It is often a confusing situation for a borrower to choose between a loan against property mortgage or personal loan. A personal loan is given on the basis of income of applicant whereas the LAP is given on the basis of a combination of income and property kept as a mortgage.
A loan against property (or home equity loan) is a credit instrument where a loan is given against your property. You can then utilize these funds to meet any of your requirements. What you need to know before applying for a loan against property (LAP). Here are a few basics that will help you while researching LAP.
You could take a Personal Loan for the amount required, or you could take a loan against your property. What is a Loan Against Property (LAP)? LAP is exactly what the name implies – a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40% – 60%.
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These loans are offered at lower interest rates compared with unsecured personal loans. The loans are also flexible. while HDFC Bank limits it to a maximum of 15 years. Loan against property The.
A loan against property is a type of secured loan availed against a commercial or residential property kept as collateral with the lender. As the funds come with no end usage restriction, borrowers can utilise the funds for various purposes such as business expansion, wedding, child’s education, etc.
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LAP EMI calculator works on three main criteria – loan amount, tenor and loan against property interest rates. Here’s the Formula where E is EMI P is the Principal Loan Amount r is the rate of interest calculated on a monthly basis