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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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Loan against property (LAP) can be availed by keeping your commercial/residential property as collateral. The value of your property is a deciding factor of the amount of potential loan you will be sanctioned. You can opt for a loan against land for numerous reasons. The amount availed from this loan can be used to make you financially secure and aid you in times of emergencies.
You never know when a medical emergency may arise, it sets you in an emotional turmoil and put a strain on your finances. Healthcare, today, has become quite expensive and not everyone can afford to have a solid health insurance plan that protects them from all the medical uncertainties in life. In such times Loan against property is an ideal choice for all your financial requirements.
Once you secure your finances for medical expenses you can focus solely on looking after your or your loved one’s health. The loan amount can be used to pay for medical expenses such as your hospitalization bills, medical prescription bills, surgeries, bypass surgery, chemotherapy, and other similar treatments. However, with LAP, it’s important to ensure timely repayment of the loan amount or the bank might take possession of your property if you missed your payments.
How to apply for a Loan against Property for Medical Treatments?
When you require funds for medical treatments or emergencies you cannot keep waiting for the loan to process and look for ways to avail quick and fast cash. During such medical emergencies, you need to get in touch with your bank and let them know of the situation, provide some medical proof of the patient hospitalized with all the details of the treatment. This will kick start the LAP application process and once the application process has begun, your loan will get approved in no time. With the approval of the loan, the loan amount gets transferred and you can use it for the necessary medical treatment. Also, make sure you repay the complete loan amount on time.
Why opt for LAP to fund medical treatment?
Medical treatments require a lot of money and it needs to be acquired as quickly as possible. Hence this loan is easy to get and gets approved without much hassle. You can avail a loan of up to 10 years, however, the maximum permissible tenure is 15 Years. Property mortgage loans provide you with the funds that you need immediately, thereby allowing you to pay it back at your convenience. Getting a LAP becomes much easier if you have all the basic documents in place.
So here’s a list of the documents required for LAP.
The types of Property eligible for LAP:
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