As we all know loan against property is an all-purpose loan which can be used to fulfill any of your requirement. It is also known as a secured loan which is capable of fulfilling any of your requirement at the time of financial crisis. Borrowers can avail from these kind of loan very easily by just pledging any of its personal property to the money lender.   These kind of loan comes with an ample amount of advantages such as borrower can avail these loan at a lower interest rate plus the repayment tenure of LAP is higher than any other loan.   Usually in financial market you will find two types of loan one is a secured loan and the other is unsecured loan. For a secure loan, the borrower needs to pledge collateral which can be anything a home, a piece of land or any kind of property. These kind of secured loan truly depends on your property valuation. The greater is the valuation of your property the greater is the amount you can avail from the lender. With the help of loan against property you can easily consolidate your previous debt.   Whereas in unsecured loan you do not need to pledge any collateral to the lender. These type of loan are also known as personal loan, which borrower can avail at the time of financial crisis, but has to deal with high interest rate and lower tenure period.   While processing your loan application, banks and other private money lending organization will specify different eligibility criteria.   These eligibility criteria provided by the borrower are:   Borrower’s financial information: Banks and other private money lending organization always make sure that financial status of the borrower is in a good condition.   Income and saving: Banks and private lending organization take a close look at your monthly income and your monthly saving to make sure whether you can repay their loan in time or not.   Previous debt: Before signing an agreement with you, banks and private money lenders checks whether you have any previous debt or not. Having a previous debt can create some problem for your loan application. So before filling out the application form always make sure to pay all your previous debt in time for better reputation and good credit points.   Asian countries are a developing economically and with every passing day they are getting more and more financial literate, which is the very reason why borrower now a days opt for a loan against property without even thinking twice.