Lap Loan

Loan Against Property(LAP) can be availed by both salaried and self employed individuals for personal and professional needs(other than for speculative purposes).like marriage, Child's education, business expansion, debt consolidation etc.

How it works

The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of .A loan against property (LAP) is exactly what the name implies -- a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value, usually around 40 per cent to 60 percentage.


A loan against property (LAP) is exactly what the name implies a loan given or disbursed against the mortgage of property. Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Quick Form for Personal Loan.
 

As your LAP will be sanctioned on the basis of your property, the lenders require time to verify all property-related documents and carry out technical appraisal of your property before disbursing your loan. Apart from these, the lender will also ask for your income proof to judge your loan repayment capacity. All these analyses may require up to 30 days. Thus, opt for LAP only if your fund requirement is not extremely urgent.

 

Working Process

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Enquiry with a financier

he first step is to get in touch with a lender. How do you know whom you should approach? You need to get in touch with as many lenders as possible and get them to make loan offers.

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Documents Collection

After you finalize your lender, the lender’s direct selling agent will visit you and collect documents supporting proof of income, residence proof, and identity. You may be require.

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Field Investigation Agency

After submitting the documents, a field investigator will visit your home to double check the facts provided in the documents, such as your place of residence, tenure at work place.

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Loan approved

Once the lender is satisfied with the veracity of your documents, the loan is approved. The lender then disburses the amount through cheques or demand drafts (DD).

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You do this every month, for 60 months, and at the end of the term any debt balances you still owe are written off. You don't have to deal with nasty creditors any more, and all the hard work is done for you.