Various
products are available in loan segment. One of the most popular products is
loan against property. In finance market it is commonly known as LAP. Through
these loans you can conveniently access the funds at lower interest rates as
compared to personal loan and any other unsecured loan. Loan against property
or LAP can be availed at following kinds of properties:
·
Residential
property
·
Commercial
property
·
Industrial
property
These
loans can also be taken against the plot but not just against the built
property. Most of the times the price may be higher than usual home loans but
it is certainly cheaper than any other forms of loans. You will find very easy
to avail LAP and affordable to repay. Thus, LAP is considered as the most
sought after loans as you can utilize these funds to make your dreams come
true. Loan against property or LAP can be availed to fulfill the following
requirements:
·
Business
expansion
·
Personal needs
·
Asset
attainment
·
Property
renovation
·
Debt
consolidation
·
Investments
·
Mortgage loan
buyout
·
Refinancing the
self financed property
The
loan providers will carry out the due diligence on the property and valuation
will be done on the market rate basis. Generally 70% value of the property is
granted as loan. As LAP is the secured loan so you will get the higher loan
amount as compared to other unsecured loans available such as personal loan or
gold loan. Banks charge nominal processing fees with option interest rate with
floating and fixed. Loan tenure is generally less than a decade but some
lending institutes extend it to 15 years also.
One
of the prominent banks which are offering the longer loan tenure and attractive
interest rate is ICICI Bank. ICICI Loan
against Property is available at attractive interest rate with 15 years
of loan tenure. Door step services, complete transparency and faster processing
will take you ahead in realizing your dreams. So enliven your dreams with icici mortgage loan.
