Loan against property or LAP is a secured loan type that allows you to pledge your property in exchange for a loan. Let’s get to know what is LAP and what are its benefits.
A loan against property (LAP) is a secured loan that banks, housing finance companies and NBFCs provide against residential or commercial property. These loans are usually offered at a lower interest rate as compared to a personal loan or business loan and are disbursed at a reasonable time. Anyone with a pre-owned property can avail such loans, whether they are salaried or self-employed in a business or professional setup. The quantum of loan sanctioned is also higher than what may be offered in other available options.
Purposes For Which Loan Against Property Is A Good Option :-