Loan Against Property (LAP)

Loans against property (LAP) are a type of secured loan where the borrower pledges their property, such as a house, land or commercial space, as collateral to obtain a loan. These loans are typically used for business or personal purposes, such as funding a child's education, medical expenses, or expanding a business. The amount of the loan is determined by the value of the property and the borrower's creditworthiness. The interest rates on LAP are generally lower than unsecured loans because the lender has collateral to secure the loan.