Loan Against Property
A loan against property (LAP) is a type of secured loan provided by financial institutions where borrowers pledge their property, such as residential or commercial real estate, as collateral to secure the loan.
Unlocking Equity
Loan against property allows property owners to unlock the equity in their property by leveraging its value to access funds for various purposes, such as business expansion, debt consolidation, or personal expenses.
Lower Interest Rates
Loan against property often comes with lower interest rates compared to unsecured loans, as the lender has the security of the property as collateral, reducing the risk associated with the loan.
Longer Repayment Terms: Loan against property typically offers longer repayment terms compared to unsecured loans, allowing borrowers to spread out their repayments over a more extended period, resulting in lower monthly payments.
A loan against property (LAP) is a type of secured loan where borrowers pledge their property, such as residential or commercial real estate, as collateral to obtain funds from a financial institution.