Loan Against Property

Property loan (PLL) is one of the variants of your personal loan; banks and financial institutions provide guaranteed loans with one or more of your own properties as collateral. These mortgage loans can be used for commercial property and residential buildings. In an LAP the property is liquidated and the borrower gets a fixed percentage of its prevailing market value (usually from 60 to 70 %) as a loan. Although such a property is mortgaged by the lender, you can still use it for residential or business purposes.

Features of Loan against Property :

  • Mortgage Loans are an excellent debt consolidation tool.
  • Residential and commercial properties are accepted as collateral to get loans against property.
  • Quick and hassle free process of Loan against property with speedy approvals
  • In case of a loan against property, financial institutions offer higher loan amount for longer tenure and at attractive interest rates as compared to other loan plans.
  • Benefits of a Loan Against Property...

  • Banks also bill the applicant for the administrative charges incurred when processing the application such as property valuation and its processing fee.
  • The rate of interest for the loan varies on a case by case basis depending on the type of property and other factors specified by the lender.
  • The amount you can borrow ranges from Rs. 300,000 to Rs. 1 Crore (lower amounts may also be available).
  • Laps are usually long-term loans and repayment periods can be anything between 10 years and 15 years.

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