Some Advantages Of Loans Against Property We can say that the main benefits of the loan against property is the flexible amount that can be repaid. As this loan is under the secured category, in order to get loan amount collateral is the property in this case and must be provided. Thus, the sanctioned amount provided through the loan will totally be based on the value of the property. The property loan comprises of anything in between 70% to 85% of the property value. Therefore, you can get about Lakhs and above as your property value, depending on the type of your property you are providing as a collateral. Also, one of the main concern about property loans are the interesting interest rate. Since interest rate determines the additional repayment and also counting the EMI value, it is very crucial that you opt for the right interest rate that totally suit you. The Loan Against Property interest rates normally lie in between 13% to 15% which is the ideal interest rate for flexible repayment tenure. However, the interest rate will differ based on the type of property you will be providing along with your financial profile. Just like the interest rate, the tenure plays an important role while determining your EMI value against the loan. As said, the longer the tenure the more you would be required to pay additional interest. If you go for long length of tenure more than what you can afford, you may end up having a long term debt, which is not good. The LAP tenure of repayment is in between 10 years to 15 years, which is an ideal loan tenure for any loan repayment these days. In case, the loan you’re taking against the property has more than one owner, they'll have to apply with a joint applicant to avail the LAP. Private finance companies or banks will verify all the relevant documents related to the title of the property, proof of residence namely such as ration card, electricity bill, telephone bill, voter ID card, passport, PAN card, etc. If you're employed, you will have to provide bank statements for the past six months, while a self-employed person will have to provide a certified financial statement for the past two years. They will also have a background check of your credit history through CIBIL (Credit Information Bureau India Ltd.) and go through your repayment track record. Loan against property vary from individual-to-individual as it depends on other factors as well, such as work profile, risk appetite, financial history, age etc. The minimum age for LAP is 24 years. Moksha Finance is expertise in structuring Loan Against Property deals for clients according to specific requirements such as long repayment schedules and flexi repayments.