Key Features
- Secured Loan
- High Loan Amount
- Flexible End-Use
- Competitive Interest Rates
- Long Tenure
- Ownership Retention
Details of Loan Against Property
A Loan Against Property (LAP) is a secured loan offered by financial institutions where the borrower pledges their property (residential, commercial, or industrial) as collateral. It allows individuals or businesses to unlock the value of their property to meet financial needs without selling it.
Interest Rates
Loan Against Property interest rates are competitive and vary from 7% to 12% annually (subject to market conditions and lender policies).
Repayment Terms
- EMIs: Equated Monthly Installment over the loan tenure.
Benefits
- Lower Interest Rates: As a secured loan, it offers better rates than personal loans or credit cards.
- High Loan Amount: Access a larger loan amount based on property value.
- Flexible Usage: There are no restrictions on how the loan amount can be used.
- Long Repayment Tenure: Borrowers can choose a repayment tenure that suits their financial capacity.
- Ownership Retained: Borrowers continue to own and use the property while leveraging its value.