For significant monetary standards and you will extended cost limits (5-fifteen years), Loan Against Property (LAP) ‘s the wade-so you’re able to option
But a low credit score you will make you use a beneficial LAP to have lower amounts as well. Regarding PL, the brand new tenure is actually quick in fact it is usually doing 5 years which have good capping regarding 15- 20 lacs, it is therefore preferable for these trying minimal and shorter loan wide variety.
The new EMI into the PL might be always higher than LAP because PL is actually for smaller tenure form large payment in smaller go out whereas Lap is actually for extended tenure which means quick profits in longer years.