BANK LISTS
What is a Loan Against Property ?
A Loan Against Property or LAP helps you to purchase or maintain a home, land, or other types of real estate. Being secured in nature, LAP demands collateral against the loaned amount.
LAP offerings against your commercial or residential property put you in a position to use the value locked up in your property to meet any expenses of any nature.
You may select a high-value loan depending on the value of your property collateral for your borrowing.
Characteristics of LAP
Why Choose Ruloans for your Loan Against Property
Easy Availability
Ruloans along with significant 100+ partner Banks across India spread over 1000+ locations extend Loan Against Property to all eligible individuals across India.
Digital Resources Advantage
You can think about loan costs, offers, and online services on our digital platform. Our online resources will direct you to settle on the right decision, and pick the right bank for your advance according to your financial plan and assumptions.
High-Speed Process
At Ruloans, Aadhaar based e-KYC speeds up the documentation process by eliminating physical paperwork. You can obtain a LAP as soon as the inspection is done and approved.
Professional Guidance and Advice
Experts at Ruloans know the ins and outs of the business. Our committed group of individual specialists will guide you to pick the right lender.
Profit from Best Offers
We esteem our clients and are consistently on our toes to give them advantages of our abilities. Applying for Loan Against Property through us gives you an opportunity to benefit from the best offers and agreements our Partner Banks and NBFCs have on offer.
Cost
of Work
A Loan Against Property may be termed as a loan availed from a bank, housing finance company, or NBFC against property. The collateral property may be a piece of land, house, or a commercial or industrial property. Your asset remains as security with the lender concerned until you pay back the entire amount of the loan. Lenders generally offer such unsecured loans at lower rates of interest for a reasonable period.
Loans against property may be availed by salaried as well as self-employed people. Self-Employed persons or businesspersons take such a loan to meet cash flow needs, since such a collateral helps raised a large sum of money for lower rates. Salaried individuals may use such a loan to meet large expenses such as a wedding in the family, or education of a child.
Being a secured loan, such an arrangement may unlock the value of your property to put to use the money for various personal as well as business purposes, which could vary from expanding business to sudden and emergency expenses. Easy availability makes this product popular, as some lenders are ready lend you up to 70 percent of your property value. The terms and conditions offered in terms of interest and repayment are also better compared to other loans. Additionally, you can avail tax benefits on this type of loan, and if you plan to pay back the loan earlier than the loan tenure, some lenders don’t even charge you a prepayment penalty.
Loans against Property feature benefits such as below
- Any type of Property accepted as Collateral
You may avail a LAP against any type property. The property may be a house, a piece of land, a commercial property, or an industrial property.
- Low Rates of Interest
Rates of Interest are comparatively low on LAPs as such loans are secured loans against property.
- Transfer of Existing Loan
Most lenders offer you a facility to transfer your existing loan against your property, and such offers allow you to save money.
- Quick and Transparent Process
The LAP process happens to be a streamlined and transparent process, which gives you the benefit of quick approval.
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