Loan Against Property
Loan Against Property Consultants
A loan against property (LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can be marketable either be a land, house, industrial property or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount has been repaid by the borrower.
Characteristics Of Lap
- The Loan Is Secured in Nature.
- Loan is long term in nature, usually between 7 To 15 years depending on the financial institution &eligibility criteria.
- Repayment Option available up to 30 Years depending upon age & bank’s policy
- Interest rates are low when compared to unsecured loans.
- Finances can be used for any personal or business purpose.
- Best suited for people looking for business expansion.
- Quantum of loan is high depending on the value of property.
- It increases the future borrowing capacity along with property appreciation.
