Mortgage / Loan Against Property (LAP) in Pollachi
Unlock the hidden value in your property without selling it. A Loan Against Property (LAP) lets you borrow up to 70% of your property's market value at lower interest rates than a personal loan, ideal for large business needs or personal requirements.
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Residential property
Mortgage your home or flat and access large funds
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Commercial property
Unlock capital from your office or commercial space
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Agricultural land
Eligible land can be mortgaged with select lenders
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Business expansion
Large LAP amounts perfect for growing your business
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Debt consolidation
Replace multiple high-interest loans with one low-rate LAP
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Child education
Fund overseas education or professional courses
Frequently asked questions
Q: What percentage of property value will I get?
Banks typically offer 50–70% of the property's current market value as a mortgage loan. The exact LTV depends on the property type, location and lender.
Q: Can I still live in the property after mortgaging it?
Absolutely. You retain full possession and use of the property. The bank only holds the title documents as security until the loan is repaid.
Q: What happens if I default on a LAP?
After a specified notice period, the lender can initiate proceedings to recover dues through property auction under the SARFAESI Act. It is important to service EMIs regularly.
Q: Is interest on LAP tax deductible?
If the LAP amount is used for business purposes, the interest can be deducted as a business expense. For personal use, there is no direct tax benefit.