A loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid. The eligibility criteria when applying for a loan against property are quite different as compared to that for unsecured loans (personal loans) where an individual’s income shall decide the eligible loan amount.