Loan against property (LAP) does not require you to give up anything in order to receive it, which is not always the case. You remain the owner and continue to utilize the property while your loan is being serviced even though you are using it as collateral for the loan. So, with LAP, you can fulfill your financial needs without giving up ownership or control of the property while simultaneously obtaining a Loan Against Residential Property.
Therefore, you’ve come to the proper spot if you need financial assistance and want to learn more about Loan Against Property, plot mortgage loans, the numerous benefits of LAP, and how to apply for this loan.
What is Loan Against Residential Property?
A Loan Against Property/loan against residential plots, or mortgage loan is a financial instrument that enables you to utilise the value of your property by putting it up as collateral to receive funds from a lending institution. It is a secured loan that provides substantial funding or loan against residential property, which can be repaid over a flexible tenure. Some non-banking financial companies (NBFCs) like creditsuccess offer LAP with a repayment tenure of up to 15 years.
Let us check out the various features and benefits of a Loan Against Residential Property or plot.
Loan Against Residential Property; Features & Benefits
Higher LTV on Market Value
You can receive a higher loan-to-value ratio (LTV) on the market value of your property, which means a higher amount to fund your needs.
Quick and Easy Loan Processing
Unlike most lenders, applying for a Loan Against Property with creditsuccess is not just quick but hassle-free as well. If you meet the basic eligibility criteria and provide the correct documents, your loan processing experience will be very smooth.
Minimum Documentation
Gone are the days of long queues and endless paperwork. A simple online application for Loan Against Property involves only basic documents, saving you precious time and energy.
Competitive Interest Rates
Always go for lenders who offer competitive interest rates and charges on your Loan Against Property. This will further ensure that you have budget friendly EMIs to pay against your loan without affecting your overall financial goals.
Transparent Processing
A transparent loan processing experience builds a sense of trust and reassurance. Every charge during the process is swiftly communicated to the customer during each stage – from application to disbursement, ensuring there are no hidden fees involved.
Longer Tenure
Loan repayment becomes easier when you are afforded a sense of flexibility on its tenure. You can receive a maximum repayment tenure of up to 15 years to pay back your Loan Against Residential Property without any hassle.
Foreclosure Charges
You can now foreclose your loan well in advance without incurring any high charges. Lenders levy a nominal foreclosure charge on the outstanding principal amount of your loan.
How Do I Get a Loan Against Residential Property?
To avail of a Loan Against Residential Property, you need to go through the following steps. Let’s get started!
First, make sure that you fall under any of these three categories, which are
Salaried individuals working with LLP, private limited, public limited companies
Proprietor, Partner, Director; Self-employed professionals like Chartered Accountants, Company Secretaries, and Doctors
Partnership or private limited companies engaged in manufacturing, servicing, or trading
Eligibility Criteria for Loan Against Residential Property
The basic eligibility criteria to avail of a Loan Against Property include
Age
The minimum age for salaried and self-employed individuals as well as a proprietor / key partner / key director is 22 years at the time of loan application. Salaried individuals should be a maximum of 60 years while self-employed individuals and proprietors should be a maximum of 75 years of age at loan maturity.
Work Experience or Business Vintage
Salaried individuals should have 3 years of total experience and 1 year with their current employer. Self-employed professionals should be in the same business/profession for the last 3 years. Companies should have at least 3 years of business vintage.
Income
The net monthly take-home salary for salaried individuals should be at least Rs. 25,000. For self-employed individuals, their gross annual income should be a minimum of Rs. 3 Lakh. For companies, their annual turnover should be a minimum of Rs. 10 Lakh.
Citizenship
All key stakeholders should have Indian citizenship.
Also read: Advantages of Loan Against Property
Steps to Apply for a Loan Against Property with creditsuccess
Step 1: Click on the ‘Apply Now’ button on creditsuccess website
Step 2: Enter basic KYC details and upload all the required documents
Step 3: Await the assessment and verification of your loan application
Step 4: Receive confirmation
Step 5: Approve the loan offer and authorise its disbursal
Conclusion
A Loan Against Residential Property can prove to be the most worthwhile financial decision of your life, allowing you to fulfil your immediate or long-term requirements while paying it off at a relaxed pace.
