If you own a property that is not being used and you require some financial assistance, you could back yourself by unlocking your property’s mortgage value. Once you know the value of your property, you could apply for a loan against property (LAP) to gain reasonable funds.
About loan against property (LAP)
We know that life is unpredictable and unexpected challenges can arise anytime. Sometimes, you might suddenly require a certain amount of money to repay your debts or to pay for a medical emergency. To remain stress-free in such situations, you could take a loan by offering an idle property or asset as a mortgage.
Loan against property is a secured form of loan that is borrowed from financial institutions against your property. The property will then get evaluated by banks or NBFCs for its current market value. A certain per cent of this value is then disbursed in the form of a loan.
Purpose of LAP
You could apply for a loan against property for any purpose. It could be for personal reasons like funding a wedding, taking a dream vacation, paying for medical treatment and so on. You could even use this loan to expand your business as well. A loan can be applied against your commercial or residential property or even a stretch of land.
Loan against property eligibility criteria
Different financial institutions will have different criteria for sanctioning a loan against property. However, the eligibility criteria for banks and other NBFCs are mostly the same for salaried individuals and self-employed business individuals.
The loan against property eligibility criteria are:
- The minimum age of the applicant has to be 21 years and the maximum should be 65 years at the time of loan maturity.
- The borrower should be an Indian citizen.
- The applicant must possess a minimum required salary or potential to repay the lender every month.
- Your credit record should be clear. This includes credit card payments as well repayment of debts, if any.
- You should be currently employed by an organization or involved in a business for a certain number of years.
- Your previous EMI repayment track record should also be clear. This helps in negotiating with the lender to obtain a lower interest rate.
Loan against property EMI calculator
The loan against property calculator helps you calculate the loan amount you are eligible for. It takes into consideration the value of your property and monthly income.
The loan against property EMI calculator is available on our website. By entering your loan amount, rate of interest and loan tenure, you can easily calculate your monthly repayment amount.
So, apply for a loan against property from Bajaj Finserv Markets whenever you’re experiencing a financial crunch.