A Loan Against Property (LAP) is a secured loan where you pledge your property (residential, commercial, or industrial) as collateral to borrow money from a bank or financial institution. The loan amount is based on the property’s value, typically ranging from 40% to 80%. LAPs offer lower interest rates compared to unsecured loans and come with flexible repayment terms. The funds can be used for various purposes, like business expansion, education, or personal needs. However, if you fail to repay, the lender can seize the property.