Loan against property (LAP) as the name suggests is a loan given against the mortgage/security of property. The loan amount is a percentage of the property‘s market value, usually 60% to 70% of the property value.
Unlike a personal loan, LAP is a secured loan as it is mortgaged against a property, generally a house or a plot of land.
LAP has lower interest rate than personal loan. It can be utilized to meet any business or personal needs of the borrower.
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