Property Loan

A lot is going on in a person’s mind when he has to send his kids abroad for studies or maybe when he has to plan a wedding or needs funds to invest in his business. The first (and scary) thought is: “From where do I arrange all the money?” There are some creative ways to arrange these funds…like talking sweetly to your friends and relatives to convince them to lend you the money, but a better and self-sufficient way is to opt for a Loan Against (your) Property or Loan Against Property as it is popularly called.
So what exactly is a Loan Against Property and do you make one fall into your LAP? Read our detailed guide below that explains everything about a loan against property. A loan against property is exactly what its name implies. It is a loan that is disbursed or provided against the mortgage of a property. It is obvious that if you want to take a loan against a property, then you have to be the owner of a property, preferably a self-occupied residential property. You may even get a loan against commercial property like a shop or factory but this is less likely as most banks, HFCs, and NBFCs prefer to provide LAP against residential properties only.