Loan Against Property
Overview

The loan against property is a beneficial process of getting loan at affordable interest rates. It refers to a process in which your property is offered to the financial bank in India as a security. As the process involves minimal risk to the lender due to the property mortgaged as a security, thus this loan against property scheme comes with a lower rate of interest. Being considered as one of the best ways to raise money, the loan against property scheme is available by numerous banks due to its lower risk benefit. Similar to that of a home loan process it also has to undergo through various paper work and legal formalities to make your loan sanctioned.

Loan Against Property (LAP) is a secure loan offered by banks using a piece of property as collateral. In this kind of loan, your properly will be mortgaged with the lender but you still be allowed to use it for all purposes except than its selling. Unlike personal loans, LAPs carry low rate of interest and thus, considered a superior option.  

One of the foremost advantages of loans against property is that, they allow to use your property while repaying, which is contrary to what happens with gold loans. LAPs are thus affordable, popular and above all, simple to get loans in the market. They also don’t charge huge interest rate for repayment, making it one of the best loan options in the market today.      

More so, rate of interest and loan amount will vary in LAPs depending on the kind of property used for the loan purpose. It means, the better the piece of the properly, the better your chances of finding a superior loan amount. At MyLoanBazar.com  ,  you can search, compare and select best terms for your loan against property.

Visit us and find details and information from top banks and financial institutions in India to get the best LAP deal. Compare offers and rates offered by different banks and institutes and choose what suits your requirements the best.

Loan against property → Compare

Loan Against Property - Rate Do you want a loan against your property? What will you do to get the best possible deal for your loan? Simply put, you need to find loans offered by different banks and institutions and compare them to get the best possible deal. You need to evaluate LAP plans or terms or benefits offered by different banks in order to select the best deal on offer.

At MyLoanBazar.com  , we know what it takes to get the best loan against your piece of property. We give you an opportunity to search, compare and select from different rates and conditions offered by some of top banks in India. With our portal, you are sure to get a higher loan amount and a lower repayment option.

Loan against property - Interest Rates

Interest rates matter a lot when you plan to avail loan against property. Rates offered by banks or financial institutions tend to vary and as a result, it impacts loan amount and repayment amount. In a way, your loan against property depends a lot on the kind of interest rates offered by banks and therefore, you should take a great care in selection of the loan.

At MyLoanBazar.com  , we give you an opportunity to search, compare and select from all the available loans against property plans in the market. Compare interest rates and benefits offered by top banks and institutions. Compare benefits and evaluate different terms and get the best loan against your property.

​

Loan against property - Eligibility Criteria

It’s simple and easy to avail loan against property. To get the loan sanctioned, you need to match the eligibility criteria set by banks or financial institutions. Eligibility criteria are more or less same for different banks and you can meet with ease.

As per the criteria, you: 

    You must be an Indian of 21 years or above age

    Should have a steady income to meet the repayment requirements   

    You have to present a proper proof of the repaying capacity    

    You should have a positive credit history with no issues with your EMIs or repayments with any existing loan/s 

Loan against property - EMI

What to know the EMI for your loan against property? Visit MyLoanBazar.comand use our EMI calculator to know how much to repay each month for your loan against property. Just fill in few basic details and get the exact amount you need to pay every month against the loan.  

The best thing about our EMI calculator is, you can know the amount and the repayment amount. Once you know the EMI, you can lower your repayment and get higher loan amount for your property. Just fill in details and get the best possible rates for LAP.

Loan against property - Documents

It is simple and easy to get personal loan. With proper documents, you can get the loan approved in two working days or just within 48 hours. Documentation will be simple as personal loan is an unsecured loan. Whether salaried or self-employed, anyone can get personal loan quickly. 

To get a personal loan, you need to submit with the bank following documents: 

    Identity and residence proof with duly signed photograph 

    Income proof 

    Bank statement of at least 6 months 

    Employment details 

    Age certificate 

    For salaried individuals, salary slip, IT return and form 16 

    For self-employed, income, Profit and Loss statement, and balance sheet details

Visit MyLoanBazar.com to get more information about required documents for Loan Against Property.

Loan against property - Process

Getting a loan against property is simple yet it involves a few steps to follow. You should understand the process/s involved with LAP as here your property is assessed and you get the loan amount based on that. LAP is available to one and all, provided they all meet the required criteria. 

A loan against property goes through few steps or processes, including: 

    First of all, you need to submit a formal application with the bank regarding the loan 

    The next step is of loan processing where you will require to submit a loan processing amount with the bank 

    The bank will then evaluate all the information and details submitted by you to verify your claims to forward your request further 

    In the next step, valuation and legal check of the property will take place as this is the last stage preceding the sanctioning of the loan

    In the last stage, loan disbursement will take place

Visit MyLoanBazar.comfor more information regarding the processes and steps involved with loans against property.