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Both residential and commercial properties can be used as collateral for a LAP. Some lenders also accept industrial properties or land as security.

The loan amount typically ranges from 40% to 75% of the property’s market value, depending on the lender's policy and your creditworthiness.

LAP tenures usually range from 10 to 20 years, depending on the lender’s terms and the borrower's repayment capacity.

Interest rates for LAP are generally lower than personal loans since the loan is secured by property. Rates depend on factors like the property's value, loan amount, tenure, and your credit profile.

A home loan is specifically for purchasing or constructing a property, while a LAP allows you to borrow against an already owned property for various purposes like business expansion, education, or debt consolidation.

Eligibility is based on factors such as age, income, property ownership, credit score, and the property's condition and location.

Yes, you can apply for a LAP even if you have an existing home loan, provided you meet the lender’s eligibility criteria and have sufficient equity in the property.

Common documents include identity proof, address proof, income proof, property documents (title deed, ownership proof), and photographs.