What is Loan Against Property (LAP)
Loan Against Property (LAP) is secured loan extended by banks and NBFCs for clients mislinious requirements. In Loan Against Property client is not bound to spend the loan money for any particular reason, though it is asked by banker so as to ascertain genuinity of requirements. As money can be used for any purpose, it’s rate of interest is 3%-4% higher than Home Loan. Loan Against Property can be taken on property for which you have physical possession. Loan Against Property is not considered for under construction property.
Many people think for bank property as security is important. If they are taking 1Cr of Loan Against Property for 5Cr property, bank will happily offer them. Surprise surprise…
This is not true. For banks repayment of money is bigger security than the property itself. That is why all the Loan Against Property applications are evaluated based on repayment capacity. So If a client is unemployed bank may not approve 10 Lac of Loan Against Property on 5 Cr of Property.
It is important to understand, that bank is trader of money. It buys money from public at some cost, say 9% per annul and sells money at some cost, say 11% per annul. For bank to function normally and profitably it is important that it sells money to people who can pay for it. For banks repayment capacity of borrower is prime thing . As it is commercial institution working for profit. Getting in to too many litigation to recover public money is never a profitable business.
That is reason bank gives Loan Against Property to those who have repayment capacity as per their income proofs as salary slip / ITR etc. Though few banks and Financial institutions can be lenient in considering your cash income as per your profile for Loan Against Property. Decision is based on their verification authorities feed back in addition to available income proofs.
Apart from repayment capacity, type property is also taken in to consideration while extending Loan Against Property to client. Generally self occupied residential property is preferred for Loan Against Property but other types of properties are also considered. Loan Against Property on commercial property may have higher rates compared to residential properties as they are considered as business loan. For Loan Against Property Banker can be lenient about property documents comparatively Home Loan.
In Few of banks a Sanction map may not be necessarily while giving Loan Against Property, though it is important document for Home Loan. But based on types of properties Loan Against Property is available from different banks
Lowest Rate of Interest on Loan Against Property In Delhi
Are you planning to take Loan Against Property in Delhi? – Best Deal is here
If you are looking to take loan against property in Delhi, compare the lowest rate of interest on Loan Against Property offers from Major banks. We guarantee you lowest rate of interest based on your property and profile for loan against property in Delhi. We can coordinate Loan Against Property on all types of self occupied, rented, vacant residential & commercial properties and also loan against plot in Delhi.
We have Franchises from leading Banks and NBFC’s for Loan Against Property in Delhi. We have coordination with Leading Banks and NBFCs Like SBI, Indiabulls Housing Finance, HDFC Ltd, DHFL, ICICI Housing Finance, First Blue, PNB Housing Finance, Canfin Housing Finance, etc. to get you the best interest rates for Loan Against Property in Delhi.
Our Advanced EMI calculator will tell you everything you need to know before you takes a Loan Against Property in Delhi
Types of Property in Delhi
There is mainly 2 types of properties. First one is authorized property and second is unauthorized property.
Now the question is how to identify which area is authorized and which is not. The question is difficult but answer to this question is very simple.
Any Area in which government charges any sort of development charge from inhabitant like property tax / house tax / Sever tax etc, that area is authorized and area from which government do not takes any development charge is unauthorized area.
LAP on Authorized Property In Delhi
Authorized Property can be further classified in to 3 categories. And based on these category LAP from different banks and NBFC can be availed.
1. Authority Developed –
In Delhi there are authorities like DDA, MCD, L&DO which developers and allots properties in different area, sectors and housing societies. They do all the formalities to get the approval from district and town planer for sanction of their projects and properties. Development authorities has developed various properties in Dwarka, Rohini, Pashchim Vihar, Kalka Ji, Vasant Kunj, Mayur Vihar, and other location. Loan Against Property from almost every bank and NBFC is available on these properties.
2. Builder Developed and authorized –
There are many builders in Delhi like Ansal API, Ansal Housing, Dlf Home Developer, Omaxe Ltd, Parsavnath Ltd, Ramprastha, Supertech, Unitech, Vatika, Eros, etc which either construct properties or allots land for residential / commercial and industrial purpose. When they executes any project they takes necessary permission from competent authorities for clearance of project such as fire department, forest department, civil aviation, district and town planer etc.
Loan Against Property on builder properties are not available from in their construction time. It is because banks considers properties for which physical possession is handed to borrower. After possession being handed to customers, Loan Against Property are available from all banks on these properties.
We have wide banks and NBFC tie ups to provide best Loan Against Property available as per client’s requirement.
3. Unauthorized to authorized converted –
There are many colonies in Delhi like Sangam Vihar, Madanpur Khadar, Hari Nagar, Uttam Nagar, Sant Nagar Burari, Laxmi Nagar, etc which were sold by land owners to people without getting any clearance from any authority for using that land for residential / commercial or industrial use. But after area got populated and on request of such inhabitants these areas are converted in to authorized.
Loan Against Property in such colonies are generally not extended by privately held banks and NBFCs because most of houses are built without approval plan from authority. But few NBFC and nationalized banks offers Loan Against Property in such areas which do not have sanction map from authority. We do coordinates such Loan Against Property in authorized colonies from Banks and Institutions.
LAP on Unauthorized Property In Delhi
Properties which are sold by land owners to people without getting any clearance from relevant department for conversion of use of property are not authorized by government agencies for using that land for residential / Industrial / Commercial use.
We coordinates Loan Against Property on these properties from Non Banking Finance Companies
Why Apply for a Loan Against Property in Delhi through Joy Loan?
Joy Loan is expert in providing Delhi for Loan Against Property . Where as other loan agency which has multibank tie up are not locally based. So when you go to some one else for Loan Against Property in Delhi you goes to some one who is exclusive to 1 banker. Due to which they are unable to extend best product available in market and quality service.
Many banks don’t give What is Loan Against Property on commercial property, vacant or rented property or against land, but we have wide Bank’s NBFC tie ups. So We can coordinate What is Loan Against Property on all types of residential & commercial properties and also loan against plot.
Quick Service for Loan Against Property in Delhi
With Joy Loan you can compare Loan Against Property offers, and get quick and prompt Loan Against Property in Delhi. Entire process of Loan against property takes 15 days from login to disbursement subjected to availability of all documents
Transparency in Loan Against Property in Delhi
To Serve Loan Against Property in Delhi, it is essential to have complete knowledge of procedures required locally and implement them transparently. Actually our essence is transparency, that is why we tell you what other hide. Aimed at helping you make the right choice, we provide objective and transparent information about your loan options. This is due to fact that we are not exclusive to any bank and we have multi bank tie-ups.