A Loan Against Property or LAP helps you to purchase or maintain a home, land, or other types of real estate. Being secured in nature, LAP demands collateral against the loaned amount. LAP offerings against your commercial or residential property put you in a position to use the value locked up in your property to meet any expenses of any nature.You may select a high-value loan depending on the value of your property collateral for your borrowing.
Here are a host of reasons you must choose Funding kart for online or offline LAP
Funding kart along with significant 100+ partner Banks/NBFCs across India spread over 1000+ locations extend Loan Against Property to all eligible individuals across India.
At Funding kart , Aadhaar based e-KYC speeds up the documentation process by eliminating physical paperwork. You can obtain a LAP as soon as the inspection is done and approved.
You can think about loan costs, offers, and online services on our digital platform. Our online resources will direct you to settle on the right decision, and pick the right bank for your advance according to your financial plan and assumptions.
Experts at Funding kart know the ins and outs of the business. Our committed group of individual specialists will guide you to pick the right lender.
We esteem our clients and are consistently on our toes to give them advantages of our abilities. Applying for LAP through us gives you an opportunity to benefit from the best offers and agreements our Partner Banks and NBFCs have on offer.
Loan Against Property offerings against your residential, or commercial property enables you to employ the locked-up value in your property to meet the expenditure of any kind. Unlocking this value for multi-purpose use will need you to prove your eligibility for a LAP.
Certain generic and common factors that decide eligibility for a LAP are listed below.
Nationality : You need to be a Citizen of India with documents to prove your claim.
Occupation and Income : Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.
Credit History : Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.
Banking Relationship : Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.
Market Value of Property :Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.
Title of Property : Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.
A Loan Against Property Balance Transfer allows you to transfer your outstanding principal on your existing loan against property to another Bank or NBFC at lower interest rates. A well-planned loan balance transfer helps you reduce your EMIs, save on interest outgoings, and reduce your debt burden.
Loan against Property Balance Transfer Features
High-Value Top-Up Loans
You can avail a high-value top-up loan in Loan against Property Balance Transfer.
Part-Prepayment and Foreclosure Facility
Part-Prepayment and Foreclosure of loans to help you prepay your loan balance transfer loan, and save on interest payments.
Affordable Interest Rates
LAP Balance Transfer offers great affordability by way of competitive mortgage interest rates, and nominal fees and charges.
Flexi-Loans
Flexi-Loans are the new way of borrowing funds in India to access pre-approved loans based on your credit rating. This allows you to borrow funds at will and prepay when you have additional funds in hand.
The following are the common criteria that decide the eligibility for your loan application and approval at most Banks, and NBFCs.
Typically, a credit score of 750 may be considered a good score for approval.
Here is the list of documents you must keep in handy when applying for a loan against a property.
