# Understanding LAP is the most crucial aspect of availing loan against property, Loan against property is a type of secured loan that is provided at low rates of interst in respect of other loans.
Loan Against Property Interest Rates Explained:
Loan against property interest rates are usually lower than personal loan interest rates because the loan is secured by a property.
Interest rates can vary depending on the lender, loan amount, and other factors such as the borrower's credit score and income.
It's important to compare interest rates from multiple lenders before choosing a loan against property.
Loan Against Property Eligibility:
To be eligible for a loan against property, the borrower must be the owner of a property that is free from any encumbrances.
The borrower must also be a citizen of India and at least 21 years old.
Brief Explanation
Loan Against Property Documents Required:
The borrower will need to provide proof of identity and address such as Aadhaar card, passport, or driving license.
The property documents such as sale deed, tax receipts, and title deed will also be required.
The borrower will also need to provide income proof such as salary slips, bank statements, and income tax returns.
Research and compare loan against property options from different lenders.
Check your eligibility for the loan and gather all required documents.
Submit the loan application form along with the required documents.
Wait for the lender to verify the documents and approve the loan.
Have a great day ahead.