BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The asset to be free from any liability
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The asset to be properly registered
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The property to be fully constructed
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The asset should not have multiple owners
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Detailed explanation-1: -An NEC, or non-encumbrance certificate, is issued to confirm that the property being offered to the bank as security is free of encumbrances. This indicates that the property in question is not linked to any other bank for the purpose of obtaining a loan and is wholly owned by the individual.
Detailed explanation-2: -A loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
Detailed explanation-3: -Loan Against Property (LAP) for obvious reasons is more beneficial than Personal Loan (PL). LAP avails the best offer as compared to PL—it gives greater flexibility, lower interest rates, higher loan amount, and longer repayment tenure.
Detailed explanation-4: -Upon your signed acceptance of the terms in the loan agreement, the lender will provide the final loan approval and proceed to the final step of disbursal. Because of the extensive verification process involved, it can take up to 15 to 30 days to receive the funds.