When a person must send his children to a foreign country for their education, or when he must organize a wedding, or when he needs money to expand his business, a lot is going through his thoughts. The first (and most terrifying) idea is, "How am I going to arrange for all this money?" There are a variety of inventive methods to arrange these funds, such as sweet-talking friends and family into giving you a loan, but a better and more independent option is to choose a loan against (your) property, or loan against property as it is commonly known. A loan secured by real estate is precisely what its name suggests. It is a loan that is given out or secured by a property mortgage. It goes without saying that you must be the owner of a property, preferably a self-occupied residential property, if you wish to take a loan against it. You may also obtain a loan against a piece of business property, such as a store or factory, although this is less likely given that the majority of banks, HFCs, and NBFCs only provide LAP against residential properties. How much can I thus borrow against my property? Lenders often offer loans up to 60% of the value of the property. LTV, or loan to value, is the term used to describe this ratio. Ten years is the longest term that is available.
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