INSUBCONTINENT EXCLUSIVE:
Loan against property can also be called an all-purpose loan.
State Bank of India (SBI) offers loans against property under its personal finance portfolio
SBI's loans against property give cash requirements against the individual's asset (or property), as mentioned on the official website of
Loan against property can also be called an all-purpose loan
In case of a cash crunch, customer can leverage a property and avail this loan
Repayment to the bank is to be done in form of EMIs (Equated Monthly Instalments) at an interest rate pre-decided by the bank
Loan against property (LAP) is a purpose loan available against mortgage of residential and/or select commercial property
Any individual who is an employee or a professional, self-employed or an income tax assesses or NRIs (who has residential property or
commercial properties in his own name or in the name of spouse / children/parent/sibling) is eligible to avail SBI's loan against property
Also an individual with at least a minimum net monthly income of Rs 25,000 (or Rs 3 lakh per annum) can apply for this type of loan
Loan under LAP should be liquidated before eldest borrower attain the age of 70 years, mentioned SBI
lease, equitable mortgage on the property is created and assignment of rental receivable is obtained
