A Loan Against Property is a secured loan provided by the Banks/NBFCs by taking assets as collateral. If you urgently need funds and own a property you don't want to sell, you can happily use it to get LAP Loans in Pune. As it is a secured loan, you can get it at a low-interest rate. Individuals can use the land or house documents to avail of a loan from the bank. Also, the loan tenure is surprisingly long, up to 15 years. Moreover, some banks offer 18 to 20 years of repayment tenure. If you are not aware of the process to apply for LAP, you can contact us by filling out the form on this page, and we shall respond as quickly as possible.
The borrowers can use the loan amount without restrictions on any purpose. The banks/NBFCs decide the loan amount based on the property's value that is offered as collateral. For the unversed, the bank doesn't provide 100% funds despite the collateral, and it only provides 70% of the property's market value. For the loan to be sanctioned, the borrower must submit the documents per the lender's norms.
The borrowers must meet the eligibility criteria of the lender bank/NBFC to avail of a LAP loan. The eligibility criteria, however, may not be the same for all banks or financial institutions. Here we have covered the fundamental eligibility criteria that most banks have.
These are the documents required by the bank/NBFC to apply for LAP Loans in Pune.
Few banks may ask for additional documents as per the norms.
There are many benefits to taking LAP Loans in Pune with LMV Financial Services. Here are some of the benefits for you to check.
Most LAP loans are offered at the longest loan tenures by the banks. The typical tenure is 15 years, and few banks even provide a term up to 18 to 20 years. The long tenure helps the borrowers pay the EMI relaxedly as the amount will be relatively low.
The loans are provided for multipurpose use, and there is no such thing as a restriction on the loan amount's end use. The borrower can use the loan amount on business, medical expenses, weddings, education, travel, etc., without worry.
Compared to any other loan, LAP loans have meager interest rates. This is because, in LAP, the bank takes the security or collateral to grant the loan, which further reduces the risk associated with credit. So, banks offer LAP at lower interest rates to the borrowers.
As Loan Against Property is a secured loan, the banks show interest in giving loans to the borrowers that come up with collateral. They are way too easy to avail compared to other types of loans.
If you are interested in taking LAP in Pune, you can contact us anytime by filling out the form above. We shall respond to you in no time and explain to you about the loans available. You need to fill out the form with your appropriate details so that we can access your requirements and suggest you the right LAP loan.