how to get loan against property / mortgage loan ?
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LAP Loan(explanation of LAP)
Other name of Mortgage loan is Loan against Property(LAP). If you needs funds for getting personal and business requirement, you can get benefit of Loan against Property. A Loan against Property comes in a secured loan category.
The interest rate on a LAP is lower than unsecured loans and tenure of the Loan against Property goes up to 15 years. Both salaried and self-employed individuals can get LAP. There are multiple banks and NBFCs offering a Loan against Property. You can get a loan against property for both businesses as well as personal needs.
There are Some basic need for which an individual take a loan against property :
1. Business purpose:
An independent can take a loan against property for set up a new business, a business loan is not provided for the purpose of set up a new business, it is provided on behalf of running business. For meeting requirement of fund for the set-up of a new business, you can go for a loan against property. It can be also used to buy inventory, purchase machinery and Equipments and to meet working capital expenses of the business. LAP is an unsecured loan which an individual can swiftly avail against his property.
2. Medical Emergency
Life is uncertain, you never know when medical emergencies may come. Loan against property assist you to meet your requirements of the finance when there is an emergency. Medical bills run in thousands and lakhs and to pay such a massive amount of bills, needs for funds appear. LAP helps to overcome these unexpected medical emergencies.
Marriage marks one of the most joyful and memorable events for anyone. While marriage disburse vary among people based on their tastes and spending capacity, most weddings exceed the planned budget. A loan against property helps to overcome the requirement of a fund which comes at the time of Wedding.
4. Study in abroad
These Days, education has become more expensive. Some students want to go abroad for higher studies and it requires funds in a large amount. A loan against property assist an individual to settle these education fees and dream of getting a degree from foreign universities comes true with the help of a loan against property
Purposes For Which Loan Against Property Is A best Option
1. Business expansion
2. Child Education
3. Personal expenses such as wedding or vacation
4. Medical emergency
Points to remember are:
1. Loans for home construction or purchase are available at lower rate of interest under home loan as against mortgage loan.
2. Banks will take an end use assurance on the loan against property and will also check the real usage of the loan on a regular basis.
3. Top up loan taken on existing loan against property customers can be used for purposes such as business expansion, education, medical charges etc.
Loan Against Property Eligibility Criteria:
You are required to fulfil the following criteria in order to be eligible for a loan against property:
Age: Minimum age of The applicant should be at least 18 years old at the time of application of the loan.
Income: The applicants are required to have a net monthly income of Rs.30,000 or more if they are salaried. For the Loan against property, self-employed individuals will need to have a net yearly income of more than 3 lakhs rupees.
Business Stability: A self-employed person should be in business for a minimum of 3 years during which the business should be profitable.
CIBIL score: A CIBIL score of the applicant should be 650 and above is considered good to avail a loan against property. A poor CIBIL score of less than 650 will maximize chance to rejection of your loan application.
Property Value: The value of the property to be mortgaged is used to calculate maximum loan eligibility based on the maximum permissible LTV ratio which can range up to 70- 80% depending on the type of property.
Property approval and documents: The builder and property against which you are taking the loan should be approved by the government.