Key Features of LAP
Collateral, loan amount, interest rates, tenure, usage, eligibility, foreclosure risk and prepayment charges.
Key Features of LAP
-
Collateral: The loan is secured against a property, which could be a house, flat, or commercial building. The property remains with the borrower, but the lender holds a lien over it until the loan is repaid.
-
Loan Amount: The loan amount is usually a percentage of the property's market value, typically up to 70%. The exact amount depends on the lender's policies and the borrower's profile. If you want higher LTV Connect with us
-
Interest Rates: LAP interest rates are generally lower than those of unsecured loans, such as personal loans, because the loan is secured by property. Connect for current best rates
-
Tenure: LAPs generally come with longer repayment tenures, often ranging from 5 to 15 years, which makes the EMI more manageable. Click if you want to avail a 20 yrs LAP
-
Usage: The funds obtained through a LAP can be used for various purposes, such as business expansion, education, medical expenses, or debt consolidation.
-
Eligibility: Lenders evaluate factors such as the borrower's income, credit history, and the property's value and legal standing before approving a LAP. We can derive your eligibility upfront - Connect with us
-
Foreclosure Risk: If the borrower fails to repay the loan, the lender has the right to auction the property to recover the outstanding amount.
-
Pre-payment /foreclosure charges - Click here to get NIL foreclosure charges