Things to Check Before Applying For a Loan Against Property
A loan against property or LAP is one of the most popular credit options for most people in India. Also known as a mortgage loan, a loan against property is disbursed against the mortgage of a property. If you own a property, you can simply apply for a loan against the property to fulfill your financial requirements. The property owned can be a house, plot, or commercial space. It is a secured loan, handy for salaried professionals and self-employed people to help them handle financial emergencies. The top NBFCs in India provide loans against property with competitive interest rates. They sanction the loan amount as per the current value of the property. However, here are a few things to check before applying for a loan against property. Consider the Property Value First of all, you should check the current value of your property. Remember, all leading banks and NBFCs provide loans considering the current value of the property you keep as the mortgage. However, the funds offered by le