A Loan Against Property (LAP) allows individuals or businesses to leverage their residential or commercial property to access funds. It provides a higher loan amount with competitive interest rates, making it ideal for fulfilling major financial requirements.
Purpose : The borrower pledges their residential or commercial property as collateral to secure the loan. This allows for higher loan amounts based on the value of the property.
Purpose : Loan amounts are determined based on the value of the property. Borrowers can access substantial funds, making it ideal for both personal needs and business expansions.
Purpose : LAPs typically offer lower interest rates compared to unsecured loans due to the collateral involved, making it an affordable option for borrowers.
Purpose : Loan Against Property comes with flexible repayment terms, allowing borrowers to choose longer tenures for easier monthly repayments.
Purpose : The loan application process is streamlined with minimal documentation, ensuring quick approval and disbursal of funds.