What is Loan Against Property (Lap)
LAP is secured loan extended by banks and NBFCs for clients mislinious requirements 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. Lap can be taken on property for which you have physical possession. It is not considered for under construction property.
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Many people think for bank property as security is important. If they are taking 1Cr of loan against 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 applications are evaluated based on repayment capacity. So If a client is unemployed bank may not approve 10 Lac of loan against 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 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. 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 to client. Generally self occupied residential property is preferred but other types of properties are also considered for LAP. LAP for commercial property may have higher rates compared to residential properties as they are considered as business loan. For LAP Banker can be lenient about property documents comparatively Home Loan.
In Few of banks a Sanction map may not be necessarily while giving LAP, though it is important document for Home Loan. But based on types of properties it is available from different banks
Are you planning to take Loan Against Property on Gurgaon Property? – Best Deal is here
If you are looking to take loan against property in Gurgaon, then Contact Us and compare the best LAP offers from Major banks. We can coordinate LAP on all types of residential & commercial properties and also loan against plot.
A Glance at Gurgaon – Initially a small farming village located southwest of Delhi, Gurgaon saw a massive increase in its population and economy after the real estate developer, DLF Group, bought farms owned by local people and started developing housing societies. Many residential are located within DLF “Phases” . Today it is known as city of Malls with maximum number of shopping malls in any city
Gurgaon is the industrial and financial center of Haryana. Gurgaon has the 3rd highest per capita income in India after Chandigarh and Mumbai. Gurgaon district comprises five blocks: Badshahpur, Pataudi, Sohna, Gurgaon village, and Farrukhnagar. As per provisional data of 2011 census Gurgaon urban agglomeration had a population of 16,60,289, out of which males were 8,86,451 and females were 7,73,838. The literacy rate was 86.21 per cent.
To Know more about economy, transportation, education, health care and shopping options of Gurgaon Cick Here
Types of Properties in Gurgaon
There is majorly 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.
Loan Against Property On Authorized Property In Gurgaon
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 Gurgaon there are authorities like HUDA, Haryana Housing Board etc. which developers and allots properties in different 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. Loan Against Property from almost every bank and NBFC is available on these properties. We have wide banks and NBFC tie ups to provide best Loan Against Property in Gurgaon available as per clients profile and need in such areas.
2. Builder Developed and authorized –
There are many builders in Gurgaon like DLF, Unitech, BPTP, Omaxe, Puri, Ansals, Piyush Group, Paras Developers, Eros, Era, Mahindra etc 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 Gurgaon 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. After authorization, government charges appropriate development charges from these area and provides people with necessary amenities and cleanliness.
Loan Against Property in such colonies are generally not extended by privately held banks and NBFCs but few NBFC and nationalized banks offers Loan Against Property in such areas. We do coordinates such Loan Against Property in authorized colonies from Banks and Institutions.
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Loan Against Property On Unauthorized Property In Gurgaon
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 Gurgaon through Joy Loan?
Joy Loan is expert in providing Gurgaon Loan Against Property . Where as other loan agency which has multibank tie up are not locally based. So when you go for some one else for LAP in Gurgaon you either goes to some one who is exclusive to 1 banker or you goes to some one who is based in Delhi, due to which they are unable to extend quality service.
Many banks don’t give lap on commercial property or against land, but we have wide Bank’s NBFC tie ups. So We can coordinate LAP on all types of residential & commercial properties and also loan against plot.
Lowest interest rates for Loan Against Property in Gurgaon
We have Franchises from leading Banks and NBFC’s for LAP in Gurgaon. We have coordinated 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 Gurgaon.
Our Advanced EMI calculator will tell you everything you need to know before you takes a Loan Against Property in Gurgaon
Quick Service for LAP in Gurgaon
With Joy Loan you can compare loan against property offers, and get quick and prompt LAP in Gurgaon.
Transparency in Loan Against Property in Gurgaon
To Serve Loan against property in Gurgaon, 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.
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