LAP

Right now, a property is not just helping you to get money from the tenants. You can use the property for earning loan. Well, Loan against Property is the new trend, which is revolving around these days. Also known as LAP, maximum home owners are trying to take help of this advantage for quality results, right now.

More on LAP:

There are multiple steps available while covering the process of procuring a Loan Against Property. A LAP can further help you to procure capital, which is solely based on the property and its current value. This kind of service is procured for both the self-employed and salaried persons. They can gain loan against not just residential properties, but against commercial ones too.

So, right now, those days are history when you had to sell your property just for covering emergency monetary help. You can let the banks have your property papers and give you the money you need on its behalf. But the catch is that you need to repay the money back on time with the interest rates attached to it. If you fail to do so, then the bank has rights to take the property from your side and keep it. You can keep the property under you name till the time comes when you have to repay the amount.

Steps for the application process:

Before you jump right into taking help of LAP from the banks, it is mandatory to learn more about the process. Once you are through with that, the result can act in your favor.

      The first process starts with application procedure

      After that, it calls for processing of the application form

      The next step is documentation, followed by banks sanctioning the loan amount you have asked for

      Next are the valuation and the current legalized checking

      The last step is disbursement