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Loan Against Property

Loan Against property (LAP) is a secured loan which you can avail by mortgaging your property. Banks and financial institutions provides mortgage Loan Against Property for residential, commercial property or land etc. It's a secured loan i.e. in case of loan default, bank can takeover the property and use it to recover loan dues. However the ownership of the property stays with you throughout the whole tenure. You can normally use or rent out the property,in case of loan against commercial property. Only if you can not repay the loan, the bank can sell the property to settle its debts. In case of joint ownership all co-owners need to be co-applicants in the loan.

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