Among the loan option LAP or mortgage loan is the one of the most trusted and reliable options. Most of the financial institutes are offering this loan and people are also more attractive to this loan facility because this loan provides sufficient funds to full fill any needs. compared to other options this loan option has a flexible loan option, instant approval, and also required fewer documents.
Why Peoples are attractive on loan against property
Lower interest rate:
The interest rate is the first query asked by the browsers to the financial institutions generally the loan against property interest rate is much lower than others. if we compare to the personal loan the interest rate is 15% -25% and the interest rate of LAP is 8% - 13%.
Easy to get:
A mortgage loan or loan against property is quite easy for any other loan option. the lender knows that this is a secured loan because the lender gets a document of your property.
Lower Tenure:
if the loan amount significantly larger, you will get long tenure. The tenure depends on your loan amount generally the lenders offer 5 years to 15 years and in some cases, you can go as long as 20 years.
Lower EMI:
Since the mortgage loan tenure is longer then your loan EMI will be lower. This facility is suitable for peoples who are not want to disturb their monthly budget.
Most of the expert advise always avail small tenure, in the long tenure you may pay a high-interest rate.
