Loan against property (LAP) is a mortgage loan with lower interest rates, which can be used for multipurpose.
One can get LAP by mortgaging his commercial property or residential property to lender as a collateral (security). Just like a personal loan, you can use LAP to fulfill your business, or personal requirements.
LAP can also be used to foreclose other existing loans.
40-60% amount of the market value of the property is financed for borrower under LAP. Income eligibility for the borrower should be more than Rs. 25,000/- per month.
Documents in LAP are same as in Home Loans for both salaried individual and Self Employed person.
There is minimum 7 to 10 days processing time for LAP.
Loan Against Property by OneacreHome Loans can be availed with maximum finance against the market value of your property at the best mortgage loan interest rates. While you continue to focus on growing your business from the comfort of your own property, we will continue to fund your business and ensure its growth. All you need to do is sit back and relax! We also offer doorstep service for loans to maximise your comfort.