A loan against property(LAP) is a secured loan that is sanctioned keeping an asset as mortgage with the lender. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
This type of secured loan can be an alternative for unsecured personal loans as it also has no end-use restriction. However, the loan amount can be much higher and the tenure is also longer in this case. Loan against property interest rates are considerably lower as compared to any unsecured loan.
You can use these loans for business purposes like purchasing machinery, buying raw materials, purchasing equipment, funding of working capital, debt consolidation, etc. This type of loan can also cater to personal requirements like wedding, higher education, home renovation, buying a new home, managing medical expenses, etc.
Bajaj Finserv offers the fastest Loan Against Property(LAP) in India.
Following are some of the Loan Against Property(LAP) features offered by Bajaj Finserv:
You can apply for Loan Against Property easily. Just fill in your personal details, provide your documents, and have your loan approved in no time.