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Loan against Property, or LAP, is a secured form of borrowing or getting credit.
You can get high-value loans at attractive interest rates, with property as security.
If you repay your loan on time, you get your property ownership papers back.
The market for this type of loan has become very popular lately.
By 2023, LAPs are expected to grow by 22% at least.
Before taking an LAP, there are 5 factors one needs to consider:
The loan amount you can get
The loan you get is actually a percentage of the property’s market value.
Make sure you are getting the best loan-to-value ratio possible.
The interest rate
Loan against Property does come with a very affordable interest rate.
However, interest rates can differ from one lender to the other.
You also need to decide on either a floating or fixed rate of interest.
The repayment tenure and EMIs
Generally, the repayment tenure of a high-quantum LAP is over 20 years.
Longer tenures mean more interest in the long term - better pick a shorter term.
Tax benefits
If used for home improvement, claim up to 2 lakh tax benefits under section 2B.
Foreclosure and prepayment fees
If you want to foreclose or prepay the loan, there will be a price to pay for it.
Generally, this is around 2% to 4% of the total loan amount.
