Essential Features of a Loan Against Property (LAP)
A Loan Against Property (LAP) involves five key elements: property valuation to determine the loan amount, typically up to 70-80% of the property’s value. The loan comes with competitive interest rates, lower than unsecured loans, and offers flexible repayment terms, usually through EMIs over 5 to 15 years. Required documentation includes property papers, income proof, and ID proof. These features make LAP a secure and accessible financing option.