Whether you have a personal or a work-related need, a loan against property is an efficient financial solution that can cover up many needs.
What is a Loan Against Property (LAP)?
If you have a property and if you have an urgent need for some money, you can keep your property as collateral and get some cash to cover your various needs. Hence, you can avail mortgage against property of any description – residential or commercial in India.
A loan against property from a non-banking finance company (NBFC) can help you avail a loan against property or land with quick and hassle-free documentation, quick approvals, zero foreclosure charges and more.
Loan Against Property Documents at a Glance:
You will need to furnish the below documents online to fast-forward your loan against property application with a creditor such as:
- KYC documents
- Last 6 months’ bank account statements
- Last 2 years’ income tax returns, balance sheet, and P/L account statement
- Business continuity proof for the last 5 years
- Copy of ownership papers for the property to be kept as collateral
A Loan Against Property Eligibility Criterion:
You need to fulfil the below loan against property eligibility criteria to avail the facility such as:
- An applicant needs to be an Indian citizen
- Your age should be at least 25 years
- You should either be a self-employed or a salaried individual with a regular source of income
Here’s How you Can Use a Loan Against Property:
You can use a loan against property facility from any of the leading non-banking finance company (NBFC) or a bank for many reasons such as:
1.) LAP for Marriage:
Do you have an upcoming wedding ceremony in your family and don’t have enough funds? You can use a LAP for marriage and get some much-needed cash while keeping your property (commercial or residential) as security. Like this, not only you will get a quick amount in your bank account, but it will also help you organize a wedding of your dream!
2.) LAP for Higher Education:
Some people may not have funds to arrange for a higher education of their child. However, they are unaware that they can easily get the money required for the higher education by keeping their property as collateral. Yes, you can easily apply for LAP for higher education online these days and get speedy approvals and money.
3.) LAP for Business:
Do you want to kick off a new business, but have a shortage of funds? You need not worry as a LAP for business is a handy financial tool to provide you money for establishing your business and when needed. You may find many leading online non-banking finance companies (NBFCs) or banks offering your LAP for business on easy terms and conditions.
4.) LAP for Foreign Travel:
With a modern-day finance facility of the LAP for foreign travel, you don’t have to sacrifice your plan to take and enjoy a foreign trip. You can easily find many online service providers these days offering affordable interest-based LAP for foreign travel. The process is hassle-free and speedy as a LAP for foreign travel is a secured loan which means that your property is kept as collateral.
The Bottom Line:
Whatever is your need – be it a LAP for marriage, LAP for higher education, LAP for business, LAP for foreign travel and more, a loan against property covers your needs easily and minus hassles. If you have an immediate need for money, apply for a loan against property online and get going!