LAPs or Loans against Property, also known as Mortgage Loans, refer to loans against property such as a residential house, non-agricultural land etc. These loans are sought after by individuals who are looking to generate additional finance from property that they already own. In other words, the individual uses his property as collateral against the loan amount borrowed.

A loan against property (LAP) is exactly what the name implies -- a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value, usually around 40 per cent to 60 per cent.

Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.

Friend Digital 24 provides loans against fully constructed, residential and commercial properties to meet such expenses and offers some of the lowest interest rates around. Friend Digital 24 offers loans against property for salaried employees such as corporate employees, government employees and salaried consultants as well as self-employed customers such as professionals, partnerships, sole proprietorships etc.

Friend Digital 24 Loan against Property provides with the solution to access this value. This multi-purpose loan scheme lets a property owner get liquidity against the property while still occupying it. This allows them to get finance immediately for a number of business and personal needs.

To avail Friend Digital 24 mortgage loan, both commercial and residential properties can be used as loan collateral.

When you borrow funds with your mortgage, that particular borrowed amount is known as the principal. You will be required to pay off the principal amount for your mortgage loan on a monthly basis. This is also known as the mortgage balance. Apart from this, you will have to pay your interest on the loan also. Your mortgage payment will include the principal amount and the interest amount.