Common Queries That Revolve Around Loan Against Property Misconceptions

1
Common Queries That Revolve Around Loan Against
Property Misconceptions
2
Is it possible for me to use the mortgaged
property?

• You can use the property as long as you don't
  default on the LAP.

3
Is a loan against property only available on
residential properties?

• It is available against commercial property as
  well.
• You can use shops, factories, etc., for getting
  LAP.

4
Can I get the full value of my mortgaged property
as loan?

• Your loan amount can be up to 75 of the
  propertys value.

5
Is LAP for a short tenure?

• LAP is available for a maximum period of 15 years.

6
Does LAP come with a high interest rate?

• LAP has a low interest rate as it is backed by a
  high-value property.

7
Can I use LAP for any purpose?

• A loan against property can be used for multiple
  purposes.

8
Do I need a high income to get a LAP?

• Lenders have minimum income requirements for LAP
  approval.

9
Will my mortgaged property be taken over by the
lender?

• If you default, the lender will take possession
  of your property and sell it to recover the loan
  amount.

10
Is the approved loan amount determined by the
property's purchase price?

• The LAP amount is based on the property's current
  market value.

11
Make sure you clear any other doubts you might
have, with the lender, before availing a loan
against a property.
12
Thank You !
Would Love to hear from you.
Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi -
110057
Tel [phone]
Email corporate_at_herofincorp.com
Website https//www.herofincorp.com/
Know More Common Queries That Revolve Around
Loan Against Property Misconceptions