LAP - Loan Against Property

A loan against property (LAP) is a type of mortgage loan facility disbursed against residential property, commercial property or industrial property. The loan is given up to 80% of the property's market value depending on usage (self occupied/ rented/ vacant). This type of facility attracts a lower interest rate and has a tenure up to 15 years and can be repaid in fixed monthly instalments. The funds can be used for various needs such as working capital in the business, buying assets or to repay existing debt.