A loan against property (LAP) is exactly what the name implies -- a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value. Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.
TYPE OF LOAN | RATE OF INTEREST (%) | PERIOD (YEARS) |
Loan Against Property(Long Term) | 14 | 5 to 10 |
Loan Against Property(Middle Term) | 14 | 3 to 5 |