Loan Against Property is a kind of secured loan. This sort of funding can easily be acquired by mortgaging your assets such as residential or commercial property. The Banks and financial institutions put forward mortgage Loans against Property for properties like residential, commercial property or vacant land, etc. It's a secured category loan, which means that if the applicant fails to pay back the loan amount then the bank or the financial institute can legally put up the property for sale in order to recover the remaining loan amount.
However, the property rights stay with the applicant throughout the tenure. The borrower can normally use or lease the property, in case of loan against commercial property. In case of joint property rights, all the co-owners require being the co-applicants in the loan.
The illustration below indicates what to expect at every step during the loan evaluation process. It helps understand how the credit decisioning works in banks and the steps they take before deciding to accept or reject a loan/ credit card.
Fill in the Loan Against Application Form, to check your eligibility.
Compare various Loan Against options, and apply for the suitable option.
Get an instant e-approval, after successful submission of the application.