Getting your loan application approved is easier said than done. Sometimes it could be the toughest nut to crack. There are several formalities involved in it to get approval. Buying a house or building one is generally a once-in-a-lifetime decision. This is why it is essential to select the right loan against property in the market, which meets our requirements and facilitates our other prospects.
Before selecting any LAP product in the market, you should be aware of the basic benefits of a LAP Loan. Therefore, we provide some of the most important benefits to be kept in mind while considering a loan against property.
- Easy to get: A loan against property is a secured loan, so financial institutions are usually more willing to provide such a loan to borrowers. Therefore, the process of getting the loan might be shorter and easier to get approved.
- No early repayment charges: Usually, you can pay off your loan against property without paying any extra for it. Lenders do not charge extra in case of early payment of LAP.
- Interest Rates: The loan against property interest rate is also low and easy on your pocket. As compared to a personal loan, a loan against property interest rate is much lower and can range between 12% - 15%.
- Tenure of the LAP.: Another benefit of a loan against property is the long tenure. Usually, in case of personal loans, the tenure usually is upto seven years, whereas in case of loan against property, it can be upto 15 years.
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