HDFC's 'Loan Against Property' re-launched

FOR IMMEDIATE RELEASE
Mumbai, Maharashtra, India, Republic of (Free-Press-Release.com) September 21, 2010 -- • Attractive Interest Rates ranging between 11.00% to 11.25%
• Loan Term up to 15 years
• No Limit on the Maximum Amount
• Quick Processing
Mumbai; June 4, 2010: To assist customers take advantage of opportunities or attend to emergencies, HDFC re-launches its product ‘Loan against Property’(LAP).

Be it requirement of funds to meet business requirements, marriage in the family or for emergencies in the form of a medical crisis or any such needs, HDFC's LAP assists customers to leverage their equity in the property without having to dispose it off.
HDFC's LAP is available for all Resident Indians who have a property of their own. The customer can make the best use of the present market value of his property by taking a loan against it and thereby get immediate financial assistance to meet a variety of needs.

Existing home loan customers of HDFC are eligible for 60% of the market value including the present loan outstanding, while all other customers are entitled to 50% of the market value of the property. In both cases, the loan amount is subject to their loan eligibility. HDFC's LAP is available at attractive interest rates of 11.25% pa for loans up to Rs. 1 crore and 11.00% pa for loans above Rs. 1 crore. The loan term can be up to 15 years for both residential properties and non-residential properties.

As Ms. Renu Sud Karnad, Managing Director, HDFC Ltd. explains ,"One may not always be able to plan for a lot of things in life as both, opportunities and emergencies can be unexpected and could be equally important to be ignored. HDFC’s ‘Loan Against Property' helps customers take advantage of such opportunities or attend to emergencies by making available one of the important ingredients required in both cases, which is funds. If you own a property, it can probably serve as the best possible avenue to generate a decent amount of funds within a short period of time while you continue to comfortably live in the house. Availing a personal loan from a lending institution may also be an option. However the advantage of LAP is that not only is the interest rate lower than a personal loan, but the tenure of the loan is also much longer. This enables a person to take a larger loan as compared to a personal loan where the period is very short which has a huge impact on the cash flow and thus the repaying capacity".
So if you own a house and are in need of funds immediately, contact any of HDFC’s offices, and its home loan counselors will take care of the rest!

For more info visit: http://www.hdfc.com/loans/hm-equity-loan-features.asp

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