{"id":11494,"date":"2019-05-24T11:25:57","date_gmt":"2019-05-24T05:55:57","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?p=11494"},"modified":"2019-05-24T11:28:06","modified_gmt":"2019-05-24T05:58:06","slug":"is-it-cost-effective-to-avail-loan-against-property","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/is-it-cost-effective-to-avail-loan-against-property\/","title":{"rendered":"Is it Cost-effective to Avail Loan Against Property?"},"content":{"rendered":"\n<p>Before choosing a LAP, evaluate your reimbursing capability. Any avoidance\nin repayment will have an opposing effect on your credit score, and of course\nyou will be accountable to pay a penalty.<\/p>\n\n\n\n<p>To calculate suitability, a lender will look at a certain\npercentage of the market value of your property and your repaying capacity. Characteristically,\nbanks and NBFCs give only a percentage of the market value of your assets as\nthe loan amount. The lender will also look at your repaying capacity by taking\ninto account your income minus other equated monthly installments. <\/p>\n\n\n\n<p>There is also an age limit to take the loan which is 60 years if\nyou are a salaried individual and 70 years if you are self-employed. The\nminimum loan amount you can get is Rs. 2 lakh, which varies across financial\ninstitutions.<\/p>\n\n\n\n<p>In simple language, Loan Against Property is a secured loan which\nyou can get access to in lieu of any residential or commercial property that\nyou own wherein your loan amount is highly dependent on the market value of the\nproperty.<\/p>\n\n\n\n<p>Yes, as compared to other funding options Loan against Property is\nmuch inexpensive.<\/p>\n\n\n\n<p><strong>Key Attributes of Loan Against Property:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Secured Loan at a Low Rate of Interest<\/li><\/ul>\n\n\n\n<p>In case of LAP, your loan is secured by your property which you\nmortgage with your lender until your debt is cleared. Since the lender has his\nloan amount secured, it results in a lower rate of interest which may range\nfrom 9.25% to 15% depending on certain parameters.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Secured Loan with Longer Tenure Period<\/li><\/ul>\n\n\n\n<p>Since <strong><a href=\"https:\/\/www.antworksmoney.com\/loan-against-property\">Loan against Property is a secured loan<\/a><\/strong>, lenders are able to offer longer tenures for repayment. Tenure on LAP ranges between 5\u201315 years. This also varies by the collateral type offered for the mortgage.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Easy Prepayments and Lower EMIs<\/li><\/ul>\n\n\n\n<p>Loan against Property foreclosure might attract a\nprepayment\/foreclosure penalty. This penalty varies from lender to&nbsp;lender.\nIt also depends upon whether the loan borrower is an individual or a firm. If\nthe loan is being taken in the name of a firm, then most lenders charge a\nprepayment penalty of 1\u20134% on loan outstanding amount. Before signing the loan\nagreement one should carefully check on all the exit pages.<\/p>\n\n\n\n<p>Since LAP is a long tenure loan the EMIs are comfortably low. The\nlonger the tenure, the lower is your EMI and the shorter the tenure higher will\nbe your monthly payable installments. <\/p>\n\n\n\n<p>It is economical to take a loan against property but only under certain circumstances. For instance, if you are planning to take the said credit facility as a substitute of equivalent unsecured credit scheme; a loan against property is definitely economical. It goes without saying that on a comparative basis, a secured credit scheme is available at a <strong><a href=\"https:\/\/www.antworksmoney.com\/compare\/lap-offers\">lower&nbsp;interest rate for Loan against Property<\/a><\/strong>. On the contrary, an unsecured credit scheme is available at a higher interest rate.<\/p>\n\n\n\n<p>A loan against property comes with end-usage flexibility. This\nallows the borrower to utilize as per their needs without prior mentioning the\npurpose to the lender. The same facility is available in the personal loan\nscheme but the same is available at a higher cost. Plus, the amount of money,\nthe borrowing limit is higher in the mortgage loan.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before choosing a LAP, evaluate your reimbursing capability. Any avoidance in repayment will have an opposing effect on your credit score, and of course you will be accountable to pay a penalty. To calculate suitability, a lender will look at a certain percentage of the market value of your property and your repaying capacity. Characteristically, &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/is-it-cost-effective-to-avail-loan-against-property\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Is it Cost-effective to Avail Loan Against Property?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":11495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-11494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-against-property-lap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Is it Cost-effective to Avail Loan Against Property in India?<\/title>\r\n<meta name=\"description\" content=\"Antworksmoney offers Loan Against Property &amp; Property Finance in Gurgaon now to enjoy hassle free documentation and get instant approval.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/is-it-cost-effective-to-avail-loan-against-property\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Is it Cost-effective to Avail Loan Against Property in India?\" \/>\r\n<meta property=\"og:description\" content=\"Antworksmoney offers Loan Against Property &amp; Property Finance in Gurgaon now to enjoy hassle free documentation and get instant approval.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.antworksmoney.com\/blog\/is-it-cost-effective-to-avail-loan-against-property\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Antworks Money - 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