What is a Loan Against Property?
A Loan Against Property (LAP) is a secured loan where borrowers pledge their residential or commercial property as collateral to receive funds from a bank or financial institution. The loan amount is usually a percentage (50%-70%) of the property’s market value.
High Loan Amount – Borrow up to a significant percentage of the property’s value.
Lower Interest Rates – Compared to personal loans, LAP comes with lower interest rates.
Flexible Repayment Tenure – Loan tenure can range from 5 to 20 years.
Usage Flexibility – Funds can be used for various purposes like business needs, education, or medical expenses.
