Understanding Loan Against Property (LAP)
As the name suggests, a Loan Against Property is a form of borrowing from a bank secured by mortgaging your property. This type of loan falls into the category of secured loans, with the borrower's property serving as collateral. The property can encompass your residence, commercial property, or land, and the loan amount is determined based on the property's current market value.

Key Considerations for LAP
A Loan Against Property can be applied for various purposes, including financing significant events like weddings, funding your children's education, or expanding your business. However, in addition to the property's value, the bank takes into account several factors. These factors include your repayment history with other loans, your income, savings, and the stability of your employment or business.