Loan Against Property (LAP), also known as ‘Home Equity Loans’ is basically a loan against the security of one’s property. This is designed to meet the financial needs of a person who already owns a house, which is free from any encumbrance. It is a loan given or disbursed against mortgage of the property.
These are secured personal loans, which can be used for any purpose except speculation. More often than not, the interest rates for commercial and residential property vary with the loan against commercial property being a little more expensive.
Apnapaisa.com offers the advantage of customizing the LAP requirements. On the vanilla interest rate page, one can choose his/ her requirements and receive a customized set of results. The respective interest rates applicable can be sorted. Since, eligibility criteria varies from bank to bank; Depending upon the value of the property as well as one’s repayment capacity, apnapaisa site gives you the loan amount one would be eligible for on http://www.apnaloan.com/loan-against-property-india/eligibility-criteria.html
• Learn more and understanding the various charges to applicable as well as the charges to transfer or foreclose a loan at http://www.apnaloan.com/loan-against-property-india/index.html
• Ascertain the exact EMI required to be paid at http://www.apnaloan.com/loan-against-property-india/emi.html to understand your future cash flows.
Speaking on the LAP, Mr. Harsh Roongta, CEO, Apnapaisa.com says, “It is basically a loan against the security of one’s property which can be utilized for any purpose except for any speculative purpose. Our site Apnapaisa presents comprehensive details about LAP like interest rates across various banks, eligibility criteria, applicable charges and your monthly EMIs in a simple manner which can be easily understood by one and all. Being a secured loan, it comes much cheaper than personal loan.”
It works out to be much cheaper than a personal loan, which is usually issued at interest rates in the range of 11.25 – 15.25%. This is generally on a daily or a monthly reducing balance method. The reason for the lower rate partly is because the lending entity has a security in the form of housing mortgage vis-à-vis personal loan which is without any security. The tenure of LAP is longer than that of personal loan.