A Loan Against Property (LAP) is a secured loan where you can mortgage your residential or commercial property to avail funds for business expansion, debt consolidation, or other financial needs. The loan amount is based on the market value of the property.
| Purpose | Business expansion, debt consolidation, medical emergencies, etc. |
|---|---|
| Loan Amount | ₹5 lakhs to ₹5 crores (depends on property value and lender) |
| Tenure | 1 to 15 years |
| Interest Rate | 8% to 16% p.a. (varies by lender and credit profile) |
| Security | Property mortgaged as collateral |
| Repayment | EMIs (Equated Monthly Installments) |
| Processing Time | Typically 7–10 days |