What is Loan against Property?
- A loan against property (LAP) is exactly what the name implies- A loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value.
what are the benefit of paying LAP loan EMI through ECS?
- The key benefit of paying LAP EMI through ECS is that, there is no signature mismatch risk for cheque bouncing or any other technical issue.
How is the LAP loan EMI Calculated?
- Loan amount – Higher the loan amount, higher will be the EMI. Rate of interest – Lower the loan interest rate, lower the EMI. Loan Tenure – Longer the loan tenure, lower the EMI.
Can I repay the Loan against property ahead of schedule?
- Yes, you can repay your loan ahead of schedule. There is no prepayment fee if you are repaying the loan from your own source of funds without transferring the loan.