You need a loan of 20 lakhs. Your salary doesn’t allow you to borrow that much from a bank. But you do have your own home in a good locality that can fetch a good market price. Lenders will now be more amenable to lending to you.
A loan against property (or home equity loan) is a credit instrument where a loan is given against your property. You can then utilize these funds to meet any of your requirements. What you need to know before applying for a loan against property (LAP). Here are a few basics that will help you while researching LAP.