When taking a Loan against Property, it is essential to insure the property being mortgaged. The insurance cover should cover damages caused by fire and such calamities and must be valid throughout the loan tenure. Every borrower has to submit a proof of the insurance policy annually or when needed. The reason why you need a home mortgage loan insurance policy is the approval of your application. You can also enjoy the benefit of loan mortgage insurance tax-deductible. Understand everything about what a Loan against Property or LAP is carefully before applying. The procedure of how to use a Property Loan is made online for your convenience.