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How is a loan against property different from a home loan?
A home loan must be used to buy or construct a home, while a loan against property can be used for almost any purpose. LAP also allows you to pledge an existing property you already own.
How much can I borrow against property?
Lenders typically offer 50% to 70% of the property's market value as a loan against property. The exact loan-to-value ratio depends on the lender and property type.
What interest rate should I expect on a LAP?
Indicative loan against property rates range from about 9% to 14% p.a., depending on the lender and the property. Rates are indicative and vary by lender.
What is the maximum tenure for a loan against property?
Most lenders offer LAP tenures of up to 15 years, and some extend up to 20 years. A longer tenure lowers the EMI but increases total interest.
Is a loan against property tax deductible?
Tax treatment depends on the end use of the funds and your personal tax situation. Consult a tax advisor to confirm whether the interest is deductible in your case.
Interest rates shown are indicative and change frequently. This calculator is for estimation only - verify current rates and terms with your lender before applying. This is not financial advice.
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