A loan against property (LAP) is exactly what the name implies -- a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value. Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.
|TYPE OF LOAN||RATE OF INTEREST (%)||PERIOD (YEARS)|
|Loan Against Property(Long Term)||14||5 to 10|
|Loan Against Property(Middle Term)||14||3 to 5|