Several Housing Finance Companies are Offering Loan against Property in Rural Areas in India

 

Contact Information
Aavas Financiers Ltd
201-202, 2nd Floor, Southend Square, Mansarover
Jaipur
Rajasthan - 302020
India
18002088820
marketing.aavas@gmail.com
 
A loan against property or LAP is precisely what the name suggests: a loan that is availed by mortgaging your property. The loan is usually offered in relation to a specific percentage of the property's market value, which can be anywhere between 40% and 60%.

In India, loan against property is broadly categorised under "secured loan" group, wherein the borrower submits his or her property as the primary collateral. The property could be a self-occupied ownership property or even a rented-out property, including both commercial and residential ones. It is not mandatory for the property to be a constructional structure; it could be a plot or piece of land, too.

The rate of interest to be paid for a loan against property ranges from 12-15.75%. Moreover, the maximum tenure that is offered for the loan is 15 years.

If you need money for whatsoever reason, you can utilise your property to avail a home equity loan, which is another term for loan against property. There are numerous housing finance companies in India offering loan against property in rural area. Aavas Financiers Ltd. is one such company.

Therefore, you can use your residential property to meet your financial needs or expenses, be it marriage expenses, education costs, hospitalisation bills, or any personal needs.

A loan against property is indeed a smart option because the rate of interest is quite attractive, and the loan can be repaid over a period of 15 years. Aavas, with its integrated branch network that facilitates servicing of loans at a branch convenient to your location, is a reputed home loan company with 180+ branches across India, and still growing.

To avail a loan against property in rural area, you would need property-related documents, such as title deeds of the property and proof of no encumbrances on the property. Additional documents that may be required include proof of identity, address, age, and income. In addition, you need to submit an application form with photograph, which is duly signed, along with payment of a one-time processing fee.

After the application process, the mortgage company or bank begins processing it. You may be required to personally meet the lender for a discussion. You need to carry all original documents for the same. After this, the lender will verify the documents and carry out a field investigation. Post verification of your financial credentials, the lender will come up with a loan eligibility amount. You may accept the loan if it is suitable to you. When it comes to disbursal of the loan, if all things are in place and the lender is thoroughly convinced of your repayment capacity, the loan is usually disbursed through a cheque or demand draft.

When you decide to opt for a loan against property, take into consideration your pay-off capacities extremely well because if you are not able to pay the loan amount back, you are at a risk of losing your mortgaged property to the lender.

That said, if you reside in a rural area and need a loan against your property, Aavas should be your preferred lender. For more details please log on to https://www.aavas.in/
For more information, visit: https://www.aavas.in/product/


loan against property in rural area

 

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