Loan against Property is a popular financing option in a metro city like Delhi for personal and business needs. The interest rates start from 8.75% p.a., making it a viable alternative to personal loans or credit cards.

Borrowers can avail of a loan against property private finance amounts up to 70% of their Property’s market value, based on their credit profiles. They can also pledge the rental receipts of their tenants to get the facility of Lease Rental Discounting.

Eligibility Criteria for Loan

The eligibility criteria require applicants to be Indian residents, at least 18 years old, and have a CIBIL/Credit score of 750 and above. Salaried applicants need at least three years of work experience, while self-employed applicants should have at least three years of business continuity.

The total EMIs, including the EMI of their proposed LAP, should be between 50 and 60% of their net monthly income.

Repayment Tenure for Loan

The repayment tenure for a loan against Property can be up to 20 years, providing borrowers with ample time to repay the loan. The LTV ratio can go up to 70% of the Property’s market value, and borrowers can use their industrial, commercial, or residential properties as collateral.

Borrowers with existing LAPs from other lenders can transfer their LAPs to other lenders at lower interest rates and get top-up loans.

Know Your Loan Better

Using a loan against property EMI calculator is essential to determine the optimal EMIs and lap loan interest rate based on your repayment capacity while keeping your total EMIs under 50% of your net monthly income.

Applying for a loan against Property in Delhi has become easier with the advent of online lending platforms. Borrowers can now compare loans against property offers from 20+ lenders and apply for pre-approved loans by entering their mobile number and loan amount to check.

The processing fee can exceed 1% of the loan amount, and foreclosure/part payment charges are NIL at floating interest rates.

Loan against Property in Delhi is an attractive financing option for personal and business needs. Lower interest rates, longer repayment tenures, and easy eligibility criteria make it a viable alternative to personal loans or credit cards.