A Loan Against Property (LAP) is a secured loan that allows individuals to use their #ownedproperty, such as a #house or #land, as collateral to borrow funds from a financial institution. This type of loan provides borrowers with access to a substantial amount of capital, often at lower #interestrates compared to unsecured loans. LAP can be used for various purposes, including business expansion, education expenses, debt consolidation, or any significant #financial need. The property's market value and the borrower's creditworthiness typically determine the loan amount, and failure to repay can result in the forfeiture of the collateral property.
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