Bankaspot or its associate will never demand any money for getting the loan processed. Any person/institution doing so will be solely doing at their own risk. Bankaspot will not be responsible for this act. If you find any person/institute doing this; Please call us immediately at given contact numbers or mail us at info@bankaspot.com.

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  • Overview

    Loan Against Property

    Loan against property, as the name suggests, is applicable for individuals applying for a loan for purchase of a land/property, be it for commercial or residential interests. This comes off as a better option during times of financial crisis. Loan against property remains one of the most sought after loans in India, mainly due to the ever increasing real-estate prices.

    A take-over of existing loan, with options of refinancing is also made available by most banks.

    Characteristic of Loan Against Property

    • A Secured Loan, it is offered only when the individual/applicant keeps the property with the bank as security. The loan interest rates are allocated based on the individual’s monthly salary, amount taken as loan, interest rates etc. Rate of interest of loans are again based on the customer’s profile (salary, credit history etc).
    • Repayment periods are usually of the range of 10-15 years and hence are long-tenure loans.
    • Minimum amount offered as loan is Rs 50,000/-
    • The customer/applicant is also responsible for payment of charges towards administrative procedures while processing the application, along with the processing fee.

    What purpose can one use loan against property funds for?

    • Funding business and working capital needs of individuals, partnerships, private companies and SME's
    • To purchase new property by pledging existing property
    • As lower cost alternative to personal use and uses such as marriages, education, vacation, home renovation, medical emergency

    Benefit of availing Loan Against Property (LAP) instead of other loans?

    • As loan against property is secured against property, banks offer lower rate of interest compared to unsecured business loans or personal loans
    • Loan tenure can be up to 15 years leading to lower EMI compared to unsecured loans where loan tenure can only be up to 5 years
    • No additional guarantee is required
    • Loan can be taken in name of company/ firm even if the property is owned in individual name of partners/ directors
  • How do we help you to borrow right?
    • As per our mission to provide “best banking product and services according to customer needs” Bankaspot provides you the service with an unbiased platform to analyze and decide upon the best available deals in the market according to your needs
    • We offer a customized loan consulting experience to each customer as per their needs.
    • Our experienced loan consultants help you to understand which is the bank and product for you
    • We make sure that your documents are in order as per bank’s requirement.
    • We make the process smooth, efficient and easy with over the counter service.
    • We take care of any issues and quick resolution of that issue to get the loan disbursed in very short time.
  • Why Bankaspot
    • Get best offers & deals for you from our partner Banks & NBFCs.
    • Compare LAP loan offers and services of leading banks and NBFCs
    • Apply with the best bank or NBFC with lower rate or interest and charges.
    • Hassle free process and easy documentation.
    • Free on door service for document pickup by Bankaspot Team.
    • Free expert guidance & advice from our dedicated team of experts.
    • We are not an agent of any particular bank/NBFC so you can also apply with the bank of your choice.
    • No any cash or hidden Fees for services which are being provided.
    • We are here to help & assist you so we understand that it’s an important decision for you because you are in immediate need of money so please be trusted that we will ensure quick processing and disbursal of your loan to fulfill your requirements.
  • Point To Be Considered Before Taking A Loan Against Property
    • Share all the accurate information at time of filling up of application form. Bank will process your loan based the information you provide in application form.
    • Processing fees are deducted from Loan amount and thus do not pay any fees in cash to anyone to process your loan sanctioning. If anybody demand this kind of fees; immediately contact us on our given contact no. in contact us segment or mail us at info@bankaspot.com
    • There should be no any delay in pay of EMI of your previous loans with any other banks because this will affect your CIBIL score.
  • How is Loan against Property Eligibility Calculated?

    The loan amount that you can borrow against your property is calculated based on four factors:

    • Market value of property – the approximate worth of the property that you are giving as security subject to eligibility criteria as described below. You may be eligible for a maximum of 75% of the value of the property.
    • EMI that you can pay - the amount of money that you can pay every month towards loan repayment after meeting other expenses and paying your other EMI’s.
    • Loan tenure - longer the loan tenure, higher the eligibility. Property loan tenure in India ranges from 5 years to 15 years.
    • Interest rate - higher the Loan amount, lower the Rate of Interest you will be eligible for.
  • Eligibility Criteria for Loan against Property

    The eligibility for Loan against property is determined by various factors including income, employment status, loan tenure and so on, and remains almost the same for professionals, self-employed professionals and businessmen.

    • As mentioned earlier, the home loan eligibility is determined by various factors including income, employment status, loan tenure and so on.
    • Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan.
    • The applicant should be above the age of 21 years
    • Professional stability and savings history play a major role in approval of the loan
    • Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for home loan.
    • For Business men and Self-employed individuals, the values of loan you are eligible for is majorly determined by the profits and turn over earned by you.
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