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Loan Against Property in Mumbai (Mumbai , India, Other Countries)

Loan Against Property’, also known as LAPs is one of the variants of personal loan. This is a type of secured loan which comes handy in times of immediate financial needs. As per the name, the borrower can apply for loan from banks or NBFCs by giving their property as collateral. The type of property can be residential or commercial which is in current use. A borrower can keep one or more properties as collateral which belongs to him or her. Banks or NBFCs evaluate the current value of the particular property and give the loan amounting 40% – 60% of the land value. Even though your property is kept as a mortgage to the financial institution, you are allowed to live in or use the property as you desire.

Eligibility: Age: Min 24 Years (Salaried up to the age of superannuation/ Self Employed 65yrs Profile: Any individual who is in permanent service in the government or a reputed company/ Self -employed individual who is filing Income Tax returns can apply/ Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply Funding will be done only against ready commercial property. The same will be restricted to 85% of the net present value of the future rentals or 50% of the value of property, whichever is lower. Borrowing Limits Min Rs. 5,00,000 and Maximum Rs. 5,00,00,000 based on eligibility. Funding Ratio of Property – 20%-30% margin in case of purchase of commercial property 40%-55% margin in case of loan against residential/commercial property http://tamodachi.com » »

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