Loan Against Property
Loan against property –
Loan against property (LAP) is a kind of loan which is given in lieu of an immovable property and this loan can be used for various other personal purposes as well. Commercial or residential properties can be used here as collateral. It can be seen that this loan is taken when the unsecured loans are fail to meet the requirements or the amount is comparatively high which can’t be suffice by means of any other loans like business loan or personal loans. The main advantage for which it is more popular among people is that it can be used for any purposes starting from the business expansion, child’s education or daughter’s marriage, and so on.
The minimum tenor which is available to repay the loan is differing from 1 year to 5 years or more in some cases. Another benefit of this kind of loan is that even when you don’t possesses the property you can use it to take a LAP keeping the owner of the property as co- borrower, but you have to keep in mind one thing that while asking for this loan the market value or the future value should be adequate to meet up the amount of loan taken from the bank or financial institution.
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