Loan Against Property in Mumbai - Best Rates & Terms
A Loan Against Property (LAP) allows you to leverage your residential or commercial property's value to secure funds for business expansion, education, medical needs, or other financial requirements. At Mates and Company, we offer:
- Low interest rates starting at 8.5% p.a.
- High loan amounts - Up to 70% of property value
- Long tenures up to 15 years
- Minimal documentation & quick processing
Lower interest rate: – As the loan is taken keeping the property as collateral, the rate of interest is generally lower when compared to personal loan. Loan against property interest rates generally ranges between 7.5% - 14% while in case of personal loan the interest rate ranges is 10% - 20%.
Lower to no prepayment charges: – You can close your loan against property by making prepayments towards your loan. Lenders generally don’t charge prepayment charges in case of loan against property.
Easy to get: – As these are secured loans, banks are more than willing to provide these loans. Therefore, you won’t find it very difficult to get the property loan.
Longer tenure: – These loans are generally available for longer tenure going up to 15 years while the tenure in case of personal loan is generally up to 5 years.
There are several steps in the Loan Against Property process. Here are the steps in brief :
- ✔ Application form & Document Submission
- ✔ Cibil report check
- ✔ Residence Verification
- ✔ Office Verification
- ✔ Eligibility calculation
- ✔ Technical & Valuation
- ✔ Personal Discussion
- ✔ Credit decision
- ✔ Offer Letter
- ✔ Submission of Property documents & legal check
- ✔ Signing of agreements and submitting post-dated cheque
- ✔ Disbursement
Dropline Overdraft is a financial instrument that allows a borrower to overdraw cash from his/her current account up to an agreed limit, wherein the withdrawal limit reduces each month from the sanctioned limit. The interest rate is paid only on the withdrawn cash and not on the total borrowing limit. Money can be deposited anytime to reduce the outstanding balance. Interest rate is calculated on a daily basis and is charged at the end of each month.