Loan against Property & Eligibility Criteria Loan against Property (LAP), also called loan, is sanctioned against an asset, which remains with a lender until the loan is repaid. This asset is often a residential, commercial or industrial property. Property loan gives you access to high loan amount at a coffee charge per unit starting at 8.20% p.a. Lenders usually sanction a real estate loan between 50% and 70% of the property’s market price, which you'll repay easily in EMIs stretching up to twenty years. Like unsecured personal loans, LAP Loan or loan against property interest rate can also be availed for meeting both personal and business needs apart from speculative purposes. loan against property in gurugram: Benefits of loan against property interest rate vary across different lenders and loan schemes. However, a number of the common real estate loan benefits are as below: Flexible End Use: Like loan, loan against property is used for both personal and business purposes aside from any speculative use High Quantum of Loan: real estate loan is secured against a high value asset, which provides you access to high loan amount, helping you meet your high-end expenses with ease Low Interest Rate: The rate on a secured loan is less than the rate of interest on an unsecured loan. This makes loan against property interest rate a less expensive and a far better alternative to non-public loans Flexible Tenure: The tenure of loan against property usually extends till 20 years, supplying you with the good thing about lower EMIs and greater flexibility of repayment Balance Transfer Facility: Real estate loan also comes with the feature of balance transfer, allowing you to refinance your existing loan to a different lender giving lower charge per unit or better loan terms Tax Benefits: Interest procured the loan against property interest rate provides tax benefits under Section 37 (1) of the revenue enhancement Act, 1961. If the loan amount is employed for financing a replacement house purchase, the interest paid on the loan will get you tax write-off of up to Rs. 2 lakh under Section 24 of the revenue enhancement Act. Loan against Property Eligibility Required
Residential Status
Resident Indian and Non-resident Indian
Minimum Age Limit
18 years
Maximum Age Limit
70 years
Employment Type
Salaried, Self-employed Professional and Self-employed Nonprofessional
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