What is a Loan Against Property !

A Loan Against Property (LAP) is a type of secured loan where borrowers can use their property as collateral to secure funding. This property can be residential, commercial, or sometimes even land. The loan amount given is usually a percentage of the property's market value, typically ranging from 40% to 70%. Loan Against Property is popular due to its lower interest rates compared to unsecured loans like personal loans, as the risk to the lender is mitigated by the collateral.: