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.