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Things to Remember Before Taking a LAP

Compared to other types of finance, a LAP provides a greater loan value. The fund value is determined by the property's current market worth. Financial institutions offer LAP for loan-to-value ratios ranging from 40% to 75%. The maximum loan amount in instant LAP is dependent upon several other factors such as your age, income, credit history, property type, and property papers as well.

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Things to Remember Before Taking a LAP

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  1. Things to Remember Before Taking a LAP

  2. 1 High loan amount LAP's loan to value ratio can range from 40% to 75%.

  3. 2 Lower rate of interest As a high-value property is mortgaged, the interest rates are lower than unsecured loans, due to lesser risk.

  4. 3 No restriction on usage Borrowers can use LAP for multiple purposes.

  5. 4 Long repayment tenure The repayment period can go up to 15 years.

  6. 5 High-income misconception You do not need a high income to receive a LAP as it is backed by a high-value property.

  7. 6 Use of mortgaged property Until you default on your LAP, you are free to use your mortgaged property as you want.

  8. 7 Zero tax advantage LAP does not offer any tax benefits.

  9. 8 Mortgaged property cannot be sold You cannot sell the mortgaged property until all your outstanding dues are paid off.

  10. Eligibility requirements for LAP • Indian citizen between 25 and 75 years. • You must have a regular income flow. • You should have spent at least 3 years running your present business.

  11. LAP documentation • Duly filled application form along with PAN card and property-related papers. • Identity proof, address proof, and income proof. • Business existence proof. • Signature proof.

  12. Before applying for a LAP, make sure you understand the terms and conditions thoroughly.

  13. Thank You ! 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 : Things to Remember Before Taking a LAP

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