How is LAP different from PL?

There are distinct differences between a LAP and a personal loan. Read on to find out more.

Apnaloan.com Research Bureau

26 May 2008

If you can spend a little more time in processing and documentation, a cheaper loan than Personal Loan (PL) is a Loan against Property (LAP).

LAP is a personal loan given by mortgaging your house property. The loan is given as a certain percentage of the property's market value, usually around 40-60 per cent. LAP interest rates are cheaper by 3- 4 per cent compared to personal loan rates.

Loan against Property Personal loan
The individual takes the loan by mortgaging the house property.

 An individual can take a personal loan for personal usage without any security or guarantor
One of the cheapest retail loans after home loans.

 Higher interest rates compared to LAP
Maximum loan eligibility is determined primarily by the value of the property and income.

 Maximum loan eligibility is determined primarily by an individual's income.
Maximum loan tenure for LAP is up to 15 years (180 months)

 Maximum loan tenure for personal loan is up to 5 years (60 months)
Secured loan Unsecured loan



Bookmark with:

Need Loan Against Property

Enter your name Enter your Date of Birth
Select your city Enter your email address Enter your mobile number Interested in
ICICI Bank
LIC Housing Finance
AXIS Bank (UTI)
CITI Bank
I have read the privacy policy and agree to to the terms therein
Also, get me the best offers in the market through