LAPs or Loans against Property, also known as Mortgage Loans, refer to loans against property such as a residential house, non-agricultural land etc. These loans are sought after by individuals who are looking to generate additional finance from property that they already own. In other words, the individual uses his property as collateral against the loan amount borrowed.
Loans against property are usually issued to borrowers to fund certain expenses such as:
IIFL provides loans against fully constructed, residential and commercial properties to meet such expenses and offers some of the lowest interest rates around. IIFL offers loans against property for salaried employees such as corporate employees, government employees and salaried consultants as well as self-employed customers such as professionals, partnerships, sole proprietorships etc
Some of the main features of IIFL loans against property are:
The interest rate charged by IIFL on Loan against Property are as per the following parameters:
Interest rates for loans against residential property range from 12.25% to 14.50%
Interest rates for loans against commercial property range from 13.25% to 16.00%
IIFL offers loan against property to any resident Indian individual, whether salaried or self-employed. Applicants can apply either individually or jointly and co-applicants can be family members, close relatives, partnerships etc
Salaried individuals are required to have an income of at least Rs 2 lakhs per annum after adjustment of tax while self-employed individuals are required to show a profit of at least Rs 2 lakhs per annum after tax.
The following documents are required when availing a loan against property from IIFL:
Loan against property can now be prepaid without any penalty or charges if your loan meets the following criteria:
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