Money is to cater to our needs. These needs sometimes demand more than a small sum of money. It may be your child’s education, a wedding in your family, or capitalizing on that business. It’s right where a can come to your help. Selling your property is an extreme scenario. But here, you could tap into the financial value of your property without parting with it.
Salaried, self-employed, or business owner? Having a
property gives you access to a Loan Against Property. When it is taken from a
reliable provider like Manappuram Asset Finance Limited, it turns out to be the
smartest, secure way to raise funds without interfering with your peace.
Now, it’s time to understand how an LAP works and why it
is a smart decision.
LAP is a loan using your property. When we say property, it can be a house, a
commercial building, or even just a piece of land you own. A lender gives you a
large sum of loan as per its market value.
The good news is that your property has not been sold or
taken over. IT REMAINS YOURS! All you have to do is repay the lender a monthly
installment over a period that YOU choose, based on your ability.
LAP is especially beneficial when you need a significant
fund, but don’t want to sell your assets. Predominantly, it is ideal for:
●
Education Fees
●
Medical Emergencies
●
Business Investments
●
Home Repairs
●
Consolidating Debt
Top Advantages of Taking an LAP
The biggest perk of an LAP is the amount.
Don’t get stuck on small loan limits. Here, you get
funding for your property. Let’s say your property is worth ₹50 lakhs, then
your chances are to get a lump of ₹30–35
lakhs.
Open up big possibilities with LAP, be it expanding a
shop, launching a second business, or funding abroad studies.
When taking the case of personal loans, an LAP has longer
repayment periods.
Since it expands over the years, there is less pressure
each month. Thus, more space to handle other expenses. With current and future
income in mind, you can choose the tenure.
Once the funds are released, you have no restrictions on
how to use it.
Be it home renovations, medical bills, or investing in
your business.
LAP is often preferred by people due to the flexibility.
Your property is not taken away from you.
You could continue living in it, renting it, or use it
with no concerns.
All the documents are returned to you once you repay the
loan.
This is a piece of mid, when considering someone who
poured his savings into his property. You get the funds when you need them,
without losing what you built over time.
With an institution like Manappuram Asset Finance
Limited, the procedures are smooth and structured.
Our team will be with you at each step, from checking
eligibility to final disbursal.
The process can be even smoother if your documents are on
point. Sometimes within days.
When a loan like LAP comes from the most popular and
reputed lender like Maafin, it
comes with clarity.
No surprises or hidden terms. Everything is made clear to
you upfront.
Also, here you are going to get the guidance from an
experienced professional who treats you with respect. This is a stress-free
zone for you!
Yes, getting a loan can improve your creditworthiness.
Timely repayment of LAP boosts your credit profile.
And, a good credit history will increase your chances of
getting loans in the future. This is because your great management of finances
is proven in this process.
Some of the main risk factors in unsecured loans are:
●
High EMIs
●
Shorter Tenure
●
Limited Amounts
LAP is a secure way to give your life a balance of
safety, flexibility, and support.
Experience and reliability are the two most important
factors to consider when it comes to a secured loan. We have been a trusted
name in finance for decades.
We understand the needs of our customers, be they are
salaried people, entrepreneurs, or small business owners.
We have a wide range of branches and online support to
make your application process smooth and convenient.
Walk into a nearby branch and experience our
customer-first approach.
Q1. Is it safe to apply for a
loan against property?
Of course, it is safe to take an LAP. In this secure and
regulated process, your property stays in your name. It is only pledged as
collateral. Your documents are safe and are handled professionally in Maafin.
Q2. Why choose Maafin instead
of a bank for LAP?
Many other banks and lenders have more confusing rules
and a longer processing time. However, We understand your needs and offers
flexible terms.
Our staff guides you at every stage, and the whole
documentation is simpler.
Q3. Is LAP the right choice
for personal expenses?
Yes, because you could get a large amount of money
without selling your property.
Q4. Who is eligible for a LAP
at Maafin?
A person aged between 18 to 65 years who has property
with valid documents can apply. The property should be under their name or that
of an immediate family member. No matter who you are—salaried, self-employed,
or business owner, you may qualify.
Q5. What kind of property can
I pledge for a LAP?
It can be residential, commercial, or properties that are
given for rent. This also depends on the property’s condition, location, and
where it stands legally. An expert from our end can guide you through all these
processes.
●
Visit www.maafin.in
●
Fill the application form for LAP
●
Upload the necessary documents
●
Get your property valued by the company
●
Receive loan approval and disbursal
Prefer visiting a branch? You can walk into any nearby Maafin location and apply directly.
Take action, attain financial confidence. Apply for a
Loan Against Property.
