Loan Against Property (LAP), also known as mortgage loan, is sanctioned against an asset, which remains with a lender until the loan is repaid. This asset can be a residential, commercial or industrial property. Property loan gives you access to high loan amount at a low interest rate starting at 8.20% p.a. Lenders usually sanction a mortgage loan between 50% and 70% of the property’s market value, which you can repay easily in EMIs stretching up to 20 years. Like unsecured personal loans,LAP Loan or loan against property also can be availed for meeting both personal and business needs other than speculative purposes.
Benefits of loan against property vary across different lenders and loan schemes. However, some of the common mortgage loan benefits are as below:
Before applying for a loan against property, it is good if you plan for its repayment. Doing so will help you avoid financial hassles in future. To help you plan your finances in advance, Paisabazaar presents a loan against the property EMI calculator. It is basically an online tool that calculates the EMI amount payable towards your loan repayment. LAP EMI Calculator gives accurate and quick results on the basis of a few basic loan-related details including loan amount, interest rate and tenure. To know your loan against property EMI, click here.