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Avail hassle-free Loan Against Property with IndoStar Home Finance. Check your eligibility for LAP loans and unlock the value of your property today
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What is a Loan Against Property? • A Loan Against Property (LAP) is a secured loan where you pledge your property as collateral to borrow funds. • It offers lower interest rates compared to unsecured loans due to the collateral involved. • LAP interest rates vary based on factors like the loan amount, property value, and borrower's creditworthiness. • Indostar offers competitive LAPinterestrates tailored to suit borrowers' financial needs. • LAP allows you to unlock the value of your property for various purposes like business expansion, education, or debt consolidation. • The loan amount sanctioned depends on the market value of the property, typically ranging from 40% to 70% of the property's value. • Repayment tenures for LAP are longer, providing flexibility in managing EMIs and reducing financial burden.
What are the conditions for loan against property? • Property Ownership: The property being mortgaged must be owned by the applicant. • Property Type: Indostar typically accepts residential, commercial, or industrial properties as collateral. • Property Valuation: The value of the property determines the loan amount, usually up to 60-70% of the property's market value. • Applicant's Age: Age criteria vary but typically range between 21 to 60 years for salaried individuals and 21 to 65 years for self-employed individuals. • Income Stability: A steady income source is essential to ensure timely repayment of the loan. • Credit History: A good credit score indicates creditworthiness and enhances eligibility for a loan against property. • Loan Tenure: LAP tenure can extend up to 15 years, depending on the applicant's age and repayment capacity. • Other Documents: Applicants must provide identity proof, address proof, property documents, and income-related documents.
