Secured Loan
The loan is secured against the property, making it less risky for lenders.
LAP is a secured loan where your residential or commercial property as collateral to obtain funds from a lender. This loan allows you to leverage the value of your property to meet various financial needs ex- business, personal, medical expenses.
The loan is secured against the property, making it less risky for lenders.
The loan amount can be substantial, often up to 60-70% of the property's market value.
LAP generally offers lower interest rates than other services, that mean reduces the lender’s risk.
Business Expansion: Invest in your business, purchase new equipment, or fund new projects.
Education: Finance higher education for yourself or your children.
Medical Emergencies: Cover unexpected medical expenses without financial stress.
Home Renovation: Improve or renovate your existing property.
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Pledge your residential property (house or apartment) to obtain a loan. Typically used for personal expenses or debt consolidation.
Use commercial property (office, shop, or factory) as collateral. Often used for business expansion or other commercial needs.
A loan taken on a property that already has an existing mortgage. Requires higher scrutiny and offers lower loan amounts.
A loan against property is one of the most preferred financial tools, which allows consumers to raise funds by using their industrial, commercial, or residential properties. Most consumers use loans against property (LAP) for personal and business financial needs. However, consumers can’t use the LAP for speculative purposes. Lenders, banks, and housing finance companies offer LAP for tenures of up to 20 years. Consumers can get up to 75% of the property’s market value, depending on the banks, HFCs, lender policies, and consumer credit score.
Moneybhaiyaa Features & Benefits of Loan Against Property:
• There are no restrictions on how consumers use the funds.
• Borrowers can get a higher loan amount for their property according to the market value of the property.
• Our lending partners, banks, and NBFCs offer longer loan tenure, up to 20 years on loans against property, and affordable EMIs.
• Consumers get the lowest interest rates only from Moneybhaiyaa on the loan against property.
• We assure you a fast approval of your loan with less documentation.
Eligibility Criteria for Loan Against Property:
Age: Min 18 years – Max 60 years
Minimum Salary: 20,000 per month
Net Annual Income: 2,40,000 p.a.
Employment Type: Self-employed non-professional, salaried, self-employed professionals (Doctors, CA, CS, etc.)
LTV Ration: Up to 75% of property market value
Credit Score: 700 or above
Property Type: Industrial, Commercial, Residential properties.
Documents Required for Loan Against Property:
Identity Proof: PAN Card, Voter ID Card, Valid Passport, Driving License.
Residence Proof: Electricity Bill, Bank Passbook and Banks Statement, Water bill, Rental Agreement.
Age Proof: Birth Certificate, Voter ID Card, Passport, or any valid document.
Salaried Employed Income Proof: Salary slips, Bank Account Statement.
Self-Employed Income Proof: ITR Details, Balance sheet, Business License Details, Business Address.
Property-related Documents: Property registry, Title deeds including the previous chain of the property documents, Nil Encumbrance Certificate on the concerned property.
Processing Fees and Other Charges for Loan Against Property:
Processing fees and other charges depend on lenders, banks, and NBFCs. Because banks charge different types of processing, for example, part prepayment charges, foreclosure charges, penal interest, and more, And the processing fee percentage depends on the lender's terms and conditions.
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