New Delhi, Nov. 27 -- There are two types of loans, firstly secured and secondly unsecured. Loan against property (LAP) falls under the secured loan category where a borrower offers his or her commercial or residential property as collateral to borrow a certain amount from a lender either by banks or other financial services providers. Both salaried and self-employed individuals can avail of LAP.

Among many benefits of LAP are lower EMIs as interest rates are lower compared to home loans. Since LAP is a secured loan, the approval to avail of them is also hassle-free and fastest. There are also low to zero prepayment charges on LAP.

Furthermore, LAP usually comes with no end-use restrictions. This means the amount borrowed against your p...