Use LAP when you need a bigger loan as govt banks offer better rates

Here's how loan against property rates offered by various banks stack up

 

• Loan against property (LAP) is a secured loan. Banks offer a relatively larger sum of money when a property is used as collateral, than in other types of loans.
• Use this loan to fund large-ticket expenses such as children's education, business expansion, wedding, or medical emergencies.   
• Generally, banks lend up to 50-60 per cent of the market value of the property.
• The documentation for LAP is relatively easy with