What is Loan Against Property
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A Loan against Property (LAP) is a secured loan, wherein you can mortgage your residential, commercial or special use property to get immediate funds for any purpose, ranging from business expenditure to personal needs. In LAP, the property you own, which has a clear title, is kept with Bank as a collateral or security, to help you get the financial assistance in the form of LAP.
Features of Loan Against Property
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Lower rates
Loan against property, being a secured loan, carries a lower rate of interest than an unsecured loan
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Higher borrowing limits
Due to its longer repayment tenure, an individual can opt for a higher amount of loan with the same EMI than an unsecured loan
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Longer repayment terms
LAP is normally available for as long as 15 years. Thus the burden of cash outflow per month on the individual is lower, enabling him to manage his cashflow cycle better.
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