<p data-sourcepos="7:1-7:287" style="white-space: pre-wrap; margin-top: 1rem; margin-right: 0px; margin-left: 0px; word-break: break-word; caret-color: rgb(31, 31, 31); color: rgb(31, 31, 31); font-family: " google="" sans",="" "helvetica="" neue",="" sans-serif;"="">The Loan Against Property (LAP) is a secured loan that allows you to borrow money using your existing property as collateral. This means the lender holds a temporary claim on your property until the loan is fully repaid. LAPs are a popular option for individuals and businesses alike, offering several advantages:</p><ul data-sourcepos="9:1-18:0" style="margin: 4px 0px; padding-inline-start: 1.125rem; caret-color: rgb(31, 31, 31); color: rgb(31, 31, 31); font-family: " google="" sans",="" "helvetica="" neue",="" sans-serif;"=""><li data-sourcepos="9:1-9:145" style="margin-bottom: 0px;"><strong style="font-weight: 700;">High Loan Amounts:</strong>&nbsp;You can get a substantial loan amount compared to unsecured loans, typically up to 75%-80% of your property's market value.</li><li data-sourcepos="10:1-16:20" style="margin-bottom: 0px;"><strong style="font-weight: 700;">Flexible Use of Funds:</strong>&nbsp;Unlike some loans, LAPs offer flexibility in how you use the borrowed money. You can use it for various purposes, including:<ul data-sourcepos="11:5-16:20" style="margin: 4px 0px; padding-inline-start: 1.125rem;"><li data-sourcepos="11:5-11:24" style="margin-bottom: 0px;">Debt consolidation</li><li data-sourcepos="12:5-12:24" style="margin-bottom: 0px;">Business expansion</li><li data-sourcepos="13:5-13:24" style="margin-bottom: 0px;">Education expenses</li><li data-sourcepos="14:5-14:25" style="margin-bottom: 0px;">Medical emergencies</li><li data-sourcepos="15:5-15:21" style="margin-bottom: 0px;">Home renovation</li><li data-sourcepos="16:5-16:20" style="margin-bottom: 0px;">And much more!</li></ul></li><li data-sourcepos="17:1-18:0" style="margin-bottom: 0px;"><strong style="font-weight: 700;">Competitive Interest Rates:</strong>&nbsp;LAPs typically come with competitive interest rates compared to unsecured loans. This is because the property acts as security for the lender, lowering their risk.</li></ul>