Benefits of Loan Against Property by Maximaloans
Secured Loan:
The loan is secured against the value of your property, reducing the risk for the lender and typically leading to lower interest rates compared to unsecured loans.
Loan Amount:
Determined based on the value of the property pledged, often resulting in a higher loan amount compared to personal or unsecured loans.
Flexible Tenure:
Longer repayment periods, usually ranging from 5 to 20 years, allowing for lower monthly installments.
Multipurpose:
Use the loan amount for a wide range of purposes, offering flexibility to address various financial needs without restrictions.
Improves Credit Scores:
Timely repayment can positively impact your credit score, showcasing responsible borrowing behavior.
Loan Against Property Eligibility and Documents:
Eligibility Criteria:
Nationality:
Indian citizenship with supporting documents.
Occupation and Income:
Details regarding occupation and income to prove financial stability.
Credit History:
Three-digit Credit Score indicative of repayment track record.
Banking Relationship:
Strong relationship with the lender may offer better terms.
Market Value of Property:
Market value of the property must exceed the loan amount.
Title of Property:
Clear ownership title without existing mortgages.
Documents Required:
Proof of identity / residence
Proof of income
Property-related documents
Proof of Business (for self-employed)
Account statement for the last 6 months
Clear ownership title without existing mortgages.
Loan Against Property EMI Calculator
EMI = Equated Monthly Installment
P = Loan Against Property principal amount
r = Monthly interest rate
n = Loan Against Property tenure in months
EMI = [P * r * (1 + r)^n] / [(1 + r)^n - 1]
Where:
Fees and Charges for Loan Against Property Loan by Maximaloans
Loan Processing Fees: 0.5% to 4% of loan amount
Loan Cancellation: Usually 3000 to 5% of Loan Amount
Stamp Duty Charges: As per the Value of the Property and State Tax
Legal Fees: As per actuals
Penal Charges: Usually @ 2% per month
EMI/Cheque Bounce: Approx 499/- to 599/-
Other fees and charges that lenders may levy on your business loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Loan Against Property Reviews by Maximaloans
Maximaloans helped me find the appropriate lender offering the best interest rates and terms & conditions for purchasing a warehouse to set up my manufacturing unit. Within 20 days, my loan against property got approved and disbursed.
Kunal Shah
I was under a debt of 37 lakhs from 4 various banks with high-interest rates, making it difficult to manage EMIs. Maximaloans helped me consolidate my loans, offering my home as collateral, simplifying repayment.
Neha Singhania
The loan against property process with Maximaloans was smooth. They collected my documents from home, and the process was completed on time. A big thanks to Maximaloans.
Rajesh Patel
My loan against property through Maximaloans was a smooth process. They provided regular updates and sanctioned my loan within the expected timeframe. Highly recommended.
Priya Sharma
I was under a debt of 37 lakhs from 4 various banks with high-interest rates, making it difficult to manage EMIs. Maximaloans helped me consolidate my loans, offering my home as collateral, simplifying repayment.
Neha Singhania
Maximaloans helped me find the appropriate lender offering the best interest rates and terms & conditions for purchasing a warehouse to set up my manufacturing unit. Within 20 days, my loan against property got approved and disbursed.
Kunal Shah
My loan against property through Maximaloans was a smooth process. They provided regular updates and sanctioned my loan within the expected timeframe. Highly recommended.
Priya Sharma
The loan against property process with Maximaloans was smooth. They collected my documents from home, and the process was completed on time. A big thanks to Maximaloans.
Rajesh Patel
FAQs about Loan Against Property (LAP)
A Loan Against Property (LAP) from Maximaloans allows you to borrow money by pledging your property as collateral. You can use the loan amount for various purposes, including business expansion, debt consolidation, home renovation, education expenses, medical bills, wedding expenses, travel, and other personal or business needs.
The amount of loan you can get against your property depends on several factors, including the value of the property, your income, repayment capacity, and Maximaloans's policies. Typically, Maximaloans offers loans ranging from 60% to 80% of the property's market value, with some lenders potentially offering higher amounts for residential properties.
To be eligible for a Loan Against Property (LAP) with Maximaloans, you typically need to be the owner of the property offered as collateral, fall within a certain age range (usually 21 to 65 years), and have a minimum income to ensure loan repayment. Other factors such as the value of the property and your credit score are also considered.
The value of the property for a Loan Against Property (LAP) with Maximaloans is determined by a valuer appointed by the lender. The valuation considers factors such as the property's market value, condition, location, comparable sales, rental yield, and legal aspects to assess the property's worth for determining the loan amount you can borrow.
The main difference between a Home Loan and a Loan Against Property (LAP) with Maximaloans lies in their purposes and the nature of the collateral. While a Home Loan is specifically meant for purchasing or constructing residential property, a LAP allows you to borrow money against a property you already own, which can be residential, commercial, or industrial, for various purposes. Additionally, the property you pledge remains in your possession with a LAP, unlike a Home Loan where the property being purchased or constructed serves as collateral.
Yes, you can prepay or foreclose your Loan Against Property (LAP) in advance with Maximaloans. However, LoanX may charge a prepayment penalty or fee for doing so. It's advisable to check with Maximaloans regarding their policies on prepayment or foreclosure.