Things to Remember Before Taking a LAP

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Things to Remember Before Taking a LAP
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High loan amount
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• LAP's loan to value ratio can range from 40 to
  75.

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Lower rate of interest
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• As a high-value property is mortgaged, the
  interest rates are lower than unsecured loans,
  due to lesser risk.

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No restriction on usage
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• Borrowers can use LAP for multiple purposes.

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Long repayment tenure
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• The repayment period can go up to 15 years.

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High-income misconception
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• You do not need a high income to receive a LAP as
  it is backed by a high-value property.

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Use of mortgaged property
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• Until you default on your LAP, you are free to
  use your mortgaged property as you want.

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Zero tax advantage
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• LAP does not offer any tax benefits.

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Mortgaged property cannot be sold
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• You cannot sell the mortgaged property until all
  your outstanding dues are paid off.

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Eligibility requirements for LAP

• Indian citizen between 25 and 75 years.
• You must have a regular income flow.
• You should have spent at least 3 years running
  your present business.

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LAP documentation

• Duly filled application form along with PAN card
  and property-related papers.
• Identity proof, address proof, and income proof.
• Business existence proof.
• Signature proof.

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• Before applying for a LAP, make sure you
  understand the terms and conditions thoroughly.

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Thank You !
Would Love to hear from you.
Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi -
110057
Tel [phone]
Email corporate_at_herofincorp.com
Website https//www.herofincorp.com/
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LAP