LAP stands for “Loan Against Property”. This loan is availed by keeping our property as collateral.. This loan is also known as “Mortgage Loan” .In more detail, it is such loan where we accord our property to the bank or loan lending company as security to repay the loan. Banks never conducts the likelihood of going in casualty so they hold something as security and after its valuation; they review their factors and furnishes the loan. In case of failure of customers re-paying, they use those properties to cover the loaned amount. The value of property decides the amount of loan. Bank and Loan lending companies furnish Loan against Property to both salaried and self-employed business. In this type of loan either commercial or residential property can be accepted as collateral by a lender.
Mortgage Loan can be used for the following purposes:-
– For Business expansion
– For your child marriage , for higher studies of your child
– This can be used for medical purpose as well
– For holidays, vacations etc