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Loan Against Property (LAP) is a popular form of secured loan in India, where a borrower can pledge their property as collateral to avail of a loan. Everyone has some assets that are worth a good amount of money. Most of us have a house or a vacant plot that holds a high value. A property can be used to resolve a financial emergency. People can use the property as collateral and secure a loan to resolve a financial problem. Most people are afraid of losing their property when used as collateral. If the loan EMIs are paid timely, there is no way one would lose the property. You must be aware of the conditions for a loan against property in India. Read on to understand the relaxations offered for a loan against property.
High LTV ratio
The first relaxation is that an individual can use a commercial or residential property to get a loan. When you apply for a mortgage loan, the lender will judge the property’s market value. Since the property is collateral, the lender invests in identifying the right market price. The LTV (Loan to Value) ratio is high for mortgage loans in India. With Fullerton India, people can enjoy up to 70% of the property’s market value as a mortgage loan. Any lender will take some time to analyse the property’s market value before giving a loan. Since the lender conducts all the processes, they are usually over within a few days. Individuals can apply for mortgage loans worth up to 5 crores with Fullerton India. Such a large amount can help fulfil your personal or business needs easily.
Easy approval
There is no need to spend hours waiting in an office for a mortgage loan. With Fullerton India, you can provide some details and start the mortgage loan process. Individuals can submit a mortgage loan application online and enjoy a lump sum amount. All the documents required for a mortgage loan will be submitted online. Most people are afraid of losing their property when used as collateral. If the loan EMIs are paid timely, there is no way one would lose the property. Any lender will take some time to analyse the property’s market value before giving a loan. Since the lender conducts all the processes, they are usually over within a few days. You can secure a mortgage loan without moving an inch in today’s era.
Less documentation
Documentation is one of the biggest headaches for mortgage loan applicants. However, times have changed, and the paperwork for a mortgage loan is simple. The documents required for mortgage loans can be submitted online on the website. Only a few documents are required to complete the KYC verification process for a mortgage loan. The applicant must provide income, identity, and address proof to secure a mortgage loan. With the online registration process, there is no need to visit the lender’s office with a pile of loan documents.
Flexible interest options
With a mortgage loan, the lender experiences less risk. Since a mortgage loan is secured, the borrower might hesitate to default on the repayment. If the borrower defaults on a mortgage loan, the lender will acquire the property to cover the involved costs. Since the lender experiences less risk, the interest rates on mortgage loans are affordable. Fewer interest charges result in pocket-friendly EMIs for a mortgage loan. Fullerton India is the apt choice for individuals who want to enjoy competitive interest rates on mortgage loans. Loan applicants with better credit ratings can enjoy better rates on mortgage loans.
Flexible EMI options
When people apply for mortgage loans, they can decide on the repayment period. You can choose a longer repayment period for a mortgage loan. However, an extended repayment period can result in additional interest charges. If you are confident of repaying the mortgage loan quickly, you can choose a shorter repayment period. Use the EMI calculator on the website to make the right decision when applying for a mortgage loan.
Use of collateral property
Even though someone has listed property as collateral, it can be used for business or residential purposes. It is the most significant relaxation that comes with a mortgage loan in India. Individuals can submit a mortgage loan application online and enjoy a lump sum amount. The property papers will be safe with the lender throughout the repayment period. Once the mortgage loan is cleared, the papers are returned to the rightful owner of the property.
Conclusion
You can use any property and acquire funding by using it as collateral simultaneously. Check the documents required for mortgage loans on Fullerton’s website. With the online registration process, there is no need to visit the lender’s office with a pile of loan documents. With a few simple steps, the loan application process is completed online. Enjoy up to 70 – 80% of the property’s value as a loan. Apply for a mortgage loan with Fullerton right away!
