What is Loan against Property?
Loan against Property (LAP) or Home Equity Loans, as the name itself stats is an advance taken against the mortgage of a pre-owned property. This is an un monitored credit, wherein the amount is disbursed in the name of the borrower and the end-usage is not monitored by the lender. A borrower can leverage his existing property and unlocks the hidden market value of the property one already owns. Making it simple for you to understand, Loan against Property is a secured Advance and the money can be used for any legal purpose viz. You can use it Finance your business expansion, children Higher education, Daughter or Son marriage expenses and many more things.

You can apply for Loan against property.  It is usually known to be as a versatile loan. If you have any type of property whether it is residential property, commercial Property or Industrial Property you can avail Credit against it on attractive interest rates and this money can be used for numerous things such about boosting your business, for buying an asset, child marriage, or any other of your life’s necessity. Except for all these one of the most prominent characteristics of LAP some time it can also be obtained by buying the new property.

Many Banks and NFFC’s offer the loan against properties whether they are residential (rented, self-occupied) or commercial property or even a plot without construction can also be measured as collateral by the lender.

Advance against Property interest rate depends upon the customer’s property whether it is a residential, commercial or industrial.