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. As the Property is the security intended, given by the borrower to the banker as 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. In LAP the banks would want to know the "END USE" of the loan.
