It is often seen that most of the borrowers do not have much knowledge about loan against property. Hence, whenever there is any requirement, they end up availing personal loans. If your requirement is huge, it is always wise to go for LAP (loan against property). Let’s understand why LAP is the ideal choice.

As the name suggests, loan against property is a secured loan where you can get a loan by keeping your residential or commercial property as collateral. There is a risk involved since you keep your asset as collateral, but there is absolutely no risk if you repay the loan amount without any default. There is no room for errors when you opt for LAP because it involves keeping your asset at risk, but careful intervention and guidance from an expert will help you.

Why is LAP the ideal choice?
  • Interest Rates Offered: Since LAP is a secured loan, the interest rates levied on the disbursed amount are lower than those that come with personal loans. Financial institutions like Findestination also provide the option of floating rate in loan against property, so even if the interest rates go down, it will benefit the borrowers.
  • EMIs (Equated Monthly Instalments): Here the math is simple; if the interest rate is low, then the EMI to be paid will also be low, making LAP an ideal choice.
  • Loan Tenure: When you choose loan against property, you can repay the loan over 5- 20 years depending on the eligibility criteria like income, age, etc. This is feasible since lower EMIs mean higher disposable income for yourself.
  • Loan Amount: The amount disbursed is higher compared to other types of loans. This is mainly because LAP is secured against a physical asset, so the loan amount will be up to 90% of the property that is being used as collateral.

A loan against property is always a great way to fund your bigger cash crunch. Findestination provides LAP with the lowest rate of 7.60% onwards* with flexible tenure. Moreover, we assure fast processing and hassle-free process. Connect with us if you want to get more details about LAP.