what is loan against property?
A loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
What is eligibility for loan against property?
To avail of a loan against property from Bajaj Finserve, a salaried individual must be minimum 28 years old and maximum 58 years old. For self-employed individuals, the minimum age is 25 years and the maximum is 70 years. You must also check the other property loan eligibility criteria before applying.
Is loan against property a good idea?
Loan Against Property (LAP) for obvious reasons is more beneficial than Personal Loan (PL). LAP avails the best offer as compared to PL it gives greater flexibility, lower interest rates, higher loan amount, and longer repayment tenure.