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Loan Against Property (LAP) is one of the most sought-after financings by people and corporates to access the funds. It attracts interest rates that are lower than unsecured lending. As a result, the lender typically charges changing, relatively high interest rates as the borrower is unsure why this change should be happening. In this article, we will see why loan against property interest rates change and what factors affect such fluctuations.
What is Loan Against Property?
Loan Against Property is a secured loan in which a borrower mortgages a residential or commercial property as a form of collateral. A person can utilize a LAP amount to finance the growth of their business, to finance any kind of medical procedure, home improvement, or for fees at a learning institution. Being less risky to the lender, LAP often is accompanied by somewhat lower interest rates compared to other personal loans
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