Pros and Cons of Taking a Loan Against Property

A loan against property (LAP) involves mortgaging your property to secure funds. Here's a look at the pros and cons:

Pros:

• Lower interest rates compared to personal loans.
• Higher loan amounts.
• Flexible end-use.

Cons:

• Risk of losing the property if you default.
• Lengthy processing times.
• May require high credit score.