Loan Against Property
A mortgage or secured loan obtained by offering a property as collateral is known as a Insta Loan Services against property or LAP. The interest rate ranges from 7.25% to 8.00%. You can borrow up to 70% of the value of your home for a maximum of 15 years with a LAP.
TYPES OF PROPERTY LOANS WE PROVIDE
- Loan Against Commercial Property
- Loan Against Residential Property
- Land Purchase Loan
- Loan to Purchase other Commercial Property
- Loan for Lease Rental Discounts
Apply For Loan
Affordable EMI plans
A loan against property has an interest rate that starts at (Add accordingly) percent per annum. You get a big loan amount with lower EMIs. Unlike personal loans, property loans are less expensive and provide greater repayment flexibility and the option of a longer payback term
Easy approval & sanction:-
The loan against property is a secured loan with simple eligibility requirements.
Flexible tenure & EMI:-
A loan against property provides you with the most liquidity for your property. (Financing is available for up to 15 years.) You can get a cheaper EMI and easier repayment by choosing a long-term property loan.
Query Related to Loan Against Property:-
Each lender has its own set of eligibility requirements for taking out a loan. The following are some of the common requirements for obtaining a mortgage loan:
- Profession:- A Loan Against Property is available to self-employed and salaried individuals with a consistent source of income.
- Age:- Minimum age to be eligible for a property loan is 21, and the maximum age is 65.
- Joint applications:- Co-applicants are allowed. Lenders may consider the income of co-applicants when determining eligibility.
- Margin:- The margin needed for a Loan Against Property might range from 10% to 50% of the property’s market value.
- Ownership:-
- The applicant should be the owner of the freehold property. It could be a residential, commercial, or industrial property.
- Agricultural land is not eligible as loan collateral.
- Many lenders need the property to be either unoccupied or self-occupied.
- Some banks will not consider a property that is rented or leased to a third party.
- Vacant residential plots are used as collateral by some lending organizations.
- Current Obligations:- The take-home income standards are implemented. After accounting for all EMIs, including the proposed one for the loan against property, one should have a take-home pay of 50%. As a result, borrowers must disclose their present commitments.
- Credit History:- CIBIL (Credit Information Bureau (India) Limited) members are lending banks. They can access your CIBIL information to determine your credit score. A credit score of 600 or higher is usually considered adequate.
- Explain your earnings to the lender.
- Maintain a good savings account balance on a monthly basis.
- Choose a loan-to-value ratio that is lower (LTV).
- Peer-to-peer lending is another option to examine.
- Apply with a co-applicant.
Document Type | Documents Acceptable |
Identity Proof |
|
Address Proof |
|
Financial/Income Documents |
|
Property Documents |
|
Other Documents |
|
You can apply for a mortgage loan through Instaloanservices via our website, nearest branch, or by calling our customer service experts.
- Fill out the application form and attach the relevant documents to it.
- Lenders will double-check all of the information.
- The lender will assess the property that will be mortgaged.
- If you are eligible, your application will be approved after examination and eligibility verification.