Loan Against Documents Guide

Loan against property (LAP) literally means a loan which is borrowed by keeping a property as a security and the documentation is done in a manner that in case of non repayment the property can be confiscated by the lending institution. An individual can borrow this type of loan only when he already owns a property which he can keep as a security with the lending institution. Loan against property is a secured loan as it is disbursed against a security i.e. a property already owned by a borrower. Hence, this loan is really different from a personal loan as it is an insecure loan which is loaned by a bank keeping in mind a borrower's borrowing capacity.

Loan against property is loaned up to a certain limit which is, in most cases, is a certain percentage of the total value of the property being purchased. This is probably the best way to realize the potential value of an asset and is also the easiest way to raise funds in case of a need. This comes in handy especially at times when you want to undertake an investment but find your hands tied because of lack of funds, at that moment you can realize the potential of a property otherwise lying stagnant.

Borrowing a LAP is quite well known concept in India and has been in practice from a long time, but, the times have changes and with it has changed the conditions of LAP, thus making the decision of choosing a lending bank quite a task. Credit Favor is aware of the fact and thus has extended its services to make the process simpler for people interesting in getting a LAP.

It has a number of banks in its panel which are ready to offer best possible proposals to the clients of Credit Favor. Adding to this the consultancy cuts off the paper work to bare minimum and simplifies the data for its clients. The institution also takes care that is clients aren't mugged by the mediators and get the maximum benefits of the loan they are applying for.

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