What is the advantage of loan against property?
Enjoy a lower interest rate\n\n Since a loan against property is a secured borrowing option, a lender's risk is reduced since any losses may be recovered by making a legal claim on your property. This security is the main reason why lenders offer a nominal interest rate on this type of loan.
What is difference between personal loan and loan against property?
LAP is a secured loan sanctioned against an immovable asset like your property hence the possibility of getting a bigger loan amount is higher. Personal Loans (PL), on the contrary, is an unsecured loan disbursed by the bank without any collateral or mortgage of land/property as security.
What is the interest on loan against property?
These personal loan schemes are also known as mortgage loans. Loan Against Property interest rates range between 8.00% p.a. to 25% p.a. You can avail loans of up to Rs. 25 crore for a tenure of up to 20 years with LAP.