Unlock the Value of Your Property with a Loan Against Property
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Whether you are planning to scale your business or fund your home renovation, a loan against property (LAP) can be a convenient financing solution. This secured loan allows you to leverage the equity of your residential or commercial property to avail of sizeable funds at a competitive interest rate.
This article outlines the key benefits and eligibility criteria of a loan against property, and explains how to use a loan against property EMI calculator to plan and manage your repayments with ease.
Features and Benefits of a Loan Against Property
The flexibility of a loan against property makes it a preferred option for individuals and businesses alike. Leading HFCs, such as Bajaj Housing Finance Limited, offer sizeable Loans Against Property at competitive interest rates, based on applicants’ financial profiles. It also offers:
- A flexible tenor of up to 17 years that allows you to repay your loan through manageable EMIs
- Flexibility in end-usage so that you can meet diverse financial requirements, such as business capital, home renovation, or debt consolidation, easily
- Quick approval within 72 hours* upon successful document verification and approval, enabling you to address urgent financial needs without delay
Loan Against Property Eligibility Criteria
To apply for a loan against property, most lenders require applicants to be between 25 and 65 years of age. A credit score of 750 or above is generally preferred, along with rightful ownership of the residential or commercial to be mortgaged. Typically, applicants who are Indian residents can apply for a loan against property in India.
Using a Loan Against Property EMI Calculator
Financial planning is essential when availing of a loan. Loan Against Property EMI Calculator by Bajaj Housing Finance Limited can help you simplify this process. It is an online, free-to-use tool that can help you determine your EMI amount based on the loan amount, interest rate, and tenor. Once you enter these values, the calculator will provide an instant EMI estimate, along with an amortisation schedule showcasing the breakdown of interest and principal components. This can help you choose a convenient repayment structure.
How to Choose the Right Loan Against Property
Choosing the right Loan Against Property begins with understanding your financial requirements. This will help you evaluate the loan amount you require and the tenor over which you can comfortably repay.
While comparing lenders, consider not just the interest rates but the overall cost of borrowing—including processing fees, additional charges, and repayment flexibility such as part-prepayment and foreclosure options. Choosing a lender with transparent processing can make your borrowing experience hassle-free.
Disclaimer: No Business Standard Journalist was involved in creation of this content
Topics : loan rates
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First Published: Apr 17 2025 | 12:34 PM IST
