Loan against property is a secured type of loan in which the customer submits the piece of land to the lender in the form of collateral and can proceed with the other loan formality and avail loan without any hassle. The rate of interest of this loan is low compared to the other loan like personal loans as the personal loan is an unsecured loan. The best part of the loan is that the loan amount can be used as an unsecured loan as there is no restriction applied over the amount.
One can avail LAP without income proof?
There are many people in our country who are still not aware of bank accounts and some worked in an unorganized sector like freelancing which is not a fixed and stable income process. So, for those they can avail of loans against property without income proof or ITR only they have to fulfill some of the documentation requirements from the lender side.
In loans against property, the amount is much higher than the amount sanctioned in other loans. The repayment tenure is also long so, the EMIs of loan are deducted less which helps to maintain the monthly budget.
LAP can be used for multipurpose things like education, marriage, and for exploring the business because of the zero restriction and long tenure for repayment people got attracted more with the same. Easy documentation is another silent feature for the same. Only you need to verify your property that you will use as collateral with the bank.
