Loan Against Property (LAP) is exactly what the name implies -- a loan given against the mortgage of property. The loan is given as a certain percentage of the property's market value, usually around 40 per cent to 60 per cent.
Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.
Loan against Property can be taken for following purposes:
Expanding your business
Getting your son/daughter married
Sending your son/daughter for higher studies abroad