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Everybody  may have a lot on Their mind when it comes to sending your children for education abroad or maybe finance your business or even finance their child's wedding. Majorly  first thing that would come into the mind of most of us is, 'Where would we get the money from?'

There are many plenty of ways you could arrange for money, among those one of the way is taking a loan. You could take a personal loan (based on salary or IT Return(self employed)for the amount required, or you could take a loan against your property(assets).

1)What is a loan against property?

A loan against property  is exactly what the name implies "a loan given or disbursed against the mortgage of property". The loan is given as a certain percentage of the property's market value(estimated value), usually around 40 per cent to 60 per cent(approximately).

Loan against property belongs to the secured loan(mortgage loan) category where the borrower gives a guarantee by using his property as security.

2)What purposes can I take a loan against property for?

Loan against Property can be taken for following purposes(Depending on the bank it may changed):

A)Funding medical treatments

B)Getting your son/daughter married

C)Sending your son/daughter for higher studies abroad

D)Funding your dream vacation

E)Funding medical treatments

3)What kind of properties can I mortgage for a loan?

Anybody can normally take a loan against your self--occupied or rented residential property. This could be a house or even a piece of land(any property).

4)What are the eligibility criteria to get a loan against property?

This criteria will change from one bank to another. Before disburse the loan,The common factors that all banks look at are:

A)Your income, savings, debt obligations

B)Cost/value of the property mortgaged

C)Your repayment track record for other loans, credit cards, etc.

5)What are the normal interest rates and tenure for repayment offered for a loan against property?

Interest rates on loan against property range from 12% to 15.75%, and the loan tenure can be up to 15 years(maximum).

6)How is a loan against property different from a personal loan?

Loan Against Property	Personal Loan
The individual takes the loan by mortgaging the house property	An individual can take a personal loan for personal use without any security or guarantor
One of the cheapest retail loans after home loans; usually about 12%-16%	Higher interest rates compared to LAP; usually issued at interest rates in the range of 16%-21%
Since the rate of interest is lower, frequently LAP Equated Monthly Installments (EMI) turn out cheaper	Since rate of interest is high, Equated Monthly Installments (EMI) for personal loans are high
Maximum loan eligibility is determined primarily by the value of the property and income	Maximum loan eligibility is determined primarily by an individual's income
Maximum loan tenure for LAP is up to 15 years (180 months)	Maximum loan tenure for personal loan is up to 5 years (60 months)
Secured loan	Unsecured loan

7)What documents are required for applying for a loan against property?

All the NBFC'S ,Most banks and financial institutions typically require the following documents.This list may vary from bank to bank.

Salaried Customers	Self Employed Professionals	Self Employed Businessman
Application form along with photograph	Application form along with photograph	Application form along with photograph
Id and Residence Proof	Id and Residence Proof	Id  and Residence Proof
Latest Salary--slips	Education Qualifications Certificate and Proof of business existence	Education Qualifications Certificate and Proof of business existence
Form -16	Last 3 years Income Tax returns [self and business]Last 3 years Profit /Loss and Balance Sheet	Business profileLast 3 years Profit /Loss and Balance Sheet Last 3 years Income Tax returns [self and business]
Last 6 months bank statements--	Last 6 months bank statements--	Last 6 months bank statements [self and business]
Processing fee(PF) cheque	Maximum loan tenure for LAP is up to 15 years (180 months) Processing fee(PF) cheque	Processing fee(PF) cheque

A loan against property is one of the best way to raise money. The major disadvantage of such a loan is that if the borrower is not able to pay the loan completely, the bank or the financial institution(NBFC) can take possession of the mortgaged property. Base your decision on your repaying(payment) capabilities.