Loan Against Property[ Residential,Commercial,Industrial]

A Loan Against Property (LAP) is a secured loan that you get by mortgaging your property (residential, commercial, or land) to a bank or financial institution.

In simple terms

You pledge your property as security and receive a loan amount based on its current market value. You continue to own and use the property, but the lender holds it as collateral until you repay the loan.

Definition

A Loan Against Property is a loan given by a lender where your property acts as collateral. It's often used for personal or business purposes such as education, marriage, medical expenses, business expansion, or debt consolidation.

How it Works

• You apply for the loan - Submit details about the property and your income.
• Property valuation - The lender inspects and estimates the market value.
• Loan approval - Typically 50-70% of the property's value is sanctioned.
• Disbursement - The money is credited to your account.
• Repayment - You repay in EMIs (Equated Monthly Installments) over a tenure (up to 15-20 years).