Loan against Property
Loan against Property
Loan Bazaaar offers Loan Against Property (LAP), also known as a mortgage loan, which is a secured loan offered by Housing Finance Companies. It allows borrowers to pledge their residential, commercial, or industrial property as collateral. The loan amount, which is determined based on the property’s value, can be utilized for various purposes such as business expansion, Home renovation, funding children’s education, covering medical expenses, debt consolidation, investment opportunities and more. The maximum loan amount provided under LAP can be as high as 70% of the property value. Loan Bazaaar loans are not only cost-effective but also convenient to obtain and repay due to the comparatively lower mortgage interest rates.
A loan against property is a type of secured loan where borrowers can avail funds by mortgaging their residential or commercial property. The property acts as collateral, providing security to the lender. These loans are popular due to their lower interest rates and longer repayment tenure compared to other unsecured loans. The loan amount is determined based on the property’s value and the borrower’s income and repayment capacity.
Here are some of the benefits of a Loan Bazaaar loan against property:
- High loan amount: LAP loans offer a high loan amount of up to 70-80% of the market value of your property. This makes it a good option for borrowers who need a large sum of money.
- Lower interest rates: LAP loans have lower interest rates as compared to other unsecured loans. This is because the lender has the security of your property in case of default.
- Flexible repayment terms: LAP loans offer flexible repayment terms, ranging from 5 to 15 years. This gives borrowers the option to choose a repayment plan that fits their budget.
- Tax benefits: Interest payments on LAP loans can be claimed as a deduction from taxable income. This can help borrowers save money on taxes.
- Easy to qualify: LAP loans are relatively easy to qualify for, especially for borrowers with a good credit history and a clear title to the property.