A loan against property is a loan offered against the pledge of a property. Since the property is pledged i.e. mortgaged to get a loan against your property, it is also referred to as a Mortgage Loan. The banking abbreviation for loan against property is LAP.\u00a0 People generally befuddle with the terms LAP loan in Mumbai&home loan in Mumbai and use the terms interchangeably. However, the two mainly differ in their purposes. Although both are secured loans offered against the collateral of a property, the latter is a fund-raised only for the purchase of your house while LAP funds can be utilized for multi-purposes such as personal, professional, etc. including purchasing a house.<\/p>\n
To qualify for a mortgage loan, you must have a property in your name which can be provided as security for obtaining a mortgage loan in Mumbai. The property should be either singly owned or jointly owned with parents, spouses, children, & siblings. Mortgage loans\/LAP loans can be applied on residential, commercial as well as on industrial properties in Mumbai.<\/p>\n
The following eligible borrowers can apply for a mortgage loan<\/strong><\/a> in Mumbai.<\/p>\n You (the borrower) must fulfill the following loan against property eligibility criteria to avail of a LAP loan.<\/p>\n There are different types of mortgage loans in Mumbai. You can apply for these different types of mortgages according to your need and fund requirements. The different mortgage loan types include EMI-based mortgage loans, loan against property overdraft facility\/mortgage overdraft facility, (Lease Rental Discounting) LRD loans, loan against property balance transfers, loan against property top-up loans, & reverse mortgage loans (loan against property for senior citizens in India). Nowadays you can apply for a mortgage loan online from the comfort of your home. There are many banks\/HFCs in Mumbai such as ICICI, HDFC, Axis, Piramal Housing Finance, HDFC Ltd., etc. that provide a platform for the mortgage application online. You may also apply for mortgage pre-approval online with leading banks at the lowest mortgage loan interest rate.<\/p>\n Current mortgage loan interest rates in Mumbai start from 7.50% p.a. Given below are the mortgage loan details in Mumbai.<\/p>\n Loan Against Property Meaning A loan against property is a loan offered against the pledge of a property. Since the property is pledged i.e. mortgaged to get a loan against your property, it is also referred to as a Mortgage Loan. The banking abbreviation for loan against property is LAP.\u00a0 People generally befuddle with the …<\/p>\n","protected":false},"author":1,"featured_media":4337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79],"tags":[],"class_list":["post-4336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n\n
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List of leading Banks\/HFCs providing loan against property in Mumbai<\/strong><\/h3>\n
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Who cannot apply for a mortgage loan in Mumbai?<\/strong><\/h3>\n
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Dollar Coin Worth Anything?<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"