 "Need emergency money? Use loan against property to fund planned expenses")
- Loan Against Property (LAP) can be taken against a property you own – residential or commercial.
- You can get a loan of up to 65 per cent of the value of your property, for a maximum tenure of 15 years.
- Both self-employed and salaried employees can avail of it. There should be no existing loan against the property.
- You can take the full loan amount as a lump sum and repay it as an EMI, or take it as an overdraft account.
- LAP is a secured loan. Its interest rate is lower than on a secured loan, such as a personal loan.
- Take LAP to fund significant planned expenses, like sending the child to study abroad or a wedding.
- Do not take it for risky endeavours like starting a business.
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