All You Need to Know About Property Loan

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All to Check for LAP Loan / Mortgage Loan
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LAP Loan is a secured loan which can be used for
both commercial or residential property. The
security in this kind of loan is the property
owned by the person applying for the loan. The
value of your property decides the amount of
potential loan you will be sanctioned and the
percentage decided by the lender. It provides the
opportunity of high value loans, disbursal in 4
days, flexible tenure, easy balance transfer
facility, online account management.
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Benefits of LAP Loan

• A person can use his asset that is the property
  in the time of need for business and personal
  use.
• The lap loan or we can say mortgage loan is
  processed relatively faster and comes with
  comparatively low interest rates.
• No hidden charges.
• You get your money in the bank within 4 days of
  application.
• Salaried people can avail a loan amount up to Rs.
  1 Crore whereas self-employed get an amount as
  high as Rs. 3.5 Crore.

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LAP Loan V/S Home Loan

• It has no end-use restriction - Unlike other
  secured advances such as home loans, loan against
  property has no end-use restrictions and can be
  utilised to fulfil any financial requirement
  ranging from medical emergencies to higher
  education expenses, travel costs and any other
  miscellaneous charges.
• In-hand disbursal of loan amount - With home
  loans, the credits are transferred directly to
  the account to property owners and, thus, can be
  utilized only in purchasing the property.
• Easier documentation - Compared to home loans,
  the documentation process to avail loan against
  property is much easier.

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Factors that Affect LAP Interest Rate

• Credit score Credit score is the foremost
  determinants of LAP interest rates. While this
  factor does not influence property loan
  eligibility, financial institutions usually offer
  competitive interest rates to reliable borrowers
  who have a credit score above 750.
• Tenor A borrower can lower EMI payments by
  opting for a longer repayment tenor. However,
  opting for this tenor would increase the interest
  outgo and attract higher rates of interest.

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Factors that Affect LAP Interest Rate

• Profile of a borrower An individuals age,
  income profile, residence have a significant
  impact on loan against property interest rates.
  Usually, young applicants with a sustainable
  income can avail the advance against low interest
  rates.
• Property type The interest rate of LAP also
  depends on the mortgage type. A residential
  property located in a prime location surrounded
  by amenities has a higher loan value. This helps
  in gaining an affordable interest rate.

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LAP Loan Eligibility - Salaried Employee

• Identity proof like PAN card, Aadhaar Card, Voter
  ID Card, Passport, or any other govt ID.
• Address proof like Voter ID Card, Aadhaar Card,
  Passport, Utility bill, Ration Card, or any other
  address proof issued by the government.
• Salary slip latest.
• Last 3 months bank account statement.
• Income Tax returns.
• Documents of property to be mortgaged.

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LAP Loan Eligibility - Self Employed

• Voter ID Card, Aadhaar Card, Passport, or any
  other government ID for Identity proof.
• Utility bill, Voter ID Card, Aadhaar Card,
  Passport, or any other address proof issued by
  the government.
• Last 6 months bank account statement.
• Documents of property to be mortgaged.

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How to Apply for LAP Loan?
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(No Transcript)
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With tools like Loan against Property Eligibility
Calculator and Loan against Property EMI
Calculator, you can manage your loan easily.
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Thanks!

• Visit us at
• https//www.bajajfinserv.in/loan-against-property-
  contact-details