HomeLoanDSA provide one stop solution for your loan against property needs. We compare all the products available with most of the Banks for loan against Residential | Commercial | Industrial Property & suggest our customers the Best product based on maximum loan amount, lowest interest rates and minimum charges.
Funding Upto 80%
Loan Against Property
Compare Loan against Property interest rate from Top 12 Bank & NBFCs ✔ Get Lowest rate offers ✔ Loan against Property Tenure up to 15 – 20 years ✔ Maximum Property Value ✔ Quick approval & Timely disburshment ✔ LAP Loan Up To 75% of the market valuations of the property ✔ Loan Against Commercial, Residential and Industrial Property ✔ Loan Up to 100 Crores ✔ Lowest EMI LAP Loan.
LAP Interest Rates at a Glance
Loan Against Residential Property
Find the True Value of your dream home and get desired loan amount at ever lowest rates. You can use this amount for your personal & business needs.
If you’re looking for a Mortgage Loan but don’t know where to start, there is no need to worry. Many people find Home Loans totally confusing and it’s not surprising given that there are thousands of deals to choose from. What’s more the ‘fear factor’ is compounded by the fact you are talking about borrowing a lot of money so it’s important to get the decision right.
However, in actual fact, Mortgage Loans aren’t that complicated. Here we look at the basic things to think about when comparing products so you’re more confident about working out which is the best Home Loan for you.
Find the perfect Loan Against Property for all your Needs
Are you a Property owner who has been searching to avail a long term loan? Have you thought about taking the loan against your property? Read on to find the details you should know before choosing to take out a loan against property.
What is a loan against Property?
A Loan Against property is only available to those who own a Ready to move in Residential, commercial and Industrial Property. These types of loans are called as a secured loan because the Loan amount is secured against an asset, which can be repossessed incase of default in loan repayments. This reduces the risk to the lender, which may result in attractive interest rates, but presents a huge risk to the borrower who could lose their property if payments are defaulted.
How much can I borrow?
The amount of the loan sanctioned can vary from lender to lender, but the Loan against property usually up to 50 to 85% of Property Market Value. Banks feel more secure in giving loans to borrowers who are prepared to low amount against their property value.
What can I use loan against property for?
Loan against property are usually higher amounts and Loan against property can be availed to consolidate existing Loans, working capital, family or personal expenses.
How quickly must I repay my Loan against Property?
Loan against property can be availed for a minimum term of 5 years; its repayment can be spread across a term of up to 20 years. This higher term can mean that borrowers can benefit from low monthly interest rates, but they will have to pay more interest. Now Banks has removed part payment charges on loan against property and this option should be exercised regularly to repay loan against property.
Can a Loan against Property be repaid early?
Yes, there is the opportunity to repay a loan against property early and you don’t have to pay early settlement charges if payment is made thought personal savings. Our property is jointly owned by family members, does this mean that the Loan against property must also be in Joint names? A Loan against property is secured to the property rather than to the individual, which means that if the property is jointly owned, the both owners must be taken on loan application and their credit score will be considered for the loan. In addition to credit score, their financial eligibility will also be assessed to measure the EMI against their income.
Are there similar alternatives to Loan Against Property loan?
Some Property owners choose to release some value from their home by switching mortgages. For example, if your property was worth Rs.3.50cr but your mortgage was at Rs. 1.20cr which is about 34% of property value. You may increase loan amount upto 50% to 75% of the property market price and amount can be used to pay off high interest loans, working capital, property renovation and business expention. You may also save money by transferring a existing Loan against property to a lower interest rate without paying any charges.
My home is in negative Area; can I still apply for a Loan Against Property?
Your chances of obtaining a Loan against Property may be affected if your home is in negative area, or built without approved sanction plant.
Mortgage Loan Processing fees
Most Home Loan provider banks charge LAP loan processing fee, which can vary from Rs. 5000/- up to 1% of loan amount. But you don’t worry our loan experts will get you the maximum possible discount on processing fees or even try to make it to lowest.
Also bear in mind that these processing fee costs can sometimes comprise of two fees. In increasing number of lenders charge a non-refundable processing fee which is effectively a loan application fee. You won’t get back this back if you end up not taking the Mortgage Loan and even loan application rejection due to low Cibil score, Loan to Value ration or your financial eligibility.
The second type of fee, is a processing fee which you pay on completion of the Loan against property so you won’t have to pay it if, for any reason you don’t take the Loan.
There are bank who charge legal and technical valuation fee in addition to processing fees.
Remember to always include these cost, as even if a lender is offering a seemingly unbeatable rate, higher fees could mean that it actually works out to be more cost-effective to opt for a higher rate of other bank, but with a much lower fee, or no fee at all.
It will all depend on how much you are looking to borrow. A high fee is often worth paying in order to secure a low interest rate if you are applying for a large Loan.
Cibil Score for Loan Approval
Banks offers Home Loan based on your current property Valuation and your financial eligibility. In addition to this, Banks will also check your cibil score and it has to be more than 650. In case you don’t have any idea about your current cibil score, connect with us Our team is ready to help you.
How to find the best deal
Finding the right Loan against Property to suit your needs can be a challenge, especially with so many different offers available.
This is where Home Loan DSA can help. Our Loan comparison service covers the entire market, and, once you’ve answered a few simple questions, it can help search a better product as per your requirement. Our team will do all the leg work for you and get you the best possible deals to meet your home loan requirement.
If you need an independent advice, then we’ve very experienced Home Loan advisor who can talk you through the range of available options, and help you through the application process once you’ve decided on the best Home Loan for you.
Calculate Your Loan Eligibility
We suggest you must get your loan eligibility checked. You may also apply for a pre approved loan before property search. This will put you in a stronger position as a buyer. Bank will also assess valuation of the property you choose, to ensure they feel the price agreed is in line with the market value.
Loan Against Property with HomeLoanDSA.com
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