A loan against property is a collateral loan that You can avail against a property. The loans that are secured against property come with lower interest rates than the ones against collateral. Any immovable property that is residential or commercial can be pledged against the loan. You can apply for property loan here-

https://www.fullertonindia.com/loan-against-property.aspx

Features Of Loan Against Property

• Eligibility Criteria

The eligibility criteria for a loan against property differs based on the lender. Most lenders check the borrowers’ repayment track record aka credit history, employment status, age, and financial stability before sanctioning the loan. 

• Higher Loan Amount Sanctions

The lap loans have a higher loan amount as one is pledging a high-value asset. Most lenders provide a range of 60 to 70 per cent of the property value for the loan amount. The immovable asset can be land or commercial property like a shop or a residential property.

• Longer Tenure

Since the loan amount is enormous, many lenders offer longer and flexible EMI payments. Some lenders stretch the tenure even up to 20 years since there is collateral involved. You can use the mortgage loan calculator to plan your instalments and decide on an apt tenure and a perfect instalment.

• Speedy Sanction

Since the loans are availed against collateral, the sanctions are fast, and the loans are disbursed swiftly to serve the purpose on time.

Applying for mortgage loans online it brings an array of benefits to you. The loan process takes just a few steps, and the documentation is hassle-free as it doesn’t involve much paperwork. Apply for a lap loan with Fullerton India to get the best deals against property in India.

Must Read: Crucial Things To Know About a Loan Against Property