Home Loan is a Secured Loan. Home Finance is offered against the security of a house / property which is funded by the bank's loan, the property could be a personal property or belonging to a firm. In this type of loan the borrower gives the banker a conditional ownership over the property i.e. if the borrower fails to pay back the loan, the banker can retrieve the lent money by selling the property Loan Against Property [LAP] is a Secured Loan offered against the security of a residential / commercial property, the property could be owned by an individual or a firm.