A Loan Against Property (LAP) is a secured personal loan where you pledge your property as collateral to avail funds. Loan Against Property interest rates typically range from 8.50% per annum to 18% per annum. Interest rates for loans against property vary depending on the lender and their evaluation of your creditworthiness. Additionally, the desired loan amount, tenure, and the type of property used as collateral can also influence the interest rates. Read on to learn more about LAP interest rates from different banks, and how you can get better interest rates.

Here are some key features and aspects of a loan against property:

• Collateral: The property you own is used as collateral to secure the loan. If you fail to repay the loan, the lender has the right to take possession of the property.

• Loan Amount: The loan amount you can obtain depends on the value of the property, its market value, and your ability to repay the loan. Lenders typically offer a percentage of the property's appraised value as a loan.

• Interest Rates: The interest rates for these loans tend to be lower compared to unsecured loans like personal loans because the lender has the security of the property. The interest rate can be fixed or variable, depending on the terms of the loan.

• Loan Tenure: Loan against property loans often have longer tenures, typically ranging from 5 to 20 years. This allows borrowers to make lower monthly repayments.

• End-Use: You can use the loan amount for various purposes, including business expansion, education, medical expenses, debt consolidation, or any other legitimate financial need.

• Eligibility Criteria: Lenders will assess your creditworthiness, income, and the property's value to determine your eligibility and the loan amount you can qualify for.