Loan Against Property
About LAP:
- Loan Against Property (LAP) is a secured loan where you can mortgage your residential, commercial, or industrial property to raise funds. The property forms the collateral security, and the loan can be used for various purposes, such as business expansion, debt consolidation, medical expenses, or education.
- While the ownership of the property remains with the Loanee, LAP offers competitive interest rates vis-à-vis Personal Loans and flexible repayment tenors.
- Quantum of loan is dependent on the value of the property mortgaged.
- LAP can be used for personal needs such as higher education, medical emergencies and Wedding expenses, etc, as well as for business purposes.
- Tax deductions can be claimed u/s 37(1) of the Income Tax Act, 1961 on interest payments.
