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A Loan Against Property is a versatile option for individuals and businesses with access to substantial funds by leveraging their property. A Loan Against Property (LAP) is a secured loan granted when you offer your existing residential or commercial property as collateral. From urgent financial needs for personal use to expanding business, Loan Against Property offers various benefits to make it an ideal choice for many. Let’s know the benefits and advantages of Loan Against Property.
The top 5 advantages of a personal Loan Against Property can benefit you:
Opting for a Loan Against Property has several advantages, one of which is the lower interest rates compared to other forms of loans. Since this is a secured loan, lenders offer lower interest rates as the risk involved is minimal. This translates to lower EMIs, and reduced interests, making it a flexible financing option for the borrower.
Another advantage of Loan Against Property is that you can continue to use the property even after it has been mortgaged. This means that the ownership of your property remains unchanged. You can still occupy or rent out the property while pledging it as collateral for the loan.
When you apply for a Loan Against Personal Property, you enjoy a flexible repayment tenure of up to 180 months. This extended tenure helps you repay a large amount conveniently by opting for tailored monthly instalments. With the combination of a long repayment tenure and lower interest rates, this financing option becomes an affordable one for you.
Also Read: Do’s and Don'ts of Applying for a Loan Against Property
Whether you are borrowing money for personal or professional purposes, a loan secured by property can help you budget your expenses. Your lender will sanction you an amount ranging between 70 and 75% of the current market value of your property. Additionally, when you opt for a Loan Against Property from leading financing institutions, you can access a high sanction amount of up to Rs. 5 Crore, helping you cover your needs.
As Loan Against Property is a secured loan, lenders are more willing to provide you the loan. Minimal documentation is required as you keep the property as collateral. This makes your loan processing faster, saving you time.
With a Loan Against Property, you can cover any big-ticket expenses. These include:
The application process for a Loan Against Property is simple and can be completed in under 5 minutes. Follow the steps below for a seamless application:
Step 1: Click on the ‘Apply Now’ button and you will be taken to the application form.
Step 2: Enter details all the required details.
Step 3: Cross-check the provided information to avoid any errors, upload the required documents and submit the application form.
Also Read: Minimum CIBIL Score Required for Loan Against Property
From its high sanction amount to flexible repayment tenure and lower interest rates, a Loan Against Property is an affordable financing option if you are seeking financial flexibility. Whether it’s personal aspiration or business goals, Loan Against Property allows you to leverage your property for urgent financial needs. Poonawalla Fincorp offers instant disbursal with minimal documentation for Loan Against Property.
This loan type can be taken anytime you need to cover an unplanned big-ticket expense.
Loan Against Personal Property is offered to salaried individuals, companies or firms, and self-employed professionals.
No. When you avail this credit line from credible financing providers, there are no hidden costs on this secured loan.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan Against Property disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply
Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.
Whether you have a residential property, commercial property, or agricultural land, you can use it to avail of a loan against your property.
We all know that the COVID-19 pandemic has affected most of the population physically, mentally, and financially. The financial crunch experienced by many people was too difficult to handle without external support.
An online Loan Against Property, as the name suggests, is a secured loan in which property has been mortgaged as collateral. This is different from a home loan, which is a type of loan used to finance the purchase of a house.
When faced with financial challenges, many individuals or businesses turn to loans as a viable solution. One of the most secure and accessible forms of borrowing is a Loan Against Property (LAP).
In today’s dynamic finance sector, which is taken by a storm by digitization, a clear understanding of the loan process is imperative.
