Loan Against Property (LAP) is a secured loan where borrowers pledge their residential, commercial, or industrial property as collateral to access funds. It offers a high loan amount based on the property’s market value, typically up to 50-80%. LAP is versatile, with funds usable for business expansion, education, medical expenses, or personal needs. The interest rates are generally lower than unsecured loans, and repayment terms are flexible, often ranging from 5 to 20 years. The borrower retains property ownership, but failure to repay may result in foreclosure. A strong credit score and property documents are essential for approval.