LAP

LAP – Loan Against Property

Any Term loan is subject to the following:

  1. Healthy Financials
  2. Good Credit Rating

This is a process, wherein a secured loan is provided against the mortgage of the property with a lesser interest and longer repayment option. The loan against property can be used for various purposes such as a business expansion, a wedding, investment in a commercial property or any other greater priority.

Sl Feature Advantages Disadvantages
1 Secured Loan Competitive Rate of Interest Property Documents should be with approvals
2 Obligation Repayment can be extended to 15 years. Stricter Income Norms
3 Interest Lower EMI compared to other loans Valuation will be done less than market value
4 Maturity
5 Restrictive Covenants

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