Compare Loan Against Property Interest Rates

To help its customers get the best interest rates on loan against property loanmoney has consolidated all the information regarding current rate of interest for all the banks at one place. Please keep visiting this section to check updated rate of interest for loan against properties.
Compare Loan Against Property Interest Rates

Loan Against Property Eligibility Criteria


A loan against property (LAP) is a good alternative if you need capital. Your property must have no outstanding ownership dispute associated with it and should not be mortgaged. If you can make repayments from your earnings.There are various eligibility criteria that you will need to meet to be able to get a loan against property.

Loan Against Property Must Read


Loan against Property refers to the secured loan category like home loan where the borrower gives a guarantee by using his property as a security. The right of ownership of the property is still with the borrower, and if he/she is unable to repay the loan amount, he/she can sell the property to pay off the debts.

Advantages of taking a Loan Against Property
  • Cheaper than Personal Loans: It works out to be much cheaper than a personal loans , which is usually issued at interest rates in the region of 16 per cent-21 per cent.
  • Longer Loan Tenure: The tenure for a Loan Against Property is usually longer than that for a personal loan. Generally, LAP is given for a maximum tenure of 10 years.
  • Lower EMI: Since the rate of interest is lower, many times, LAP Equated Monthly Installments (EMI) turn out to be cheaper than those under personal loans.
  • Simple documentation and Fast Approvals: LAP being a secured Loan has comparatively faster approvals and minimal documentation.
Loan Against Property can be taken for following purposes
  • Expanding your business.
  • Get your child married.
  • Send your child for higher studies.
  • Fund your dream vacation.
  • Fund Medical Treatments.

In nutshell, Loan Against Property is a secured multi-purpose loan with larger tenor and lesser rate of interest.

 
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