Financial organisations give people or businesses a secured loan known as an LAP, or Loan Against Property. The property of the borrower is mortgaged as security for the loan, which serves as collateral. The value of the asset being pledged and the borrower's capacity to repay the loan are used to establish the loan amount. The borrower receives the loan amount in one lump sum and makes interest-bearing payments over a predetermined time period, usually 5–15 years. A LAP loan may be used for either personal or business objectives, such as building, renovating, or purchasing real estate. People that own a home and are looking for funding options can typically apply for this form of loan.
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