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Loan Against Property

Got that business idea you need funding for? Do you need to invest in your business expansion? Do you just need relatively cheap funds for any purpose ?

If you have a loan-free property then probably a Loan Against Property is the answer for you.
Popularly known as LAP in the financial services circles, these loans are a convenient means to access funds at interest rates which are lower than personal loans or other forms of unsecured loans.
To avail such loans, you offer an existing property as a security or collateral against which the lender-- usually a Bank, an NBFC or a housing finance company -- gives you a loan. The current market value of the property determines how much loan you can avail against the property. Such loans allow the owners of properties to leverage the value of their existing properties to raise funds for a variety of reasons.

Loans against property may be availed on:

• Residential properties
• Commercial Properties
• Industrial properties
These loans can also be availed against a plot and not just against a constructed property . At most times they are priced slightly higher than regular Home loans but are definitely cheaper than personal or other unsecured loans.
Most institutions lend upto 80% of the value of the property as a Home loan, provided the borrower can demonstrate the ability to pay the installment for such a loan.

How is your eligibility determined for a Loan Against Property

Your eligibility is determined after looking at the following:

1. The current market value of your property and its current status.
2. Your current Income
3. The nature and continuity of your employment
4. Your current obligations i.e. the other Installments ( EMIs) you are currently paying, the number of credit cards and credit limits you have or use,
5. Your past credit history
6. The purpose of availing such loans is also discussed with the lender and may have a bearing on the loan sanction.

Well help you check your eligibility at more than 20 of the best lenders in the industry and show you the best available deals all in one place in just a few clicks.
Having a Co-Applicant to your Loan against property
In order to give the lender an accurate picture of your loan servicing capability as a family , you could choose to have one of your family members as a co-applicant to your loan. Any of the members of ones immediate family may become co-applicants to a Loan Against property - this is however limited to Spouses, Parents & siblings.

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