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Loan Against Property - A Financial Tool to Fulfil Your Ambitions

Loan against property is the kind of loan which will offer you the best terms provided you have and are willing to mortgage a property against which the loan will be issued to you. Here we tell you about the various characteristics, advantages, and the documentation required to avail a loan by mortgaging your property.

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Loan Against Property - A Financial Tool to Fulfil Your Ambitions

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  1. Loan Against Property - A Financial Tool to Fulfil Your Ambitions

  2. In These Types Of Loans, Property Acts As Collateral. In Case Of Any Default, The Lender Reserves The Right To Sell It.

  3. Features of Loan Against Property • The Application Procedure Is Quite Simple And The Amount Is Disbursed Quickly. • These Loans Are Available Both In Floating And Fixed Rate Of Interest Types. • Even When The Property Is Mortgaged, The Owner Can Use The Property To Generate Funds. • There Is No Usage Restriction On Lap • Disputed Properties Will Not Get You A Loan

  4. Advantages

  5. 1.More Amount: Financial Institutes Offer Up To 60-70% Of The Property’s Market Value As Loan Amount.

  6. 2. Lower Rate Of Interest: LAP Is Available At A Lower Interest Rate Usually Around 9-15.

  7. 3. Longer Tenures And Comfortable Emis: With Lower Rates And Longer Tenures, The Emis Are Significantly Reduced.

  8. 4. A Good Debt Consolidation Option: You Can Use LAP To Pay Off Your Other Loans With Steeper Interest Rates.

  9. Eligibility: The Applicant Needs To Be An Indian Citizen Between 21-70 Years With A Steady Source Of Income. He/She Must Own The Property And Should Have A Decent Credit Score.

  10. Documentation Required: • The Applicant Must Have The Property Papers In His/Her Name. • The Applicant Needs To Submit Kyc Details. • The Applicants Need To Give A Cheque For The Loan Processing Fees And Submit Passport Size Photos.

  11. Salaried Individuals Need To Submit Salary Slips, Form 16, And It Returns. • Elf-employed Professionals And Business Owners Need To Show Registration Of The Office, Profit And Loss Statements, Audit Reports, Bank Statements, And It Returns.

  12. LAP Unlocks The Real Monetary Potential Of The Property As The Borrower Gets A Loan While He/She Can Earn Profits Using The Property For Commercial Purpose.

  13. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, BasantLok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: corporate.care@herofincorp.com Website: https://www.herofincorp.com/ Know more about- Loan Against Property - A Financial Tool to Fulfil Your Ambitions

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