A borrower with an existing Home Loan faces financial difficulty and needs cash for a medical emergency. The bank advises the borrower to consider a Loan Against Property (LAP) instead of a Personal Loan. The primary reason for this advice is that LAP:

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Economics · Banking Sector

A borrower with an existing Home Loan faces financial difficulty and needs cash for a medical emergency. The bank advises the borrower to consider a Loan Against Property (LAP) instead of a Personal Loan. The primary reason for this advice is that LAP:

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Offers a much lower interest rate because it is secured by the property's mortgage.

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Answer 1

Is available only to PMAY beneficiaries.

Answer 2

Offers a much lower interest rate because it is secured by the property's mortgage.

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Is an unsecured loan product.

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Has a shorter tenor than a Personal Loan.

A borrower with an existing Home Loan faces financial difficulty and needs cash for a medical emergency. The bank advises the borrower to consider a Loan Against Property (LAP) instead of a Personal Loan. The primary reason for this advice is that LAP:

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A borrower with an existing Home Loan faces financial difficulty and needs cash for a medical emergency. The bank advises the borrower to consider a Loan Against Property (LAP) instead of a Personal Loan. The primary reason for this advice is that LAP:

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