Are you wondering if Loan Against Property (LAP) is right for your financial needs? Are questions like how much loan can be taken and what can the money be used for going through your mind? We will answer all these questions and more in this blog. Click here to know more about the eligibility criteria and documents required for LAP.

A Loan Against Property (LAP) is preferred over personal and business loans because, in most cases, the loan amount and duration for which it is provided are longer. One of the key benefits of a loan against property is that the borrower can continue to use their property even after the loan is sanctioned as long as there is no default.

What are the types of loan against property?

Depending on the property type, LAP can be of two types:

• Loan Against Residential Property:This is the most common mortgage loan. You can avail funds against residential properties you own. They may be self-occupied, rented out, or vacant.
• Loan Against Commercial Property:This option lets individuals mortgage their commercial property. It can be an office space or an industrial unit.

How much loan can you avail?

DMI Housing Finance provides best-in-class, stress-free loan against property – an amount of up to 30 lakhs for a maximum duration of 25 years based on your eligibility criteria. Once property valuation is carried out, the loan amount is finalized. The loan-to-value ratio (LTV) is mostly higher in the case of residential properties as compared to commercial properties. In the case of residential properties, the loan amount can go up to 70% of the current market value and for commercial property up to 50%.

For which purposes can you use a loan against property (LAP)?

Like a personal loan, business loan, gold loan, or top-up home loan, there is no restriction on what the LAP loan amount can be used for. LAP can be a low-cost option for raising money for those who may need it urgently. One of the key benefits of LAP is that you do not need to sell your property. Also, the loan amount can be used for any purpose – purchasing a commercial property, expanding businesses, renovating your home or commercial premises, etc.

A loan against property can help in fulfilling your needs and make your dreams turn into reality. Let DMI Housing Finance help you in achieving those dreams! You can use any of the many ways of contacting us. Give us a missed call on +919772027704, write to us at customercare@dmihousingfinance.in or contact us on DMI Housing Finance customer support number – 1800 121 4214.

You can apply for an online LAP through the DMI Customer Portal or walk into any of the DMI Housing Finance branches. DMI Housing Finance has 37+ branches across India to name a few, Surat in Gujarat, Mohali in Punjab, Khanpur and Prashant Vihar in Delhi, Aligarh, Noida, and Kanpur in Uttar Pradesh, Alwar, and Udaipur in Rajashtan, Gwalior, and Pithampur in Madhya Pradesh, Gurugram, and Rohtak in Haryana and Haridwar in Uttarakhand. Find our nearest branch by using the DMI branch locator.