Loan against property (LAP) is more of a secured loan. You can use your property as a security/collateral and avail a loan against it. The amount received as a loan can be used for a wide variety of tasks like arranging a vacation, expansion of a business, buying a property, children's higher education and much more.
Banks sanction loans against commercial as well as residential properties. The type of properties that qualify for a loan against property includes Plot of Land, self-occupied property, rented property and vacant property.
The loan availed against your property can be repaid by way of equated monthly installments (EMIs). Loan against properties can be taken for a period of 1-15 years. If we compare LAP against personal loans, loan against properties are granted for a longer tenure when compared to personal loans. Personal loans are unsecured and charge a higher rate of interest.
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See Also: BBMP Property Tax
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