Sorry
This video does not exist.
Period | Payment | Interest | Balance |
---|
Check Eligibility to Apply for Instant Loans, Credit Cards | Doloans
This video does not exist.
Period | Payment | Interest | Balance |
---|
The loan is secured against the value of your property. The property acts as collateral, reducing the risk for the lender. This generally leads to lower interest rates compared to unsecured loans.
The loan amount is determined based on the value of the property you pledge. Generally, you can get a higher loan amount compared to personal loans or other unsecured loans.
The tenure (repayment period) for a Loan Against Property is usually longer compared to other types of loans, often ranging from 5 to 20 years. This allows for lower monthly installments.
The loan amount can be used for a wide range of purposes, giving you the flexibility to address various financial needs without any restrictions.
Successfully repaying a Loan Against Property can positively impact your credit score, as it demonstrates responsible borrowing behavior.
You need to be a Citizen of India with documents to prove your claim.
Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.
Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.
Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.
Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.
Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.
How is Loan Against Property EMI Calculated?
Loan Against Property EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula:
EMI = [P * r * (1 + r)^n] / [(1 + r)^n – 1]
Where:
EMI = Equated Monthly Installment
P = Loan Against Property principal amount
r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)
n = Loan Against Property tenure in months
Particulars
|
Charges
|
---|---|
Loan Processing Fees
|
0.5% to 4% of Loan Amount
|
Loan Cancellation
|
Usually 3000 to 5% of Loan Amount
|
Stamp Duty Charges
|
As per the Value of the Property and State Tax
|
Legal Fees
|
As per actuals
|
Penal Charges
|
Usually 2% per month
|
EMI / Cheque Bonus
|
Approx 499/- to 599/-
|
DOLOANS helped me find the appropriate lender offering me the best interest rates and terms & conditions for purchasing a warehouse to setup my manufacturing unit. Within a span of 20 days my loan against property got approved and disbursed.
Not having the proper knowledge of how to use and repay the loans I got under a debt of 37 lacs from 4 various banks and the rate of interest of all the loans being high it was getting very difficult for me to repay all the loans together and keeping a track of all the EMI’s. I then read a blog of debt consolidation posted by DOLOANS in which I got knowledge about it. I immediately contacted their toll free number and asked them about the procedure; DOLOANS personnel were so helpful about providing me the right path and knowledge about it and helped me to shift all my loans at one place offering them my home as the collateral.
I really liked the loan against property by Doloans. The moment I applied for it I got a call from their representative for further process. My documents were collected from home and the process was completed on time. A big thanks to Doloans.
My loan against property was taken through Doloans. It was a smooth process and they regularly updated me with the developments. Even they sanctioned my loan in a proper time frame. Surely recommended.