There are a wide range of loans that are available in the market today; one of them is loan against property. We are aware that property is the most stable asset. Loan against property is a very good option as there are several advantages of a property, which include possibility of appreciation in value, being in the nature of a fixed asset, income earning potential and so on. This allows the best use of the property that is owned and at the same time will enable the raising of funds required for various purposes. Also, a loan against property comes with a low interest rate compared to that of a personal loan or home loan. Proper use of the funds will ensure that the maximum benefit is taken from the position. CreditmeLoan is the best Loans Against Property providers in Delhi which presents you the best schemes for loan against property in Delhi.
What is a loan against property?
A loan against property (LAP) is exactly what the name implies – a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value. Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.
CreditmeLoan is the best private finance company in Delhi which presents you the best schemes for loan against property in Delhi.
What purposes can I take a loan against property for?
Loan against property can be taken for following purposes:
- Expanding your business
- Getting your son/daughter married
- Sending your son/daughter for higher studies abroad
- Funding your dream vacation
- Funding medical treatments
Got that business idea you need funding for? Do you need to invest in your business expansion? Do you just need relatively cheap funds for any purpose? If you have a loan-free property, then probably a Loan Against Property is the answer for you. Popularly known as LAP in the financial services circles, these loans are a convenient means to access funds at interest rates which are lower than personal loans or other forms of unsecured loans. To avail such loans, you offer an existing property as a security or collateral against which the lender– usually a Bank, an NBFC or a housing finance company gives you a loan. The current market value of the property determines how much loan you can avail against the property. Such loans allow the owners of properties to leverage the value of their existing properties to raise funds for a variety of reasons. Loans against property may be availed on:
- Residential properties
- Commercial Properties
Industrial properties These loans can also be availed against a plot and not just against a constructed property. At most times they are priced slightly higher than regular Home loans but are definitely cheaper than personal or other unsecured loans. Most institutions lend up to 80% of the value of the property as a Home loan, provided the borrower can demonstrate the ability to pay the installment for such a loan.
How is your eligibility determined for a Loan Against Property Your eligibility is determined after looking at the following?
- The current market value of your property and its current status.
- Your current Income
- The nature and continuity of your employment
- Your current obligations i.e. the other Installments (EMIs) you are currently paying, the number of credit cards and credit limits you have or use
- Your past credit history
- The purpose of availing such loans is also discussed with the lender and may have a bearing on the loan sanction. If you are looking to take loan against property in Delhi, look no further, CreditmeLoan presents you the best schemes for loan against property in Delhi.
Call us to determine your eligibility. Use the Quick check to get a broad idea of your loan eligibility or Log in and do a detailed check on our specialized eligibility wizard. We’ll help you check your eligibility at more than 20 of the best lenders in the industry and show you the best available deals – all in one place in just a few clicks. Having a Co-Applicant to your Loan against property in order to give the lender an accurate picture of your loan servicing capability as a family, you could choose to have one of your family members as a co-applicant to your loan. Any of the members of one’s immediate family may become co-applicants to a Loan Against property – this is however limited to Spouses, Parents & siblings.