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Are you someone who owns a property but needs a sizeable amount of money for business ventures or personal needs? Today Finserv Loan Against Property (LAP) gives the perfect opportunity to leverage your owned property with a loan of high value at low interest rates. Be it managing unplanned expenses, funding your child’s education or even expanding your business, LAP gives you a simple and economically sensible way to access funds without having to sell your valuable asset.
What is a Loan Against Property (LAP)?
A Loan Against Property is a secured loan where borrowers pledge their home, shop, or industrial property to avail a loan. Unlike personal loans that are termed unsecured loans, LAP is advantageous because it offers heftier loan amounts, longer repayment periods, and lower interest rates due to having an asset backing the loan.
At Today Finserv, we help you with flexible LAP options that best suit your financial profile and borrowing needs.
Also Read - Unlock Property Value with a Loan Against Property – Today Finserv
Loan Against Property by Today Finserv Important Features
High Loan Amounts
Based on eligibility and property valuation, you can get up to 70% of the market value of your property.
Attractive Interest Rates
Our LAP rates are one of the most attractive in the industry, starting from 8.5% p.a.
Flexibe Repayment Tenure
For up to 15 years, pay comfortably. This helps in managing income-based EMIs and future plans.
Minimal Documentation
Simple paperwork leads to quick processing. We focus on making borrowing easy for you.
Fast Processing and Disbursal
Get funds in your account 5-7 working days after approval with our efficient loan processing system.
Loan for Multiple Purposes
Use the funds for business expansion, education, medical emergencies, wedding expenses, or debt consolidation. No usage restrictions.
Why Today Finserv for LAP?
For Today Finserv, transparency, customer service, and speed are the most important priorities. Here are some of the reasons why we stand out:
- Reliable Financing Partner: We are trusted by hundreds of clients from Delhi and other cities.
- Complete Assistane: From property evaluation to disbursal, our experts support borrowers in all steps.
- Flexible Loan Plans: Every borrower has unique needs. Hence, we customize our plans.
- Online Application Facility: You can now apply for a loan using our online form from the comfort of your home.
Properties Eligible for Mortgage Under LAP Today Finserv
- Self-Occupied Residential Property
- Rented Residential Property
- Commercial Property (Shops, Offices)
- Industrial Premises
- Vacant Land (Occasionally available after assessment)
For a property to be mortgaged, it must be fully owned, have a clean title, and not be encumbered by any claims.
Eligibility Criteria for Loan Against Property
For a smooth experience, kindly check our basic eligibility criteria:
For Salaried Individuals:
- Age: Between 25 to 60 years of age
- Minimum Salary: ₹25,000 per month
- Employment: 2 years of total work experience, 1 year with the current employer
- Property Ownership: Can own or jointly hold the property.
For Self-Employed Professionals or Business Owners:
- Age: 25 to 65 years
- Business Vintage: Must have at least 3 years with the current business
- Income: Must have a steady and provable income through ITR or audited financial statements
- Property Ownership: Must be held in applicant name, or jointly owned
Documents Required for Loan Against Property
While exact documents may differ case-to-case, the general list includes:
For Salaried Applicants:
- PAN Card, Aadhar Card
- Recent salary slips covering the last 3 months to 6 months
- 6 month bank statement
- Employment ID card or offer letter
- Address proof includes utility bills, passport, etc.
- Property documents include sale deed, tax receipts
For Self Employed Applicants:
- PAN Card, Aadhar Card
- Filed ITR's for the last 2-3 years
- Bank statement for the last 6-12 months
- Business registration documents
- Profit and loss statements and balance sheets
- Documents showing ownership of the property
How to Apply for Loan Against Property Step by Step?
Complete the online form
Visit Today Finserv website and fill in the LAP form by providing some basic personal and property information.
Document Submission
Please upload the documents needed to verify your income and property details.
Property Valuation and Credit Assessment
For property evaluation, our evaluators will go to the site. At the same time, a credit assessment is done.
Loan Approval and Signing the Agreement
You will receive a sanction letter after successful verification. Agreements can be signed digitally or in-person.
Loan Disbursal
The amount of the loan granted shall be paid to your bank account and can be used for the intended purpose.
Also Read - Today Finserv Offers Hassle-Free Personal Loan Approvals
Advantages of LAP Over Other Types of Loans
- Lower Interest Rates: Interest rates are significantly lower than those for unsecured loans.
- Higher Loan Amount: These funds can be raised based on the current market value of the given property, something not possible with personal loans.
- Longer Tenure: These come with longer repayment periods, resulting in low and manageable EMIs.
- Retain Ownership: Even after mortgaging the property, you still own and use it.
- Tax Advantages: The interest paid might be tax deductible under certain circumstances, like if the loan was taken for business purposes or education, under the Income Tax Act.
Who can consider a loan against property?
- Parents hoping to finance a wedding or higher education.
- Business owners needing expansion capital.
- People wanting to pay off high-interest debts.
- Professionals needing funds for medical emergencies.
- People investing in real-estate looking to unlock liquidity.
- Having a property that LAP from Today Finserv can provide is a great option to meet genuine fund needs.
With Today Finserv Loan Against Property, you won’t have to sell your property to unlock its value and take care of life’s big goals and challenges. Reach out to us and check your eligibility, receive expert consultation or apply online. Our team will guide you through every step towards financial flexibility.