Need Money? Use your property to fulfil your needs and desires! Home Equity Loan from Aavas in nothing but Loan Against Residential property (LAP)
Loan against property is one of the best ways to take a loan for all your loan needs. Whether you want to renovate your home or you need some immediate money to expand your business or you just need some cash to buy a new gadget, a property mortgage loan is one of the fastest ways to secure a quick loan for fulfilling your immediate monetary needs. Explore this guide on how to get an easy Loan against property.
Features of Aavas Home Equity Loan
Benefits of loan against property
|EMPLOYMENT HISTORY||Minimum 3 years work experience (salaried)
Minimum 5 years existence (businessman)
|LOAN TENURE||Up to 15 years|
|Application form||Duly filled by the applicant along with 2 passport size photos|
|Proof of identification||PAN card|
|Income statement||Bank passbook, IT returns of last 3 years, Payslip of last 2 months, Certified letter from the employer, Form 16|
|Property papers||Original documents against which the loan is to be taken|
To Get more details about the Documents Required for Salaried or Self employed person to take Loan Against Property Click Here
What is a loan against property?
Loan against property is another word for a mortgage loan and is availed by the salaried and the self-employed to meet their personal and business requirements.
What are the purposes for which I can avail a LAP?
Loan against property, also known as LAP, can be availed to meet the fund requirements for business needs, medical emergencies, a child-s education, or for any other personal loan requirement.
What is the eligibility for a loan against property?
A person aged between 18-70 years is eligible for a loan against property. Please note that factors like age, the value of the property and income of the applicant etc., also affect the eligibility for the loan against property.
How can I apply for a Loan against Property?
The applicant must follow the following steps to avail mortgage property loan
What property can be considered as collateral for a loan against property?
Any property that is personal property, commercial property, or even a property with multiple owners is eligible for collateral as a mortgage loan. The property considered as collateral can be vacant, self-occupied, or rented.
What are the different forms of loans offered under loan against property?
The different forms of the loan offered under home equity loan are
Can I get LAP as an overdraft?
The loan against property gives the option of either taking the loan amount as a lump sum or go for the overdraft facility. The overdraft facility against the property helps to reduce the borrowing cost which is higher when we take the lump sum amount.
What is the maximum funding that I can avail of on a property as LAP?
The maximum funding that a borrower can get depends on the market value of the property. The amount of the loan is usually equal to 55% of the market value of the property against which the loan is being taken.
What is the security that I need to provide to get a loan against property?
The property against which the loan is being taken is the actual security that needs to be provided to avail the said loan option.
Can I avail loan against property for a commercial or residential property?
Yes, loans are provided against commercial as well as residential property as collateral.
How can you prepay a Loan against Property?
A loan bearer can either do a part payment, can increase the EMI every year with a certain percentage, or pay for an extra month EMI in the same year for prepayment of loan and paying the loan amount before the tenure.
How to get a loan against property without income proof?
To get a loan without any income proof the applicant must submit the following documents-
The applicant must have twice the amount of the EMI estimated as per the loan against property and should provide the statements accordingly.