Everything You Need to Know About Loan Against Property and Its Interest Rates
A loan against property (LAP) is a secured loan where you pledge your residential or commercial property as collateral to borrow funds. The interest rates for LAP typically range from 8% to 15% per annum, depending on factors such as the value of the property, your creditworthiness, and the loan tenure. These loans often offer higher loan amounts and longer repayment periods compared to unsecured loans, making them a viable option for funding large expenses, such as business expansion or medical emergencies. However, defaulting on the loan may lead to the loss of the property.