You get many benefits with a Loan Against Property, making it an attractive choice.
First and foremost, you get access to substantial funds of up to Rs 7.5 Crore at lower interest rates than unsecured loans. It is perfect for meeting various needs like higher education expenses, business expansion, or consolidating debts.
What sets LAP apart is its versatility. You can use the funds for personal or business purposes, giving you the necessary flexibility. LAP often comes with longer repayment tenures of up to 15 years, ensuring you can comfortably manage your monthly installments.
Even if your credit score isn't perfect, LAP is easier to qualify since it's a secured loan. Hero FinCorp offers customized LAP solutions to empower you with the financial freedom you deserve.
What is a Loan Against Property?
A loan Against Property (LAP) or Mortgage Loan is a secured loan that allows individuals to use their property as collateral to secure funds for various financial needs. This financial product is gaining popularity due to the many advantages it offers.
One of the primary features of a Mortgage Loan is access to substantial funds at lower interest rates compared to unsecured loans. Borrowers can use the loan for diverse purposes, making it versatile. With longer repayment tenures, LAP ensures manageable monthly installments.
Read also: What is the Minimum CIBIL Score Required for Loan Against Property
Benefits of Availing Loan Against Property or Mortgage Loan
Here are the numerous advantages of a Mortgage Loan or LAP for your financial needs:
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Longer Tenure of Repayment
When you opt for a Loan Against Property, you gain the advantage of a longer repayment tenure of up to 180 months. This extended duration ensures your monthly instalments are more affordable and manageable, reducing the financial burden.
One of the key features of Loan Against Property is its competitive interest rates, starting at 11%. These rates are often lower than those for unsecured loans, helping you save on interest costs over the loan tenure.
Also Read: Loan Against Property Interest Rates & Fees
With technological advancements, applying for a Loan Against Property has become much easier. The entire process, from approval application, is now streamlined and 100% digital, providing convenience and efficiency.
Loan Against Property offers swift disbursal of funds, ensuring you can access much-needed finances when needed. This quick turnaround time is a significant advantage for urgent financial requirements.
Loan Against Property can also provide tax benefits. The interest paid on the loan is often eligible for tax deductions under certain circumstances, like home construction, making it a tax-efficient borrowing option. Be sure to consult a tax advisor for details.
Read also: Understanding Loan against Property Interest Rates and Charges
Eligibility Criteria of Mortgage Loan
Here is the eligibility to obtain a Loan Against Property from Hero FinCorp:
Citizenship & Age: Only available to Indian citizens, Minimum age at application 25 years, Maximum age at loan term end: 75 years.
Occupation Status: Eligible if engaged in a profitable business, Salaried individuals not eligible.
Business Status: Business must be active for at least three consecutive years at the application time.
Maximum Tenure: Loan tenure Up to 15 years, The repayment period won't extend beyond the age of 60 years.
Loan Amount: Borrow up to 75% of the property's current market value (up to Rs 7.5 Crore), Loan amount based on income, age, and property condition.
Monthly Income: No predefined minimum monthly income requirement.
Meeting these criteria is essential to enjoy benefits on Mortgage Loans offered by Hero FinCorp.
Also Read: Loan Against Property Interest Rates & Fees
How to Apply for a Loan Against Property Online?
Applying for a Loan Against Property online with Hero FinCorp is an easy process:
1. Check Eligibility
Start by ensuring you meet the Loan Against Property eligibility criteria, considering your age, business vintage, and more.
2. Gather Documents
Collect all necessary documents such as KYC papers, property documents, financial statements, ITRs, and company registration proofs.
3. Use EMI Calculator
Use the Loan Against Property EMI calculator on our website to determine your ideal loan terms.
4. Online Application
Fill out the LAP loan application form on our website. Provide details like your name, email ID, mobile number, property location, city, state, annual turnover, and desired loan amount. Click "Apply Now."
5. Offline Option
If you prefer the offline route, visit your nearest Hero FinCorp branch. Existing customers can contact their relationship manager. You can also contact our customer care at 1800-103-5271 or email Corporate.Care@HeroFinCorp.com.
Applying for a Loan Against Property has never been more convenient with Hero FinCorp's user-friendly online process and offline options.
Read also: How to Get a Loan Against Property Without Income Proof?
Conclusion
A Loan Against Property or Mortgage Loan is a versatile financial tool with numerous benefits. These loans offer the flexibility to leverage the value of your property for various financial needs, making them a preferred choice for many.
These loans are highly advantageous, with attractive interest rates, longer repayment tenures, and the potential for tax benefits. Whether you're looking to expand your business, plan a dream wedding, renovate your home, or address urgent financial requirements, the benefits of a Mortgage Loan are undeniable. Apply Loan Against Property Now!
Frequently Asked Questions
1. What types of properties are acceptable as collateral for the loan?
Residential and commercial properties are generally accepted as collateral for the loan.
2. What are the repayment options available through this loan?
Flexible repayment options, including EMIs, are available. The specific terms can be discussed with the lender.
3. How much of the loan amount offered can I avail?
You can avail up to 75% of the property's current market value or a maximum of Rs 7.5 Crore, depending on factors like income, age, and property condition.
4. Are there any spending restrictions applicable?
Generally, there are no spending restrictions, allowing you to use the loan for various legal purposes, such as business expansion, wedding expenses, home renovation, or other financial needs.
