It is often seen that most of the borrowers do not have much knowledge about loan against property. Hence, whenever there is any requirement, they end up availing personal loans. If your requirement is huge, it is always wise to go for LAP (loan against property). Let’s understand why LAP is the ideal choice.
As the name suggests, loan against property is a secured loan where you can get a loan by keeping your residential or commercial property as collateral. There is a risk involved since you keep your asset as collateral, but there is absolutely no risk if you repay the loan amount without any default. There is no room for errors when you opt for LAP because it involves keeping your asset at risk, but careful intervention and guidance from an expert will help you.