Loan Against Property (LAP)

image

Loan Against Property (LAP)

Loan Against Property (LAP) provides a secured financing avenue, allowing individuals to leverage their residential or commercial property as collateral for obtaining funds for personal or business purposes. Airmoney offers a variety of LAP products, ensuring borrowers can choose a tailored solution to meet their specific needs. The advantage of LAP lies in its lower interest rates compared to unsecured loans. Collaborating with banks and NBFCs, Airmoney provides a transparent and straightforward borrowing process, making LAP accessible to a wide range of borrowers. With competitive terms and a focus on customer satisfaction, Airmoney stands as a reliable platform for securing Loan Against Property.

LAP Features & Benefits

  • Can be availed against plots, residential or commercial property
  • Lowest rate of interest
  • Get up loan of up to 70 % of the market value of your property
  • Applicant must be of 21 – 65 years of age
  • Flexible loan tenure of up to 20 years
  • Flexibility of using the loan for multiple purposes
  • Flexible repayment terms, facilitating small and easy repayments
  • Minimal Documentation with quick processing
  • No additional collateral is needed

LAP Eligibility Criteria

  • Applicant must be a citizen of India and must have supportive documents as proof
  • Applicant must be salaried or self-employed professional with annual income of more than 3LPA
  • Applicant must have financial stability in terms of job continuity and stable income to determine creditworthiness
  • A consistent and healthy credit record as a result of your disciplined and timely payment habits. This impacts your credit score and can be a deciding factor for your LAP eligibility. The recommended credit score is 750 and above.
  • The title of the property should be in the applicant’s name. Also, there should not be any other mortgage loans on the property
  • In LAP, property is taken as collateral. The market value of the property plays an important role in determining the terms of mortgage loan and also the loan amount. Though the loan amount if calculated based on the current value of the property, its market value is required to be higher.

Documents required for LAP

  • PAN Card
  • Aadhar Card
  • Residence & ID Proof
  • Last 3 Months Bank Account Statements
  • Property Documents
  • Salary Proof (For Salaried Applicants)
  • Last 2 years Income Tax Returns
  • Form 16

LAP Fees & Charges

  • Processing Fees : 0.1% to 1% of Loan Amount
  • Cancellation Charges : NIL
  • Stamp Duty Charges : As per the State Government Norms
  • Legal Fees : 1000 – 10000/-
  • EMI / Cheque Bounce : As per the Bank Norms