Lap interest rate

A Loan Against Property (LAP) is an excellent financing tool. This type of loan involves a borrower taking a loan against a property they own. The property pledged as collateral could be a residential or commercial property or even a piece of land. The funds availed of come with zero end-use restrictions. Borrowers can use the money for any purpose they deem fit – buying a car or a home, clearing off existing debt, paying for a child’s wedding or higher education, etc. Loans against property are one of the few loan options that give borrowers access to substantial funds — most lenders sanction anywhere between 50% to 60% of the value of the collateral as a loan. Loans against property interest rates also tend to be on the lower side. Readers of this article must know that a LAP is the second cheapest loan after home loans. Though LAP interest rates are economical, developing an understanding of the factors that affect Factors That Affect Loan Against Property Interest Rates Borrower’s CIBIL Score One may think that since loans against property involve collateral, the borrower’s CIBIL score should not matter much. This, however, is not the case. Lenders study an aspiring borrower’s credit report to gauge their attitude towards credit. A good credit score indicates a responsible attitude towards credit as well as good repayment capacity. Thus, with individuals whose credit score is in the range of 750 to 900, lenders know they will get their money back on time. Therefore, le...

Availing a Loan Against Property on affordable terms is crucial for borrowing smartly. We understand the need of our customers and have designed our loan to offer a seamless experience. The Poonawalla Fincorp Loan Against Property is offered at a low rate of interest and fees. What’s more, there are no hidden charges whatsoever, and we assure 100% transparency in all our loan dealings. Loan Against Property Fees and Charges Interest rate Loan Against Property Interest Rates 9% p.a onwards Loan Amount From ₹25 Lakhs to ₹10 Cr Loan Processing Fees Up to 1% Plus applicable taxes Lowest EMI per month Starting from ₹25,357* per 25 Lakhs for 15 years Loan Tenure 3 - 15 years Prepayment/Foreclosure Charges 0%* If paid from own sources. 4% of the outstanding loan amount plus taxes if paid from other sources Late Payment Charges 2% per month Cheque Bounce Charges ₹1000 per bounce plus applicable taxes IMD Charges - Initial application fee ₹10,000 - Non Refundable Stamp Duty At actuals (as per state) No Other Hidden Charges A foreclosure is when you pay off the remaining outstanding loan principal amount in a single payment. When done right, a foreclosure can help you save on interest amount but must be done only after careful planning. If it is a large payment, it can have a significant impact on your financial health. To avoid any negative implications, follow these tips: What is the starting rate of interest on a Loan Against Property? Poonawalla Fincorp offers a Loan Against Pro...

You can need finances across your life for several reasons – be it planning your wedding, investing in a business idea you believe in, or even a close one’s medical needs. This is where your land and property act as a huge asset, and collateral against which you can get loans. Since a loan against property is a type of secured loan, the interest rate is not only lower, but you also have more chances of approval. LAP schemes are also known as mortgage loans, wherein several factors such as the loan tenure, credit score, type of property, and your profile as an applicant will determine the LAP interest rate. But what exactly are the loan against property interest rates? How do you check your loan against property eligibility? What is the loan against property documents required to secure the same? We cover all of this and more, in this blog. [You must weigh the pros and cons to avail the several benefits a loan against property has to offer] When you apply for LAP, you can get it at typical interest rates between 8% per annum to 25% per annum. You can get up to 20 years maximum tenure for a loan against the property of up to INR 25 crores. The processing fee typically ranges somewhere between 1%-3% of the loan amount, excluding the GST for the same. Now let us look at the several beneficial features of Loan Against Property. This is eight Get a Quote • Hassle-free documentation and approval: Real estate in the form of land or building has asset value and therefore getting se...

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Features • Minimum Loan Amount: Rs. 10 lacs • Maximum Loan Amount: Rs. 5 crores, subject to location of the property as mentioned hereunder • At Non-BPR urban centres: 1 crore • Within the Municipal Corporation areas of NCR, Mumbai, Pune, Chennai, Ahmedabad, Bangalore and Hyderabad centres: Rs. 5 crores and • At other BPR centres: Rs. 2 cores • At Rural & Semi-urban Area i.e. places with population upto 1 lac: NIL • Maximum LTV Ratio based on loan limit will be as under : • Loan Amount: Upto Rs. 1crs, LTV Ratio:65% • Loan Amount: Rs. 1 crore & upto Rs. 5 crore., LTV Ratio:60% Income Minimum Net Monthly Income of Rs. 25,000/ (or Rs. 3 lacs per annum). • Regular income from all sources may be considered for arriving at loan eligibility provided the Sanctioning Authority is satisfied with the proof of income (extant instructions as applicable to Home Loans in this regard will be followed). • In addition to the applicant’s income, income of spouse/children/ parents/siblings may also be considered for arriving at maximum loan amount provided they are joining the loan as co-borrower/guarantor. If the property is held jointly with the spouse/children/parents/siblings then all the joint holders of the property should join as co-borrower, but in cases where the property is held in single name of the borrower the spouse/children/parents/ siblings may join as co-borrower or as guarantors • Maximum age limit: 70 years. Purpose • Any personal purpose such as meeting expenditure on educ...

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