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26 Top Loan Against Property Terminology To Know

However, without a solid knowledge of loan glossary, bargaining the best LAP financing options available in the market might become close to impossible. Therefore, to assist you in mastering such complex jargon, we have compiled a list of the top loan against property terminology that you should be familiar with before beginning your loan application.

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26 Top Loan Against Property Terminology To Know

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  1. 26 Top Loan Against Property Terminology To Know

  2. LTV ratio 2 The funds you can borrow as a proportion of the current value of your property.

  3. Balance transfer 3 It means transferring your outstanding dues to the new lender.

  4. Credit appraisal 4 Process of evaluating your repayment potential.

  5. Escrow account 5 An account where the LAP funds are kept unless the borrower meets the agreed-upon conditions.

  6. Amortisation schedule 5 Chart displaying your monthly obligations till the conclusion of the loan term.

  7. Post-dated cheque 6 Refers to cheques meant for future EMI transactions.

  8. Annual Percentage Rate (APR) 7 It accounts for the interest rate as well as other LAP charges.

  9. Processing charges 8 Charged to cover the cost levied on the processing of your LAP application.

  10. Rescheduling fees 9 Lender levies this fee for any alteration in LAP original terms and conditions.

  11. CERSAI fee 10 Fee imposed by the government to protect lender’s interests.

  12. Now that you are aware of the common terms used in LAP transactions, you can sign your loan agreement without any worries.

  13. Thanks! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : corporate@herofincorp.com Website : https://www.herofincorp.com/ Know More : 26 Top Loan Against Property Terminology To Know

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