Easy to get - LAP is a secured loan. Banks maintain a margin in the range of 50-90% of the value of the property. 2. Longer tenure - Usually banks sanction a LAP between 3 Lakhs to 100 Crores. It is the only loan facility other than the Housing Loan that allows banks to stipulate repayment periods exceeding 10 years. Banks are willing to sanction loans against property with tenures extending up to 15 years. 3. Lower interest rate - In comparison to Personal Loans, LAPs have a lower rate of interest. The reason is the security offered to the banks. 4. Lower EMI - When you have longer tenure and a lower interest rate than Personal Loans, the EMIs are bound to be lower. 5. Flexibility - Various banks have flexible loan products in this category. They are the term loans and overdraft facilities. You do not have this flexibility with Personal Loans. 6. Tax Benefits - You get benefits on the Income Tax front if you avail a LAP for home renovation purposes. Usually, customers go for home renovation loans if they have to carry out repairs to the same property to be mortgaged to the bank. You might carry out repairs to your home but avail a LAP by mortgaging another property. Under such circumstances, you have to prove that the end use of the loan is for carrying out renovations to the property you reside in.