What are the benefits of applying for LAP, and how we can proceed with it?

Featured with multiple benefits, loan against property is popular among borrowers, and the funds can be utilised to meet diverse personal and professional requirements.

Borrowers can even avail loan against property without income proof but need to consider other factors and keep necessary documents handy.

If borrowers opt for a loan against property, they can enjoy the following benefits.

• Affordable interest rate

As it is known, secured loans offer a lower interest rate compared to unsecured loans. But borrowers must note that lenders check loan against property eligibility, including credit score, income proof etc., before deciding an interest rate against a loan amount.

• High loan value

Borrowers can avail a sizeable loan amount depending on their pledged property’s market value. Financial lenders sanction almost 75%-80% of the amount based on the property’s market value.

• Flexible tenor

LAP is usually featured with a longer tenor based on the amount. Therefore, if the chosen tenor is longer, EMIs will be lower. In that case, to ensure hassle-free repayment, borrowers can use a loan against property EMI calculator to determine the amount they need to pay every month.

• Tax benefit

Borrowers can avail tax exemptions against the interest amount paid towards a loan against property if the funds are used for home renovation.

Apart from these, borrowers can also avail loan against property balance transfer facilities if they feel that their existing lender is charging more.

How to apply for LAP?

• Visit the official website of the lender and fill the application form.
• Fill in the essential personal details, income and other financial information.
• Submit the application form alongside loan against property documents.

After this, the lender’s representative will connect the applicant to proceed with a loan application.

Thus, apart from these benefits, individuals can also apply for a loan against property without income proof if they have additional income sources.

To know more about loan against property for debt consolidation you must visit Bajaj Housing Finance official website.