Do you own a house? Then Apply for Loan Against Property (LAP). LAP is the loan taken against your own house, residential rented property, or even a plot.
### Why LAP over Personal Loan?
- **Lower Interest Rate**: Personal loans can go up to 20%, whereas LAP is significantly lower.
- **Longer Tenure**: LAP can be carried for up to 15 years, while personal loans are capped at 5.
- **Higher Amounts**: Disbursement depends on your property value.
- **Lower Processing Fee**: Generally more affordable fees than unsecured loans.
### Usage:
Unlike Home Loans (which must be used to buy a house), LAP can be used for any purpose: starting a business, marriage, buying another property, or repaying debt.
### Conclusion
Interest rates for LAP are often floating. Use an online calculator to compare banks and find the best offer that suits your budget.