Loan Against Property is a secured loan product that can be useful for both salaried individuals as well as businesses. The loan gets sanctioned once you mortgage your residential or commercial property. The bank approves the credit amount, which is equivalent to the current value of the property. As a loan buyer, you can mortgage a property that is self-occupied, rented or any piece of land owned by you. However, you need to make sure that the title of the property is clear.
• 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
LAP or Loan Against Property has a long repayment tenure that can stretch up to 15 years.
As compared to other unsecured products like Personal Loans, where the rate of interest is usually high, LAP has lower interest charges.
The longer the tenure, the lower the EMI. Since the tenure of the Loan Against Property is longer, the EMIs also gets reduced. Thus, bringing down the burden of the loan.
You can easily avail LAP as it is a secured loan type and banks are willing to provide the credit. If you have a property, you can mortgage it with a reputed bank to get loan for any business or personal needs.