LOAN AGAINST PROPERTY (LAP) is like a secured loan for a big purchase. You use your existing property, house or commercial space, as collateral. This allows you to borrow a significant amount of money at a lower interest rate than unsecured loans. LAPs are used for various needs, from business ventures to unexpected expenses.

A HOUSE LOAN , also known as a HOME LOAN can be defined as a sum of money borrowed from a financial institution or bank to purchase a home. Home loans have an adjustable or fixed interest rate as well as payment terms.

The property is mortgaged to the lender as security until the loan is repaid. The bank or financial institution will keep the title or deed to the property until the loan is repaid in full, including interest.

Certain tax benefits are also available on your home loan under Section 80EE of the Income Tax Act. However, only first-time homebuyers are eligible for the income tax deduction on home loan interest.