 What is Loan against property?
A loan against property (LAP) implies a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40 per cent to 60 per cent.
Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.
 What purposes can I take a loan against property for?
Loan against Property can be taken for following purposes:
• Expanding your business
• Getting your son/daughter married
• Sending your son/daughter for higher studies abroad
• Funding your dream vacation
• Funding medical treatments
• Project Financing
• Working Capital
 What kind of properties can be mortgage for a loan?
You can normally take a loan against your self-occupied or rented residential property. This could be a house or even a piece of land.
 What are the eligibility criteria to get a loan against property?
This criterion will vary from one bank to another. However, the common factors that all banks look at are:
• Your income, savings, debt obligations
• Cost/value of the property mortgaged
• Your repayment track record for other loans, credit cards, etc.

 What are the normal interest rates and tenure for repayment offered for a loan against property?
Interest rates on loan against property range from 12 per cent to 15.75 per cent, and the loan tenure can be up to 15 years.