LAP-Loan Against Property
A Loan against Property (LAP) in Chennai could be a secured loan availed against an advertisement or residential property unbroken as collateral with the investor. because the funds go along with without stopping usage restrictions, borrowers will utilize the funds for numerous functions like business enlargement, weddings, child’s education, etc.LAP loans provide you with the liberty to create high-value investments at lower interest rates, creating them the popular loan alternative among all. you'll get a hefty sanction of up to five crores supported your property price and eligibility, and repay it at a versatile tenure. in contrast to personal loans, LAP loans are often repaid between twelve - one hundred eighty months, thereby permitting you to borrow an oversized quantity with an inexpensive EMI which may work among your budget.
How to avail a Loan Against Property (LAP) in Chennai?
Availing a loan against property in chennai. residential or business property is one of the foremost common sorts of obtaining funds throughout associate emergency after you are under money stress. you must have sufficient property to stay as collateral or mortgage with the investor. If you have got a property that's free from any loan, then you'll take a loan by keeping that property as collateral
Loan Against Property (LAP)
A Loan against Property (LAP) could be a secured loan availed against an advertisement or residential property unbroken as collateral with the investor. because the funds go along with without stopping usage restrictions, borrowers will utilize the funds for numerous functions like business enlargement, weddings, child’s education, etc.LAP loans provide you with the liberty to create high-value investments at lower interest rates, creating them the popular loan alternative among all. you'll get a hefty sanction of up to five crores supported your property price and eligibility, and repay it at a versatile tenure. in contrast to personal loans, LAP loans are often repaid between twelve - one hundred eighty months, thereby permitting you to borrow an oversized quantity with an inexpensive EMI which may work among your budget.
SEE HOW to Ease your the house buying process
Benefits of LOAN AGAINST PROPERTY(LAP) – Chennai
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Simple approval method
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Attractive interest rates
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Continuous possession
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Easy and hassle-free documentation
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Optimum use of a property
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Claiming the interest as expenses
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Eligibility criteria for LAP
WHO CAN OBTAIN Loan against property?
A loan against property is obtainable to the following–
a) Salaried – a private Who is in permanent service within the government or an acknowledged company. Further, he/she ought to be on top of the age of twenty-four years at the time of loan commencement and up to the age of superannuation.
b) Self-employed Businessmen – anyone filing tax come (ITR) and WHO is over twenty-four years archaic at the time of loan commencement and up to sixty-five years at the time of maturity.
c) Self-employed Professionals – Professionals like doctors, engineers, dentists, architects, hired accountants, price accountants, company secretaries, and management consultants will apply. The age criterion is comparable to it of freelance people.
Process of Applying for a Loan against Property
1. Visit an acceptable lender’s website and click on the “Apply Now” button
2. Register along with your mobile range and verify your OTP
3. Enter the essential details asked and click on “Next.”
4. Enter your employment info and bank details
5. transfer your documents and submit the appliance
6. The lender’s client care representative can contact you to require the method forward.
Documents needed for LAP
Salaried Individuals |
Self-Employed Professionals/Businessmen |
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Application form, photograph attached |
Application form, photograph attached |
Valid photo identity (such as Voter Id card, Passport, Aadhaar Card, Pan Card, Driving License) |
Valid photo identity (such as Voter Id card, Passport, Aadhaar Card, Pan Card, Driving License) |
Proof of current residence |
Proof of current residence |
Latest salary slips (minimum 3) |
Proof of business existence, Certificates of educational qualifications |
Form 16 |
For Professionals – Last 3 years IT returns (self and business), Last 3 years Balance Sheets and P&L statements. For Businessmen – The business profile, Last 3 years' IT returns (self and business), Last 3 years' Balance Sheets, and P&L statements. List of Directors and Shareholders with their shareholding certified by a CA / CS in case of the business entity being a company. Memorandum and Articles of Association of the Company. A partnership deed in the case of the business entity is a partnership firm. |
Bank statements of the last six months |
Bank statements of the last six months – both business and personal in case of businessmen |
A cheque for processing fee |
A cheque for processing fee |
Check different rates of : Bajajfinserv, BankBazaar, Hdfc ,SBI:]’\
The most common method of selling a foreclosed property is through an auction.
What happens if you don't repay the LoanAgainst Property?
- Visits from collections agencies
- Arbitration / legal proceedings
- Loss of pledged property
- Heavy dip in CIBIL scores
- Marked as a “defaulter” in credit history
- WIll notice it tough to secure loans within the future
Certificates required for the property:
1. Encumbrance certificate:
This certificate is a legal assurance that a property is free from financial and legal burdens.
2. Occupancy certificate:
This certificate refers to a document issued by the development authority that the building adheres to the national building codes and is suitable for occupancy
3. Possession certificate:
This certificate signifies that the property has been shifted from buyer to seller and specifies the agreement related to sales has been fulfilled by the buyer and seller.
4. Non-Encumbrance certificate:
Non-encumbrance certificate is proof that the property in consideration does not have any monetary issues. It is an essential document while selling or buying a property.
Loan Against Property FAQs –
1. What are the kinds of properties against that LAP are often taken?
- Self-Owned and Self-Occupied Residential Property
- Self-Owned however Rented Residential Property
- Self-Owned Piece of Land
- Self-Owned business Property
- Self-Owned Rented business Property
2. Can I take a loan against the property for any reason?
- Loans against the property are often taken for the subsequent functions. they're as follows –
- For Business enlargement
- Getting your son/daughter married
- Sending your son/daughter for higher studies abroad
- Funding your dream vacation
- Funding medical treatments
3. What is the most loan quantity an individual will get in LAP?
- The maximum loan quantity an individual will get against LAP is up to Rs twenty-five large integer.
- However, the LAP shouldn't exceed on top of the hour of the market price of the property. the most loan availed can vary from bank to bank.
4. What is the minimum credit score needed to urge a LAP?
- The minimum credit score needed to urge LAP could be a CIBIL score of 750.
5. What are often the most reimbursement tenure and rate of the LAP?
- The maximum reimbursement tenure of LAP is fifteen to twenty years. Whereas the rate can vary from bank to bank the rate can vary somewhat between nine.80% p.a to 16.60% p.a.
Disclaimer: The information contained on this website is for general information purposes only and is subject change. Any reliance that you place on such information is at your own risk.