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+91 9972444633
Loan Against Property
A loan against property can be offered against a built residential property, a commercial property, or a plot < 5000 sq. ft. in size. The loan amount offered is typically 60%-70% of the market value of the property as assessed by the bank’s empanelled valuator.
A few important points that the bank considers while extending LAP are as follows:
- Type of property – Residential/Commercial/Plot
- Current use of property – Self occupied/vacant/tenanted
- If tenanted what kind of tenants have occupied
- Legal title of the property
- Approved sanction plan of the property
- The land on which the property is built should be within BBMP/BDA limits with an A Khata
The extent of the loan will be highly dependent on the above factors, apart from your income eligibility.
The LAP product can be offered both as a Term Loan or a Dropline Overdraft
The interest rate on a LAP is usually is 1-2% higher than the standard home loan rates and attracts a processing fee.
There are various agencies in the market that offer the service of arranging a LAP for the client, however they fail to do an upfront assessment of the various factors that would impact the loan approval.
We at Virtuoso Partners, we do an upfront legal assessment, eligibility assessment, property assessment, and on the basis of that, we suggest a bank that can offer the loan to the client closest to his expected amount and at the lowest possible interest rate and charges. This saves a lot of time and money for the client and clearly differentiates us from most of our competitors.
Call expert
+91 9972444633
Write email
piyush@vphl.in
Visit office
S-2213, ARDENTE OFFICE ONE, Hoodi Main Road, Bengaluru - 560048
