Loan Against Property - FAQs
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Navigating Fatafat Finance FAQs.
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1. What types of properties can be mortgaged for LAP?
You can mortgage both residential and commercial properties for LAP, including houses, flats, offices, and land.
2. What is the loan-to-value (LTV) ratio for LAP?
The LTV ratio typically ranges from 50% to 80%, depending on the lender and property type. It determines how much of your property's value you can borrow as a loan.
3. Can I get a Loan Against Property for a jointly owned property?
Certainly, at Fatafat Finance, we do provide Loan Against Property for jointly owned properties. All co-owners need to consent to the loan, and their involvement in the application process is essential. The loan amount may be based on the ownership share, and all co-owners typically become co-applicants. We ensure a smooth and transparent process for jointly owned properties.
4. What is the tenure for a LAP?
Loan Against Property tenures usually range from 6 - 36 months, providing flexibility for repayment.
5. What documents are required to apply for LAP?
Common documents include property documents, identity proof, address proof, income proof, bank statements, and more. Requirements may vary by lender.