Loan against property, popularly known as LAP is one of the best substitutes for personal loan. Almost all banks and NBFCs in India offer LAP to its customers. LAP is basically where you get a loan amount by keeping your property as collateral to the bank or NBFC. You can get a loan by keeping your residential as well as commercial property as collateral.
The loan amount given by the bank or NBFC depends on the current value of the property and loan borrower’s financial history.
The final amount ranges from 40% to 60% of the land’s current value. The tenure for LAP ranges from 1 to 15 years as per the amount and loan borrower’s ability to pay it off. Even though your property is kept as a mortgage to the bank or NBFC, you are allowed to live in or use the property as you desire. LAP can be taken to fulfill any personal or professional needs of the loan borrower.
Nashik, a city is formerly known as Nasik in the state of Maharashtra derives its name from the Sanskrit word ‘Nasika’ literally means ‘Nose’. The table grape revolution took Nashik by storm to make the region the ‘Wine Capital of India’. The region produces 10,000 tonnes of grapes every year, and exports reach Europe, the Middle East, and Asia. Hindustan Aeronautics Limited located here makes Nashik a defense and aerospace manufacturing hub. The Currency Note Press and India Security Press where current and government stamp papers are printed are located in Nashik. One of the fastest growing cities in India, Nashik also has a repute for being an automobile hub.
An advantage such as a piece of real estate, a house, or any other commercial property can be used as security to borrow funds. Money makes the world run. Encountered with a shortage of funds to face emergencies or urgent expenses, a Loan against Property in Nashik can ease your financial apprehensions. You don’t have to sell your property; a LAP gives you the free will to avail yourself of multipurpose funds by mortgaging the same. Ruloans has partnered with several well-known Banks and NBFCs to offer you an assortment of LAP options to choose from; Ruloans will get a hassle-free Loan against Property in Nashik on reasonable terms.
LAP is a type of secured loan so the interest rate charges are much lower compared to personal loan. Banks and NBFCs offer two types of interest rates to its customers: fixed interest rate and floating interest rate. The loan borrower can choose any one as per his or her preference. In fixed interest rate the interest rate stays the same throughout loan tenure. In floating interest rate the interest rate changes as per the fluctuations in market throughout loan tenure.
The interest rate in LAP is decided as per the loan borrower’s financial history, loan amount, loan tenure and the bank or NBFC’s policy. The interest rate changes from person to person.
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