A loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
Loan against property or LAP is a secured loan type that allows you to pledge your property in exchange for a loan. Let’s get to know what is LAP and what are its benefits.
There are various credit options available to loan seekers. Right from secured to unsecured loan products, you can pick one as per your preference. Buying a loan can be a lengthy process where you have to go through the documentation, KYC and other formalities. In case you’re unable to apply for any of the above loans, you can opt for a LAP or loan against property . Let’s understand what is Loan Against Property and some of its benefits.
Loan Against Property is a secured loan product that can be useful for both salaried individuals as well as businesses. The loan gets sanctioned once you mortgage your residential or commercial property. The bank approves the credit amount, which is equivalent to the current value of the property. As a loan buyer, you can mortgage a property that is self-occupied, rented or any piece of land owned by you. However, you need to make sure that the title of the property is clear.Purpose of LAP:
Loan Against Property serves as a financial assistance when you want to fulfil any requirement. At ICICI Bank, you can avail maximum loan of up to Rs 5 crore at attractive interest rates with flexible repayment options. Apply for a LAP at ICICI Bank with some of the prominent features:
You can get in touch with the bank through Customer Care or visit the nearest branch to apply for a Loan Against Property.*Terms and Conditions apply