LAPs or Loans against Property are loans given against the mortgage of property. It is disbursed as a percentage of the market value of the property. These loans are secured loans where the borrower uses his property as security as a guarantee. LAPs are usually issued to applicants to meet expenses such as:
Equitas Housing Finance Limited, which is a wholly owned subsidiary of Equitas Holdings Limited (formerly known as Equitas Micro Finance India Private Limited) makes loans against property available for informal salaried, unsalaried and self-employed customers who come under the bracket of general category customers.
Some of the main features of Equitas loans against property are:
The interest rate charged by Equitas on Loan against Property is a combination of fixed and floating rates as per the following parameters:
Equitas loans against property entail the following fees and charges:
Equitas require verifications to be carried out by the following authorities for loans against property:
A legal appraisal of the property documents will be carried out by a legal officer and the clarity of the title of all financed properties will also be checked.
The following documents are required when availing a loan against property from Equitas: