Loan Against Property, or commonly known as LAP is a type of mortgage loan. It can be considered as a variant of personal loan. You can get funds from a bank or NBFC by keeping your commercial or residential property as mortgage. The banks and NBFCs evaluate the current value and position of the property. As per their evaluation they approve loan amount from 40% to 60% as per the current value of the property. To get a Loan Against Property in Mumbai, you can mortgage one or more commercial or residential properties registered under your name. Also one can utilize the mortgage property while it's been kept as collateral to the bank. This is the reason LAP is more famous than any other type of loans, especially personal loan.
One does not require disclosing the reasons to take Loan Against Property in Mumbai to the bank or NBFC. The funds from LAP can be utilized for any personal or professional reasons. Be it expanding or business, to purchase new property/land by mortgaging existing property, to fund marriage ceremonies, to use in emergency medical treatments, to fund higher studies, to fund a vacation or to renovate/expand your home, you can easily use the funds from Loan Against Property in Mumbai.
Personal loan and loan against property have many similarities. People often confuse between them, take a loan and later realize that they have made a mistake. So you should always know the difference between LAP and personal loan. Though they share some similar features, one is better than the other. Personal loan is a type of unsecured loan where as LAP is a secured loan. That means to get a personal loan, one doesn't need to mortgage any assets but in LAP an asset mortgage is compulsory. It can be a residential or commercial mortgage. Thus the interest rate in personal loan is higher than LAP. Eventually this leads to the loan borrower paying higher EMIs in personal loan compared to LAP. Banks and NBFCs approve personal loan on the basis on the applicant's finance history. In LAP along with the applicant's finance history, the property is also valued by Banks and NBFCs before approving loan. Personal loan is given for a smaller tenure i.e. for 5 to 7 years*. But LAP is given for even longer tenure, as long as 10 to 15 years. .
Banks and NBFCs have very specific eligibility criteria when it comes to approving Loan Against Property in Mumbai. The criteria are divided on the basis of applicant's profession and income history. The loan borrower has to be a citizen of India. His or her professional stability and savings history play a major role in approval of Loan Against Property in Mumbai. The loan borrower requires having a good credit history with proven track record of timely paid loan EMIs and credit card bill repayment. The property which is being mortgage also needs to fulfill a certain criteria. The property should currently exist and should be in the loan applicant's name. The loan can be taken as co-applicants if the property is registered under multiple names.
The eligibly criteria for loan against property also changes based on applicant's profession. The details of the same are given below:
The list of documents for availing Loan Against Property in Mumbai changes whether you're a salaried applicant or a self-employed professional/ businessman. The process of getting a Loan Against Property in Mumbai can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria. The list of required documents differs from lender to lender. But we have given a generic list of required documents below:
Ruloans work with a motto of 'much more than money. We work with a team of more than a thousand professionals to help you borrow right. As we are India's fastest growing financial distributors, we are pledged to offer solutions to all your financial needs with our internally developed highly proficient Loan Calculator algorithm. We offer you a list of Banks and NBFCs to choose from to get any loan or credit card.
Ruloans have come up with a highly efficient, smooth and easy online process for our consumers to get a loan against property. Our user friendly online procedure allows consumers to upload their required documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.
As we have a huge team of finance professional with considerable experience in loan industry, we offer the benefits of our experience to our customers. Applying for a LAP with us will give you a chance to avail the best offers and deals from the banks or NBFCs of your choice.
On our online portal you can compare interest rates, extra fees and other details of many banks and NBFCs. This process will help you to make the right choice and choose the right lender for your LAP as per your requirements.
Ruloans offers its services to its customers free of cost. We help you and guide you throughout the loan without charging a dime.
As our customers upload their documents on our online portal, we assure the security and privacy of those documents. They are processed electronically and sent to the bank or NBFC of your choice without any breach.
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