Everything You Need To Know About Loan Against Property
There comes many times in life when we need quick money be it for personal purposes such as treating an urgent medical condition that is not covered under medical insurance or marrying one of your children or a business expansion or any other expense that requires big amount of money. In situations such as these, a Loan Against Property is highly beneficial. You can leverage the potential value of your property and use it for covering your expense and pay off your loan in EMIs that suit you.
Loan Against property(LAP) is a secured loan which you can avail by mortgaging your property. Banks and financial institutions provides mortgage Loan Against Property for residential, commercial property or land etc. It's a secured loan i.e. in case of loan default, bank can takeover the property and use it to recover loan dues. However the ownership of the property stays with you throughout the whole tenure.
You can normally use or rent out the property,in case of loan against commercial property. Only if you can not repay the loan, the bank can sell the property to settle its debts. In case of joint ownership all co-owners need to be co-applicants in the loan.
We at AFS streamline the process of applying for loan against commercial property, residential property/plot by enabling you to compare between best loan against property (LAP)schemes, by teaming up with leading banks and NBFCs. With AFS fund your dreams using your property , whether you are looking to expand your business or need financial aid for personal reasons such as education, home improvement or for wedding or other family occasions,LoanAdda offers loan amount upto 10cr for a tenure of 15-20 years at lowest loan against property interest rates.