What is Loan Against Property

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As the name suggests Loan Against Property is the loan type which you can avail by keeping your property mortgage. Now one can apply for a loan not only from banks but also from NBFC’s. NBFC’s are non-banking financial sectors, these are financial institutes that offers loans and works almost similar to banks. In LAP’s case, the loan is offered at a certain percentage of the market value of the mortgaged property. Depending on market value and conditions, banks lend up to 50 to 55% of the value of the property. If you are planning for expanding your business or looking for a fund for higher education then apply for Loan against Property in Delhi.

In case of property mortgage, your property is kept as collateral with a bank or financial institute. The worst happens in the case when you fail to repay the loan. In that case, the lender will take a strict action of auctioning off your property. In this blog, we will learn about the benefits and advantages of Loan against Property. And who all can apply for it.

You can apply LAP in Delhi for the following purposes:-

· Funding for Child higher education

· Wedding celebration

· Starting a small business or business expansion

· Planning for dream Vacation

What are the Benefits of Loan against Property?

Applying for a loan is no more pain. Now you don’t need to rush to banks or financial institutes for loans. You can easily sit at your home with a cupful of cappuccino while comparing loans at multiple sites. All you need is a set of complete documents required while applying for Loan against Property Online.

· Lower Interest Rate: In case of LAP, the property is a mortgage. So keeping property collateral, the ROI is generally lower. LAP’s ROI generally ranges between 12% and 15% approximately while in case of a personal loan the interest rate varies a bit high.

· Lower EMI: When you apply for LAP with long-term tenure period you win the EMI game. Because higher the tenure period lowers the EMI or vice versa. The relationship of EMI with Tenure is inversely proportional.

· Lower Tenure: Loans like LAP’s are generally available for a longer tenure. It may be up to 15 years or more, whereas in case of personal loan tenure period is up to 7 years.

· Easy to apply and get: Loan against Property is a secured loan and banks prefer to provide such loans. Hence you won’t find any difficulty while applying for these loans. Source visit here https://makesmymoney.blogspot.com/2018/11/what-is-loan-against-property.html