The resident Indians who have a property of their own get good opportunity with HDFC bank re-launching its product ‘Loan against Property’ (LAP). People who own property can take loan from bank against their property to meet business requirements, marriage in the family or for emergencies in the form of a medical crisis or any such needs. Under this product customers can leverage their equity in the property without disposing it off.
However the existing home loan customers of HDFC bank can avail 60% of the market value including the present loan outstanding, whereas all other customers are eligible for 50% of the market value of the property. But in both cases, the loan amount is subject to their loan eligibility. In this scheme bank offers attractive interest rates of 11.25% pa for loans up to Rs. 1 crore and 11.00% pa for loans above Rs. 1 crore. The loan tenure period can be set up to 15 years for both residential properties and non-residential properties.
As Renu Sud Karnad, Managing Director, HDFC Ltd. explains, “One may not always be able to plan for a lot of things in life as both, opportunities and emergencies can be unexpected and could be equally important to be ignored. HDFC’s ‘Loan Against Property’ helps customers take advantage of such opportunities or attend to emergencies by making available one of the important ingredients required in both cases, which is funds. If you own a property, it can probably serve as the best possible avenue to generate a decent amount of funds within a short period of time while you continue to comfortably live in the house. Availing a personal loan from a lending institution may also be an option. However the advantage of LAP is that not only is the interest rate lower than a personal loan, but the tenure of the loan is also much longer. This enables a person to take a larger loan as compared to a personal loan where the period is very short which has a huge impact on the cash flow and thus the repaying capacity”.
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Loans have the most versatile in terms of costs and benefits. It gives you the most cost-effective mortgage loan prices you could never think about. You have the ability to choose from broad range of options and the monthly payments can be prolonged in years. However, prices can be at a set monthly interest or diverse with your advantage.
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HDFC is the bank that provide loans to common people and Presenty the Bank is Leading for providing Loan against Property in India. Its new scheme is good for attracting borrowers.
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