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Common Queries That Revolve Around Loan Against Property Misconceptions

A loan against property not only offers a higher loan amount and lower interest rate but also comes with several myths. To answer these misconceptions about loans against property, we have compiled a list of frequently asked questions revolving around loan against property myths.

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Common Queries That Revolve Around Loan Against Property Misconceptions

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  1. Common Queries That Revolve Around Loan Against Property Misconceptions

  2. Is it possible for me to use the mortgaged property? You can use the property as long as you don't default on the LAP.

  3. Is a loan against property only available on residential properties? It is available against commercial property as well. You can use shops, factories, etc., for getting LAP.

  4. Can I get the full value of my mortgaged property as loan? Your loan amount can be up to 75% of the property’s value.

  5. Is LAP for a short tenure? LAP is available for a maximum period of 15 years.

  6. Does LAP come with a high interest rate? LAP has a low interest rate as it is backed by a high-value property.

  7. Can I use LAP for any purpose? A loan against property can be used for multiple purposes.

  8. Do I need a high income to get a LAP? Lenders have minimum income requirements for LAP approval.

  9. Will my mortgaged property be taken over by the lender? If you default, the lender will take possession of your property and sell it to recover the loan amount.

  10. Is the approved loan amount determined by the property's purchase price? The LAP amount is based on the property's current market value.

  11. Make sure you clear any other doubts you might have, with the lender, before availing a loan against a property.

  12. Thank You ! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : corporate@herofincorp.com Website : https://www.herofincorp.com/ Know More : Common Queries That Revolve Around Loan Against Property Misconceptions

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