26 Top Loan Against Property Terminology To Know

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26 Top Loan Against Property Terminology To Know
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LTV ratio

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• The funds you can borrow as a proportion of the
  current value of your property.

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Balance transfer

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• It means transferring your outstanding dues to
  the new lender.

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Credit appraisal

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• Process of evaluating your repayment potential.

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Escrow account

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• An account where the LAP funds are kept unless
  the borrower meets the agreed-upon conditions.

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Amortisation schedule

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• Chart displaying your monthly obligations till
  the conclusion of the loan term.

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Post-dated cheque

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• Refers to cheques meant for future EMI
  transactions.

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Annual Percentage Rate (APR)

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• It accounts for the interest rate as well as
  other LAP charges.

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Processing charges

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• Charged to cover the cost levied on the
  processing of your LAP application.

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Rescheduling fees

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• Lender levies this fee for any alteration in LAP
  original terms and conditions.

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CERSAI fee

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• Fee imposed by the government to protect lenders
  interests.

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• Now that you are aware of the common terms used
  in LAP transactions, you can sign your loan
  agreement without any worries.

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Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi -
110057
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Email corporate_at_herofincorp.com
Website https//www.herofincorp.com/
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