Mortgage Loan
A secured loan product called Mortgage Loan or Loan Against Property (LAP) can be used by both salaried people and businesses. Once you have mortgaged your commercial or residential property, the loan is approved.
The bank approves the amount of credit that is up to 80% to the current property value. You can mortgage any property you own, whether it is self-occupied or rented out. You must ensure that the property title is clear.
Feature & Benefits
Higher LTV
Fincave offer a higher loan to-value ratio up to 80% based on the property’s value. You can rest assured that you will get the financial sanction you need to meet your financial obligations. This ensures that you have enough money for all your needs.
Fast Processing
Fincave make it easier for you to access the loan, we have reduced processing times. To facilitate fast processing, the loan application is simple and requires only minimal documentation.
Less Documentation
Fincave makes it easy to apply for a loan against your property. For speedy verification and saving time, you only need to fill out the with basic paperwork.
Lowest Interest Rate
Get funds at a low rate to leverage your property. The interest rate on our loan against property is affordable. This will allow you to keep your EMIs low and ensure your financial goals are met.
Flexible Tenure
Through Fincave Loan Against Property allows you to manage your repayments easily. You can pay in easy to manage instalments and enjoy a tenure of up to 20 year.
Any type of property for LAP
Fincave can provide funding regardless of the type or condition of your property. We offer loans for a variety of assets including warehouse, commercial, industrial, or residential properties.
EMI Calculator
Fincave EMI Calculator is a simplified and interactive calculator that allows you to calculate the amount of interest on your loan without doing any math.
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FAQ's
How can a loan against property be used?
A loan against residential or commercial property is available for personal and business use. You can actually use it for any purpose other than speculative and non-prohibitive ones.
What is the process for deciding the amount of a loan to purchase a property?
The bank will assess your ability to repay the loan amount. Your income, age, qualification, number of dependents, spouse’s income and assets are all taken into account when calculating your loan amount. The market value of the property is usually considered sufficient to determine eligibility. However, the loan amount cannot exceed 60 percent.
Is it possible to have a co-applicant when applying for a loan against property? If so, who is eligible to co-applicate for a loan against property?
Your spouse can be a co-applicant, which results in a loan amount that is higher. If the property is jointly owned, co-applicants are required.
What's the term of the loan?
The maximum tenure for loans against property is 20 years. However, it must not exceed your retirement age. However, this condition can be modified in certain circumstances.
Is it possible to repay the loan earlier than expected?
Yes. Prepayment is possible. There is no prepayment fee for loans that are repaid after six months.
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