Personal loan or loan against Property
what is a better option personal loan or loan against property?Apnaloan.com Research Bureau
23 Nov 2007
Personal loans are often referred to as all-purpose loans. They come in handy for sudden expenses for which you may not have ready cash.
If you can spend a little more time in
processing and documentation, a cheaper loan than personal loan 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%. LAP interest rates are cheaper by 3% to 4% compared to personal
loan rates.
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Personal loan |
Loan against Property (LAP)
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An individual can take a personal loan for personal usage without any security or guarantor |
The individual takes the loan by mortgaging the house property. |
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Higher interest rates compared to LAP |
One of the cheapest retail loans after home loans. |
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Maximum loan eligibility is determined primarily by an individual's income. |
Maximum loan eligibility is determined primarily by the value of the property and income. |
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Maximum loan tenure for personal loan is up to 5 years (60 months) |
Maximum loan tenure for LAP is up to 10 years (120 months) |
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Unsecured loan |
Secured loan |
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