Taking a secured loan against property promises relatively low interest rates and longer repayment tenures. With such advantages, let us discuss what makes Fullerton India a leading LAP provider today.
In times of financial uncertainty, you can use your pre-owned property as collateral to get the funds you need. Such a loan is called a loan against property (LAP). This loan is a secured loan that you can avail against any residential or commercial property you own.
Since it is secured, the property loan interest rate is relatively lower than a personal loan. Additionally, depending on the value of your property, as well as your repayment capacity, you can get a pretty high loan amount sanctioned at a low interest rate. You are also not prevented from using the property when you take the loan, and you can use the loan amount for any reason that requires a considerable expense.
Thus, LAP has become increasingly popular in recent years. Being a secured loan, it also has a much more flexible tenure, with Fullerton India offering loans against property for up to 15 years. Here are some of the reasons why one may consider Fullerton India’s Loan against Property:
- Competitive Interest Rates
With loan against property interest rates starting at 9%, you get affordable and manageable EMIs. Using an EMI calculator, you can estimate how much you will be paying monthly. Additionally, if you have not chosen your loan amount, you can use a loan against property LTV calculator to estimate the maximum loan you can get based on a few parameters such as the nature & value of your property, and your repayment capacity.
- High Loan Amounts
You can avail of a loan of up to 60%-70% of your property’s value depending on various factors such as the nature & value of the property, income, etc. This means that if your residential / commercial property is valued at Rs. 1 lakh, you may be eligible for a loan of Rs. 60,000 – 70,000. Fullerton India offers loan against property upto INR 5 crores. This allows you to cover any expense you could incur with minimal financial damage to yourself. However, do note that the final loan amount you can get as well as the loan terms will depend on your overall eligibility as well as your property.
- Long Loan Tenures
With such a large loan amount, you may worry that your EMIs go through the roof, and your tenure is not enough to repay the loan. Luckily, having a loan tenure of up to 15 years solves this dilemma, consequently lowering the EMIs since you have more time to repay your loan.
You can also take the loan up to a maximum age of 65, which means you should avail of the loan at 50 if you want the complete 15-year tenure (providing you can prove your income stability until loan maturity). You can repay the loan at any point during the tenure without incurring any prepayment charges, as long as certain terms and conditions are satisfied.
- Flexibility and Transparency
Fullerton India believes in allowing you the maximum flexibility in your loan experience. Additionally, the numerous calculators available on the website give you a complete understanding of what to expect from your property loan. You can calculate eligibility, determine the loan amount, and learn what EMIs you would pay at different interest rates. This way, you can get an approximation of your monthly outflow after availing the loan. You can also check the various fees & charges associated with the loan to get a clearer idea. Such transparency promotes trust while helping you better understand where you stand financially.
- How to Apply for a Loan Against Property
Applying for a LAP online is very easy. With a few clicks and steps, you can get the loan and financial security of your dreams. The only recommendation is to ensure your eligibility before opting for the loan. (check your eligibility here)
However, if you think you may be eligible for the loan, you can easily apply for it with a few steps:
- Click on “Apply Now”
- Select “Loan Against Property”
- Input employment details (salaried, self-employed, or SME)
- Enter mobile number and OTP
- Fill in personal details
- Provide bank details
- Upload scans of documents
- Click “Submit”
A representative will get in touch with you to understand your requirements and take the process ahead. After successful verification of all documents and property valuation, your loan will be sanctioned and the funds will be disbursed into your account.
Fullerton India guarantees that you get back on your feet with the necessary funds. With its competitive interest rates and flexible repayment schedules, you can use the loan as you please, making the entire process hassle-free!