From Struggling to Thriving: How Loan Against Property Helped My Business Grow

Hi, I’m Kumar, a business owner who runs a successful construction company in Mumbai. For years, I struggled to find the right funding option to expand my business. I tried everything from personal loans to credit cards, but high-interest rates and short repayment periods made it difficult to manage my finances. I was on the verge of giving up on my dream when I discovered Loan Against Property (LAP) is the best option for Business Growth.

Selecting the Right Loan Against Property:

Before applying for a LAP, I needed to understand what it was and how it worked. I consulted with financial experts and did some research on my own. I discovered that LAP is an excellent option for business owners. With the help of Advit Realinfo, I selected the right LAP by considering the following factors:

1. Eligibility: I was eligible for LAP because I was a property owner with clear ownership documents.
2. Loan Amount: Based on the value of my property, I could get up to 60% of its value as a loan.
3. Interest Rates: I compared interest rates from various lenders to select the one with the lowest rate.
4. Repayment Period: LAP has a longer repayment period. Ranging from 5 to 15 years, giving me enough time to repay the loan.
5. Documentation: With the assistance of Advit Realinfo, I gathered all necessary documents such as property papers, income proof, and identity proof.

The LAP Application Process:

The application process for Loan Against Property was simple and straightforward, thanks to Advit Realinfo’s assistance. Here’s a step-by-step guide:

1. Research and Compare: I researched various LAP options available in the market and compared interest rates, repayment periods, and eligibility criteria.
2. Documentation: Gather all necessary documents.
3. Application Form: Fill in the application form with all relevant information.
4. Property Evaluation: Get the valuation done for property by the lender to determine the loan amount.
5. Approval: Get the loan approved by the lender and the loan agreement.
6. Disbursement: Get the loan amount disbursed in your account.

Utilizing LAP for Business Growth:

With the Loan Against Property, I was able to utilize it effectively for my business growth. Here are some ways I used LAP:

1. Purchase Raw Materials: To purchase raw materials for my business, such as cement or steel.
2. Expansion: I used this facility to expand my business by opening new branches or investing in new technology.
3. Working Capital: To keep my business running smoothly.

In conclusion, LAP was the perfect funding option for my business, thanks to the guidance of financial experts and the support of Advit Realinfo. If you’re struggling to find the right funding option for your business, consider LAP and consult with experts to select the right one for you.