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5 Aspects of Loan Against Property that Applicants Must know

Loan against Property (LAP) a secured form of availing large-ticket loans for a long-term tenure by attaching the property as a collateral with the lender. Before thinking of applying for a Loan against property (LAP), it is prudent and important to understand a few crucial aspects of information about loan against property. Visit Here: https://www.pnbhousing.com/blog/things-to-remember-before-taking-a-loan-against-property/

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5 Aspects of Loan Against Property that Applicants Must know

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  1. 5 Aspects of Loan Against Property that Applicants Must know

  2. 5 ASPECTS OF THE LOAN AGAINST PROPERTY: Below are the aspects of loan against property: Loan Repayment Property Valuation Ownership of Property Tenure Repayment Capacity

  3. LOAN REPAYMENT Most banks and financial institution will offer you a flexible repayment tenure of up to 10 years. While a longer loan tenure makes your EMIs smaller, thereby increasing the affordability of your loan, you should keep in mind that a longer tenure also increases the cost of borrowing.

  4. PROPERTY VALUATION As the term suggest, the lending institution like (Banks, NBFCs, HFCs) will evaluate the market value of the property as per the current market rates.

  5. OWNERSHIP OF PROPERTY As the term suggest, lenders can turn down your loan application if the property that is being pledged with them is disputed or the property documents are inconsistent and incomplete. Factors such as multiple ownership of the property is considered riskier if all the joint owners are not in favor of obtaining a loan.

  6. TENURE One of the key aspects of Loan against property is the long duration or the tenure extended by the lenders to the borrowers. The loan tenure differs from lender-to-lender. Some offer LAP for up to 10 years and some may extend the tenure till 20 years.

  7. REPAYMENT CAPACITY The lending institution (Banks, NBFCs, HFCs) will evaluate your repaying capacity with the help of your income statements, repayment history, ongoing loans etc.

  8. R E F E R E N C https://en.wikipedia.org/wiki/Loan U R L : https://www.pnbhousing.com/blog/things-to- remember-before-taking-a-loan-against-property/

  9. T H A N K Y O U !

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