
Loan Against Property: How to apply, Eligibility, Documents required, and Process
- 24 Feb 2022
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A loan against property (LAP) is a simple way to arrange funds with the help of your existing property. LAP is a secured loan that banks, Non Banking Financial Companies (NBFC), or a housing finance company like DMI Housing Finance provide against the borrower’s residential or commercial property’s current market value. While availing Loan Against Property (LAP), one usually gets a bigger loan amount for a longer duration, as compared to a personal loan (PL) or business loan. That is because LAP is provided against the guarantee of your home or business property.
Factors to be considered when applying for LAP
One of the important things is to compare the interest rates offered by different loan providers. DMI Housing Finance provides attractive interest rates without any hidden charges. You can easily apply for a loan through the DMI customer portal. In this blog, we will talk about the method to avail LAP, its benefits, and eligibility.
Eligibility criteria to avail LAP
Any individual with a steady source of income, and who legally owns a property is eligible for LAP. Any salaried individual, a person with a permanent service in the government or a reputable company, or a self-employed businessperson or professional such as a lawyer, doctor, engineer, CA, etc. can also apply for a loan against property. The minimum age to apply for LAP is 18 years and the maximum ages are 70 (with income documents) and 90 (without income documents). DMI Housing Finance provides LAP to both salaried and non-salaried self-employed individuals.
Documents required for Loan Against Property
Whether you are a salaried person or a self-employed professional, you need to submit the following documents to avail a LAP.
Stay connected and read our next blog to understand more about how much loan can be availed under LAP, its types, and what can be done with the amount.
You can give us a missed call on +919772027704 for all your loan against property (LAP) needs or apply for online LAP through the DMI customer portal. You can also easily track your loan application, check loan eligibility, manage your loan account, and access multiple other benefits using DMI Customer Portal from the comfort of your home. DMI Housing Finance has 37+ branches across India to name some Kalyan and Virar in Maharashtra, Pandav Nagar and Uttam Nagar in Delhi, Lucknow, Varanasi, and Prayagraj in Uttar Pradesh, Jaipur, and Kota in Rajashtan, Bhopal, and Indore in Madhya Pradesh, Karnal, and Sonipat in Haryana. You can find our nearest branch location to you by clicking here. You can also choose to write to us at customercare@dmihousingfinance.in or contact us on DMI Housing Finance customer support number – 1800 121 4214 for any queries you may have.