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Indiakaloan-loan Against Property
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Indiakaloan.com is an offshoot of the SMC Group. The portal helps you obtain a home loan, personal loan, business loan, and loan against property from India’s renowned lenders. Indiakaloan.com is committed to helping you obtain the right loan, the right way.
Indiakaloan.com provides independent and professional mortgage advice to those seeking loans. When you engage in the services of Indiakaloan.com, the entire process of taking a loan - managing the documentation to disbursal - is handled by us. Equally important, Indiakaloan.com helps you choose the best loan provider from the entire mortgage sector.
In brief, a loan against property is what it actually means - a loan given or disbursed against the mortgage of property. This is different from a personal loan, which is given to an individual; without any questions. The loan is sanctioned as a definite percentage of the property's market value (usually around 40 percent-60 percent). But the entry amount too is usually pre-defined by most lending institutions, for instance, say, Rs 200,000.
This multi-purpose loan puts funds for your use as you want to use it. It explains the hidden value of the property owned by you. A Loan against Property is also known as a Mortgage Loan and is a secured loan, where your existing property is pledged as security collateral against the loan. LAP is a handy way of obtaining cash. If you are looking for funds and own a property, you can mortgage your property to create these funds, without renting out your property, or selling it.
You can get a loan against this property by confirming your ownership of the property. Such a loan is called a LAP loan. LAP is a secured loan - you are giving your property as a security to the bank/NBFC, and if you default, the lender can acquire or sell your property. LAP can be predominantly helpful for self-employed professionals who own their own home, but they do not have a regular source of salary income.
LAP is generally sanctioned only against a residential property, but some banks provide loans against commercial properties as well.
You can also borrow the complete loan amount or then pay an EMI towards it. Alternatively, you can use an overdraft facility for a self-occupied house whereby you are charged interest only on the drawn down amount of the overdraft facility. You can get LAP through indiakaloan.com at lowest rates of interest.
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