What Is Loan Against Property (LAP)?
Life is full of unexpected turns, and sometimes, you need a financial boost to navigate through them. Imagine having the key to unlock the value of your property to meet your financial needs. That's where Loan Against Property (LAP) comes into play.
But What is Loan Against Property (LAP)?
Loan Against Property is a secured loan that you can obtain by mortgaging your commercial or residential property as collateral. This financial tool allows you to tap into the value of your property to meet various expenses. It is a way of unleashing the potential of your real estate for financial gains.
Benefits of Loan Against Property (LAP)
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Firstly, the loan amount can range from Rs. 3 lakhs to a whopping Rs. 1 crore, depending on your eligibility.
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One notable feature is the absence of the need for extensive income documents, making the process hassle-free.
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The competitive interest rates, coupled with straightforward documentation, make LAP an attractive option. Upon approval, the funds are swiftly deposited into your account, offering a quick and efficient solution to your financial needs. Additionally, there are tax benefits on interest payments, making it a financially savvy choice.
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For businesses, LAP opens doors to working capital, providing easy access to funds.
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The flexible repayment options and longer tenures add another layer of convenience, ensuring that the financial burden doesn't become overwhelming.
How to Apply for Loan Against Property (LAP) On Muthoot FinCorp ONE?
The process of applying for LAP is simple. By downloading the Muthoot FinCorp ONE app, you can initiate the application process effortlessly. The step-by-step guide involves selecting 'Loan Against Property,' inputting the required loan amount, and submitting the application. The subsequent steps are efficiently handled by customer support representatives, making the overall experience smooth.
For those who prefer a face-to-face interaction, you can visit the nearest Muthoot FinCorp Ltd. branch. However, it's important to note that LAP applications are accepted only in cities where Muthoot FinCorp has a presence. Additionally, if the property is jointly owned, all owners must apply together.
Modes of Payment and Closure
Repaying your Loan Against Property is made convenient through various modes. The Muthoot FinCorp ONE app allows payments through Net Banking, Debit Card, or UPI. If you prefer a more traditional approach, cash or e-NACH payments can be made at any Muthoot FinCorp Ltd. branch.
Closing your LAP involves a visit to the nearest branch to check the outstanding amount and complete the necessary paperwork. The branch representatives will guide you through the loan closure process and provide a No Objection Certificate (NOC).
Loan Against Property emerges as a potent financial tool, leveraging the value of your property to fulfill diverse needs. With simplified processes, competitive interest rates, and a range of benefits, LAP stands as a reliable option for those looking to make their property an asset that works for them.
About Muthoot FinCorp ONE
Muthoot FinCorp ONE is an all-in-one digital financial platform that makes getting an MSME & a Gold Loan, investing in Digital gold & NCDs, making payments & remittances, buying insurance & exchanging forex, simple and convenient.
As an SBU of Muthoot FinCorp Limited, Muthoot FinCorp ONE is backed by a legacy stretching back over 135 years, and the trust of more than 1 crore customers and is building a holistic financial ecosystem using the latest digital products for lending, investing, protection and payments.
Muthoot FinCorp ONE continues to uphold the values of the parent, the Muthoot Pappachan Group (Muthoot Blue) by providing its customers with easily accessible services, replete with unmistakable quality. The Muthoot Pappachan Group is among India’s most reputed names in the financial services industry, with customers in diverse segments like Automotive industry, Financial Services, Hospitality, Alternate Energy, Real Estate, and Precious Metals.
So what are you waiting for? Head to the Play Store and download the Muthoot FinCorp ONE app. You can also visit the website today to know more.
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