LAP (Loan Against Property) loans| Need to Know About LAP Loans

LAP Loan

LAP Loans with One India Multi Group

One India Multi Group
Flexible Tenure
Transfer Loan Balance with Ease

Use the Loan Against Property (LAP) program from One India for your personal or professional needs. For the purpose of obtaining a loan against property, both residential and commercial properties may be mortgaged. Both salaried employees and independent contractors can get a hassle-free LAP from One India. The Loan Against Property offered by One India is an easy answer to your borrowing requirements.

Mortgage loan against property is available mostly in Term Loan type but some of the banks also have the facility of overdraft for business accounts. This loan is secured by way of Non-Agricultural Property acceptable to the bank, Term Loan against the property will be repayable in Equated Monthly Installments.

Loan Against Property (LAP) is a versatile financial solution that allows you to leverage the equity in your property for various financial needs. Here are some common types of LAP loans:

Deciding the Types of LAP Loans:

1. Residential LAP: This type of LAP is availed by individuals who offer their residential property (homes, apartments) as collateral. It's often used for purposes like debt consolidation, business expansion, education, or medical expenses.

2. Commercial LAP: Commercial properties like offices, shops, or warehouses can also be used as collateral for LAP. Business owners often opt for this type of LAP to fund business growth, invest in equipment, or manage working capital.

3. Lease Rental Discounting (LRD): LRD LAP allows you to use the future rental income from your commercial property as collateral. It's a common choice for commercial property owners who want to unlock the value of their property without selling it.

4. Industrial LAP: Individuals who own industrial properties, such as manufacturing units or factories, can use them as collateral for LAP. This type of LAP is ideal for industrialists looking to expand their operations or invest in new machinery.

5. Plot LAP: If you own vacant land or a plot, you can secure a Plot LAP. It's suitable for those who want to utilize the value of their land for purposes like constructing a house, a commercial building, or other real estate projects.

6. Loan Against Agricultural Property: Agricultural land and farms can also be used as collateral for LAP. Farmers and landowners can access funds for agricultural investment, purchasing equipment, or addressing farm-related expenses.

7. Top-up LAP: This type of LAP allows existing LAP borrowers to avail additional funds by leveraging the increased property value. It's often chosen when borrowers need more funds beyond their initial LAP amount.

8. Professional LAP: Professionals like doctors, lawyers, or chartered accountants can opt for LAP by using their professional practice property as collateral. It's suitable for expanding or upgrading their professional facilities.

9. Reverse Mortgage Loan: While not a traditional LAP, a Reverse Mortgage Loan allows senior citizens to use their residential property as collateral to receive a regular stream of income during retirement while still living in the property.

10. Overdraft Against Property (OD/OPD): OD/OPD is a revolving credit facility linked to your property's value. It allows you to withdraw and repay funds as needed, making it a flexible option for short-term financial requirements.

LAP Loan - Eligibility:

Age:

Most lenders require LAP applicants to be within a certain age range, often between 18 to 70 years. However, this can vary.

Property Ownership:

You need to be the legal owner of the property you intend to use as collateral.

Property Type:

The type of property, whether residential, commercial, industrial, agricultural, or a plot, can affect eligibility.

Property Value:

Lenders assess the property's current market value, which often determines the loan amount you can secure.

Income and Employment:

Lenders need assurance that you have a stable source of income to repay the loan. You'll be required to provide proof of employment and income, such as pay stubs, income tax returns, or business financials.

Credit Score:

A good credit score enhances your eligibility. Lenders often have a minimum credit score requirement. A higher credit score can also help you secure a better interest rate.

Debt-to-Income Ratio (DTI) :

Lenders evaluate your debt-to-income ratio to ensure that you can manage the additional debt from the LAP. A lower DTI, meaning you have more income relative to your existing debts, is favorable.

Property Documents:

You'll need to provide clear and legal property documents. Any disputes or encumbrances can affect your eligibility.

Why Choose a LAP Loan with Us:

Choosing a Loan Against Property (LAP) with One India Multi Group is the gateway to unlocking your property's financial potential. Our LAP loans offer flexibility, competitive interest rates, and a streamlined application process. Whether you're looking to fund your business, consolidate debts, or invest in a new venture, we provide tailored solutions to meet your financial needs. With transparent practices, efficient disbursements, and expert guidance, we make your financial journey a smooth and rewarding experience. Your property's equity can empower your financial goals, and at One India Multi Group, we're here to make it happen. Choose LAP with us and embark on a path to financial success.

Applying for Your Business Loan:

"Applying for your LAP Loan with One India Multi Group is easy and convenient. Choose between our user-friendly online application or visit our Bihar branches for personalized assistance. We'll swiftly review your application and, upon approval, you'll be one step closer to unlocking the financial potential of your property."