funds at a later stage, you can repay the loan before the completion of its tenure. To avail LAP, you need to submit dully filled in application form, income documents like bank statement, salary slips and identity proof documents such as address and age proof.
How to calculate the LAP amount?
Click on Home Loan E.M.I Calculator and you can compute your eligibility in few seconds.
The Value of the Loan against Property (LAP) ought not to be more than 65% of the business sector estimation of the residential property or 55% of the commercial property as assessed by the lender or the housing finance company.
Your repayment capacity is determined on the basis of your age, qualification, income, spouse income, dependent, liabilities, and assets, credit history, running loans and stability in the current job.
When the loan is disbursed?
At first the technical, legal and credit appraisal of the property is done. Then, the applicant deposits the original property documents to lender for disbursal of LAP.
Now the question appears why IIFL Home Loans?
• Transparency and accountability in home loans operations
• Loan against property is available across its wide range of branches
• Attractive floating interest rate for housing loans
• Low processing charge
• Long repayment period
• No hidden costs and fast processing of the cases
Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.
