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Loan Against Property offerings against your residential, or commercial property enables you to employ the locked-up value in your property to meet the expenditure of any kind. Unlocking this value for multi-purpose use will need you to prove your eligibility for a LAP.
Certain generic and common factors that decide eligibility for a LAP are listed below.
You need to be a Citizen of India with documents to prove your claim.
Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.
Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.
Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.
Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.
Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.
LAP Eligibility Calculator has the ease of use to computing complex calculations without manually entering values, and running through complicated formulae. You just have to move the slider on our calculator to your preferred values for accurate and dependable results for an informed decision.
LAP or loan against property is a type of secured mortgage loan. One can use a loan against property to fulfil their various personal as well as professional needs. You can use the funds taken from loans against property to fund your child oversees education. Paying for a foreign university from India can be pretty exhausting on your wallet.
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The funds taken from loan against property can be used to pay various expenses of a wedding in Mumbai. You can have a grand wedding of your dreams by taking a LAP in Mumbai.
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When you choose Ruloans, you can expect the best customer service and our USP which is to help the customer right throughout the mortgage loan process until the application is approved. All of these services will be provided free of cost.
Read MoreI have purchased a loan against property via Ruloans. I'm comparing with other banks about the interest rate and the service has been good. I got the loan amount of Rs. 10 lakhs and the total tenure period of the loan is 15 years. I never faced any issues with this loan. I compared the rates of different banks and choose the best one. A good experience.
