Understanding Loan against Property Interest Rates and Charges

1

• Understanding Loan against Property Interest
  Rates and Charges

2

• Different Types of Interest Rates

3

• Fixed Rate of Interest
• Throughout the repayment tenure, the EMI remains
  unchanged.

4

• Floating Rate of Interest
• It changes as per market conditions.
• Interest rates are directly proportional to RBI's
  benchmark rate.

5

• Charges Associated With LAP

6

• Processing Charge
• One-time cost for loan processing.
• It covers administrative cost, carrying cost,
  etc.

7

• Legal Fee
• It is charged for the verification of
  property-related papers.

8

• Foreclosure Fee
• It is charged when a borrower prepays the debt.

9

• Part-Prepayment Fee
• It is charged when a borrower makes a bulk
  payment towards the EMI.

10

• Penalty Fee
• The lender imposes this late fee on delayed EMI
  payments.

11

• Bouncing Charge
• It is charged when your cheque gets bounced due
  to insufficient funds.

12

• Rescheduling Fee
• Extending the repayment tenure attracts loan
  rescheduling charges.

13

• Conclusion
• Go through LAP interest rates and fees carefully,
  so you can make your EMI payments comfortably and
  punctually.

14
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• Know more- Understanding Loan against Property
  Interest Rates and Charges