A loan against property (LAP) also called a property loan or mortgage loan is a loan that Banks and NBFCs in India give over your property. This property must be owned by you and only then can you apply for it. LAP is given on residential, commercial and industrial properties.
Gujarat a state in the west of India has a reputation for being one of the most industrially developed states in India. The fourth-largest economy of the country has a GDP of nearly Rs. 20 million.
An advantage such as a plot of land, a house, or any other commercial property can be used as surety to borrow funds. Money makes the world turn around. Confronted with the scarcity of funds to accommodate emergencies or urgent expenses, a Loan against Property in Gujarat can help you put all your financial fears to rest. You don’t have to sell your property; a LAP offers you the independence to avail multipurpose funds by mortgaging the same. Ruloans has affiliated with several reputed Banks and NBFCs to offer you a range of LAP options to pick from; Ruloans will help you get a hassle-free Loan against Property in Gujarat on practical terms.
Benefits of a Loan against Property in Gujarat:
Availing a Loan against Property requires a simple online application for salaried employees, business persons, and self-employed individuals, who own clear title residential or commercial properties that can be used as security. Faced with a shortage of funds, a LAP has the capacity to release you from your financial worries. Take a look at the features of a Loan against Property in Gujarat.
High LTV Ratio - Ruloans’ partner banks and NFBCs have the best to offer you in terms of Loan to Value (LTV) ratio, such that you are comfortable with big-ticket expenses. Loan-to-Value ratio refers to the amount of LAP that can be availed based on the current value of your property.
Competitive Interest Rates - Check out the LAP options offered by our partners; you’ll be amazed how easily you can leverage your property to avail of cost-effective funds. Get a LAP at affordable interest rates to ensure low EMI outgoings to reduce the cost of your loan.
Long Tenures - Competition among banks and NBFCs brings out the best in terms of offers. LAPs offer long repayment tenures that range up to 15 years. This gives you an opportunity to manage your finances over a long period of time to suit your needs.
Prepayment Option - A prepayment option allows you the opportunity to reduce the cost of your LAP. You can exercise this option to prepay your loan whenever you have access to extra funds. Prepayment charges offered by our partners equal the best in the industry.
Balance Transfer Facility - Ruloans offers loans against property with balance transfer facilities. Balance transfer refers to the transfer of the entire outstanding LAP balance from the current bank to another bank. You are allowed to exercise this option when you want to take advantage of a better offer.
Top Up Loan - There are times when you may require more funds than are available. A top-up loan refers to a facility offered by a financial institution that allows you to borrow a sum over and above your current loan amount based on your repayment capacity, for a small fee.
Tax Exemption - You may claim tax exemption on LAP under Section 37(1) of the Indian Income Tax Act if funds are utilized for business. A salaried person can claim deduction of Rs. 2 lakhs under Section 24(B) if funds are used for purchase of another residential property. Deductions are only on interest paid.
Quick Disbursal - Digitalization has made the loan process a simple and easy one; especially in the case of a LAP with easy eligibility and minimal documentation. Processed and approved quickly, you’ll find your money in your account more swiftly than you thought possible.
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