Loan Against Property or LAP
A Loan Against Property (LAP) is a secured loan that allows you to leverage the value of your property to meet your financial needs. Whether you require funds for business expansion, education, medical emergencies, or any other personal or professional requirements, LAP can be an ideal solution.
Loan Against Property or LAP Top Features
High Loan Amount
With LAP, you can avail of a substantial loan amount based on the market value of your property. Typically, lenders offer up to 60-70% of the property’s value.
Flexible Repayment Tenure
LAP comes with flexible repayment options, allowing you to choose a tenure that suits your financial situation. The tenure can range from 5 to 15 years, making it easier to manage monthly repayments.
Competitive Interest Rates
Since LAP is a secured loan, it usually attracts lower interest rates compared to unsecured loans like personal loans. This makes it a cost-effective borrowing option.
Easy Documentation and Fast Processing
The documentation process for LAP is straightforward, and once you submit the necessary documents, the loan processing is quick, ensuring timely disbursement of funds.
Ownership of Property
Even after availing of the loan, you retain ownership of your property. It is only mortgaged with the lender until the loan is fully repaid.
Use of Funds
There are no restrictions on the end-use of the funds. You can use the loan amount for various purposes such as business expansion, education, wedding expenses, or medical emergencies.