LAP ( Loan Against Property)
Loan against Property serves as a secured financial solution suitable for both employed individuals and
enterprises. This loan is granted upon pledging a residential or commercial property as collateral. The
lending institution assesses and approves a loan amount equivalent to the property’s present value. As a
borrower, you have the option to mortgage a property you reside in, one that generates rental income,
or any land owned by you. It is imperative, however, to ensure the property’s title is unencumbered and
legally clear.
Purpose of LAP:
- To fund medical emergency
- To fund the wedding event of your child
- To fund the much-awaited vacation
- To expand your business
- To fund your child’s education
Here are some advantages of opting for a Loan against Property:
1. Extended Repayment Period: Loan against Property (LAP) offers an extended repayment window that
can span up to 15 years.
2. Favorable Interest Rates: In contrast to other unsecured alternatives like Personal Loans with typically
high interest rates, LAP entails lower interest expenses.
3. Reduced EMI Burden: A lengthier repayment tenure results in smaller EMIs. With Loan against
Property’s extended tenure, the monthly installment becomes more manageable, easing the loan burden.
4. Convenient Access: LAP is easily accessible due to its secured nature, making banks amenable to
extending credit. By leveraging your property, you can secure a loan from a reputable bank to address
personal or business requirements.
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