One of the loans that are growing in its popularity today is the Loan Against Property (lap). In this type of loan, salaried and self-employed professionals can mortgage their residential or commercial properties to get a loan.
This is a good alternative to a personal loan, as lap loan interest rates are more attractive, can be used to fund a host of expenditure types, and also comes with certain tax benefits.
Typically, lap loan may be used to fund education, weddings and family gatherings, travel, redecoration, and the purchase of high-cost consumer durables.
These days the combination of technology and the redesign of financial products have simplified the process of applying for such a loan. Here are some key steps to follow in case you have decided to apply for one.
To be eligible for a loan against property, you should either be a salaried employee or a self-employed professional. Your age should not exceed 60 years if you are a salaried employee and 65 years if you are a self-employed professional at the time of loan maturity.
The safest way to apply for a Loan Against Property, in today's times, is to visit the service provider's website, fill in your details, and request a callback. The other alternative is to locate a physical bank branch near your home, but with the pandemic still looming large, the first option is your safest bet.
When taking any loan, it is important to understand all the guidelines so that you can make an informed decision. Here are the key factors to keep in mind:
Make sure all your paperwork is in place before applying for your Loan Against Property. These are the typical documents required:
Once you have submitted all the necessary paperwork, your service provider will review all the documents and come back to you on whether everything is in order. If it all checks out, you could be the beneficiary of the LAP.
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