Loan Against Property, LAP, is the type of loan which is lend to the applicant by keeping the collateral of personal residential property. It is also known as the secured loan where the lent property by the owner acts as the security for the loan. The amount which is to be lent depends on the value of the property collate rated by the applicant. The purpose of the loan can be anything such as a trip, marriage, expanding the business, etc.
For availing the LAP loan, the applicant must own one of the following properties types:
There are different eligibility criteria for individuals who want to avail the LAP loan such as:
Working applicants:
Entrepreneurs/self-employed Applicants
Lease Rental Discounting (LRD)
Some of the documents which are required to get eligible for Loan against Property are:
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