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A Home Loan is a secured loan product where the lender provides finances for the purchase or construction of a residentialcommercial property. One can also avail a housing loan to buy a plot of land and construct on it. Home Loans are also issued to extend repair renovate alter a new or second-hand property.

Loan against property (LAP), are basically loans provided by banks against the security of ones own property. LAP is designed to meet the financial needs of someone who already owns a house or multiple properties so as to get the best out of their assets. Its important to remember that the property which you are putting up for your loan should be free any encumbrance (i.e. it is not given as security for any purpose or any other loan).