What is a Loan Against Property?
A loan against property (LAP) is a type of secured loan where you pledge your residential or commercial property as collateral to avail funds. This option is popular in Kolkata for business expansion, education, medical emergencies, or personal needs.
Benefits of LAP in Kolkata
- Lower Interest Rates: Since the loan is secured, it typically offers lower interest rates compared to unsecured loans.
- High Loan Amount: You can borrow a significant percentage of your property’s value.
- Flexible Repayment: Repayment tenure can go up to 15-20 years, making it manageable.
- Continued Ownership: You continue to use your property while repaying the loan.
Eligibility Criteria
- Ownership of a residential or commercial property in Kolkata.
- Stable income and good credit history.
- Valid property documents.
Documents Required
- Property papers
- Income proof (salary slips, IT returns)
- Identity and address proof
- Bank statements
How to Apply in Kolkata
- Evaluate your property’s market value.
- Compare offers from different lenders in Kolkata.
- Submit your application along with required documents.
- Get your property evaluated and loan processed.
Conclusion
Loan against property is a smart way to unlock the value of your property in Kolkata. Always check the terms and compare lenders to get the best deal.
