'Loan Against Property', also known as LAPs is one of the variants of personal loan. This is a type of secured loan which comes handy in times of immediate financial needs. As per the name, the borrower can apply for loan from banks or NBFCs by giving their property as collateral. The type of property can be residential or commercial which is in current use. A borrower can keep one or more properties as collateral which belongs to him or her. Banks or NBFCs evaluate the current value of the particular property and give the loan amounting 40% - 60% of the land value. Even though your property is kept as a mortgage to the financial institution, you are allowed to live in or use the property as you desire.
Many times this happens that you take a loan from a bank or NBFC providing lower loan against property interest rate at the time of taking loan. But after a while you realize that there is some other bank or NBFC which offers the same loan but with lowest interest rate compared to your current loan provider. Here you may regret your decision of choosing current lender or for having to pay the extra interest rate when there is another lender where you can pay less. So you can easily switch your loan amount from your current lender to the new one of your choice. This transfer is done swiftly with very minimal fees. You start paying the loan amount to the new lender of your choice with lowest interest rate. You don't have to repay the amount you already paid to your first lender. You can start with the remaining amount. Also if you feel like you need additional amount against your property along with the transfer, this option is also possible. The additional loan amount is known as a top up loan. So here when you transfer your LAP from one lender to another, you get desired lower interest rate along with extra loan amount. Thus this type of loan is called as loan balance transfer with top up. In case of loan against property, it becomes LAP balance transfer with top up.
Banks offer LAP balance transfer with top up to borrowers who fulfill their designed eligibility. The eligibility criteria changes from bank to bank and the profile of the borrower. But there are some commonalities which you have to follow or acquire to get a LAP balance transfer with top up from any bank. The common and generic factors are listed below:
The Eligibly Criteria for LAP balance transfer with top up also changes based on applicant's profession. The details of the same are given below:
The list of documents for availing LAP balance transfer with top up changes whether you're a salaried applicant or a self-employed professional/ businessman. The process of getting a LAP balance transfer with top up 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 bank to bank. But we have given a generic list of required documents below:
Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for LAP balance transfer with top up with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.
We have developed an efficient, smooth and easy process for our consumers to get a LAP balance transfer with top up. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.
We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a LAP balance transfer with top up with us, gives you a chance to avail the best offers and deals from our partner banks and NBFCs.
You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your loan as per your budget.
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime.
We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan transfer and top up applications are processed electronically with complete privacy and transparency.
LAP balance transfer with top up can be repaid in the form of EMI (Equated Monthly Installments).
Yes, you can repay the loan ahead of schedule. Very few banks 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 email@example.com