Important Things to Know About Loan against Property

Loan against property in India (LAP) is a form of loan that is sanctioned against the mortgage of property. The interest rate against this type of loan revolves somewhere between 40% - 60% of the market value of the property. Nowadays, the interest rates offered on personal loan by finance investment companies in India, Delhi is not less than 35% of the amount borrowed. Hence one of the best benefits of loan against property over personal loan is the interest rate.

If you were to take a personal loan from finance investment companies in India, Delhi, the interest rate would have been very high. On the other hand taking a loan against property means you pay low interest rates as your property is guaranteed against the loan.

Here’s how finance investment companies handle LAP:

The process of approval of loan against property involves the following process –

·        If the property you choose to mortgage has more than one owner, all of you will have to apply together for the LAP

·        LAP is possible even against freehold property – from a plot of land to a rented house everything is acceptable for a loan against property

·        The investigation team from finance investment companies in India, Delhi checks all the documents related to the property like electricity bills, telephone bills, identity proof like PAN card, Passport, voter ID card and more

·        You also need to provide your bank statements for the past 6 months, and if you’re self-employed you need your financial statements for the past 2 years for complete verification

·        The minimum age for applying loan against property is usually 24 years, and the maximum age for an employed person is 60, and a self-employed individual is 65

And, the most important of all the above mentioned facts is that the investigation team of finance investment companies in India, Delhi also reviews the CIBIL score and goes through your payment track record. Thus, never forget to stay sincere to your financial responsibilities; always maintain a good CIBIL score for getting your LAP application approved instantly.

Based on all this information, your finance investment companies in India, Delhi will ascertain your capacity for repayment and approve your loan application if they are satisfied!