Loan Against Property
Purpose:
Loan against property (LAP) lets individuals leverage their residential, commercial, or industrial properties for funding.
Benefits:
- Lower interest rates compared to unsecured loans
- High loan amounts depending on property value
- Longer repayment tenures
Process:
- Submit property documents and financial proofs
- Loan-to-value ratio is calculated
- Loan is approved and disbursed
Eligibility:
- Property owner with clear title
- Good credit score
Key Features:
- Loans up to 70% of property value
- Tenures up to 15 years