LAP that is known as 'Loan Against Property', is one of the variants of personal loan. In times of immediate financial needs LAP comes handy as it’s a type of secured loan. As the name suggests, the loan borrower can get a LAP from banks or NBFCs by keeping their property as mortgage. One can keep their residential as well as commercial as collateral to get a loan. The property has to be in current use. One or more properties can be kept as collateral by the borrower which belongs to him or her. Banks or NBFCs give the loan amounting from 40% - 60% of the current value of the land after evaluating the particular property. You are allowed to live in or use the property as you desire even though your property is kept as a mortgage to the bank or NBFC.
People often confuse between loan against property and personal loans because some of their similar features. They end up considering them same. But there are many fundamental differences between loan against property and personal loans. You can analyze them in the below table and make the right decision to choose the perfect loan suitable to your budget and needs.
Banks and NBFCs have very specific eligibility criteria to approve loan against property in Delhi. The criteria changes from lender to lender as per their policy terms. But there are some generic rules to be followed. We have listed them below:
The eligibly criteria for loan against property also changes based on applicant's profession. The details of the same are given below:
Banks and NBFCs in Delhi have specified the documents required to approve a loan against property. It changes as per the loan borrower’s profile and profession. But here we have given a generic list:
The borrower has an option to choose for two types of interest rates while applying for loan against property in Delhi: Fixed Interest Rate and Adjustable Interest Rate. If you opt for fixed interest rate, the interest rate stays fixed throughout the loan tenure. The fixed interest rate changes from bank to bank but it’s always between 8.50% - 12% per annum*. If you opt for adjustable interest rate, the interest rate does not stay fixed or static. The interest rate changes time to time as per prevailing market conditions. This type of interest rate is beneficial for those who want to keep the loan for a short duration.
India’s loan distribution business is very competitive and Ruloans can easily be spotted in the first row. Ruloans has a huge team of finance personnel to credit this success. With our internally developed highly proficient Loan Calculator algorithm, we are providing solutions for loan related needs across the nation. Delhi being the capital of India has always been on the favorites list of Ruloans. Our consumers can easily apply for a loan against property in Delhi using Ruloans’ latest online application procedure. We help you choose from a huge list of banks and NBFCs. You can borrow as per your needs. We help you borrow right.
With our user firmly online application process we have provided a hassle free way to get LAP in Delhi. Also you can easily upload your documents using our online portal.
By applying for a loan against property in Delhi via Ruloans you can get benefits of our expert opinion. We help you get best deals and offers given by banks and NBFCs.
Ruloans provides you with options of many banks and NBFCs with their interest rate and other details when it comes to loan against property. You can choose from a number of options
Ruloans does not charge you anything to help you get a loan against property in Delhi. Our advices and guidance are free of cost.
On Ruloans’ website you can upload your documents for loan application with ease as we provide best security for your documents. We believe in safety, privacy and security of the documents you share with us. We do not share them with any third party.
Yes, there can be a co-applicant for the loan against property. The co-applicant is your spouse. But if the given property is owned by multiple people, all the owners become co-applicant automatically.
Loan against property can be repaid in the form of EMI (Equated Monthly Installments).
Yes, you can repay the loan ahead of schedule. Banks do not charge any prepayment fee if you repay the loan quicker.
The loan repayment period starts after six months of disbursing the loan amount.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at firstname.lastname@example.org