The current market value of your property and its current status
Your current Income.
The nature and continuity of your employment.
Your current obligations i.e. the other installments (EMIs) you are currently paying, the number of credit cards and credit limits you have or use.
Your past credit history
The purpose of availing such loans is also discussed with the lender and may have a bearing on the loan sanction.
You can start the process of applying for a Loan Against Property (LAP) in any of the following ways:
Compare offers from different banks.
Check your eligibility basis the income and current loans being serviced.
Apply online with multiple banks, to assess the best & competitive loan offers.
From the day an application is being given, banks usually take about 4 – 5 working days to disburse the loan. This is subject to complete information & documentation given at the time of the application.
A Loan Against Property (LAP) has many advantages over a Top-up Loan. They include:
A Higher Loan Amount: Typically, an LAP may offer a higher loan amount than a Top-up Loan..
Avail of Different Property: While an LAP can be availed of against a different residential or commercial property than the one for which the loan was originally taken, a Top-up Loan may only be taken against the property already in question. This flexibility allows you to both avail of a higher loan amount and spread your liability.
Longer tenure: An LAP can be availed for a long term than a Top-up Loan.
Loan Against Property can be availed for a self-occupied residence or a commercial property.