A loan against property (LAP) is one of the most favorable types of loan for individuals seeking funds for various purposes. In a LAP, a loan application is accepted and sanctioned only after the borrower pledges their property of a particular kind to the institution. 

To consider such a type of loan, apply for a loan against property with a reliable lender like Fullerton India or visit their nearest branch. 

Types of Property to Avail Loan against Property

• Residential Property

Individuals can avail of loans from institutions against their home or any other residential property they or their family own.

• Commercial Property

Commercial properties are primarily used as collateral for loans by business-class people. The property is either owned by their firm or by themselves.

• Industrial Property

MSME organizations avail of such loans and put their industrial property as collateral for a loan from any financial institution willing to accept it.

• Lease Rental Discounting Property

A property already leased by the owner can also be accepted as collateral for a loan against the property. The rent received from the property can be transferred as EMIs toward the borrowed loan.

LAP is availed by pledging property as collateral. This type of mortgage loan can provide immediate funds, the interest rates for LAP are competitive, and the repayment tenure is flexible. 

The LAP can be approached for various purposes depending on the borrower. Individuals can apply for LAP for higher or foreign education, wedding, and debt repayment. Since LAP is considered a loan with almost no-end use restriction, they are available easily with competitive interest rates. Hence apply for a loan against property today and fulfill your goals.