Loan Against Property scheme is a secured personal loan which you can avail by pledging your property as a security or a collateral.
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Loan Against Property scheme is a secured personal loan which you can avail by pledging your property as a security or a collateral. These personal loan schemes are also known as mortgage loans. Loan Against Property interest rates range between 8.00% p.a. to 25% p.a. You can avail loans of up to Rs.25 crore for a tenure of up to 20 years with LAP.
Interest Rate | 8.00% p.a. onwards |
Loan Amount | Up to Rs.25 crore |
Loan Tenure | Up to 20 years |
Processing Fee | 1% - 3% of the loan amount + GST |
Bank | Interest Rate | Loan Amount | Tenure |
---|---|---|---|
State Bank of India | 8.45% p.a.- 10.00% p.a. | Up to 7.5 crore | 3-15 years |
HDFC Bank | 8.00% p.a. - 8.95% p.a. | Up to 65% of the value of the property | Up to 15 years |
IDFC First | 7.5% p.a. onwards | Up to Rs.7 crore | Up to 20 years |
Tata Capital | 10.10% p.a. onwards | Rs.10 lakh – Rs.3 crore | Up to 15 years |
Axis Bank | 7.90% p.a. -9.30% p.a. | Rs.5 lakh – Rs.5 crore | Up to 20 years |
Kotak Mahindra Bank | 9.5% p.a. onwards | Rs.10 lakh – Rs.5 crore | Up to 15 years |
IIFL | 11.50% to 25% p.a. | Up to Rs.10 crore | Up to 10 years |
Edelweiss Financial Services Ltd | As per the terms and conditions | Up to Rs.25 crore | Up to 15 years |
*The interest rate depends on loan amount availed by the customer as well as the type of loan scheme and several other factors based on the terms and conditions of the lender.
Key Features:
Bank/Lender | Processing Fee | Pre-closure Charges | Age Criteria |
---|---|---|---|
SBI | 1% | Nil | The loan should be liquidated before the eldest borrower reaches 70 years of age. |
Key Features:
Bank/Lender | Processing Fee | Pre-closure Charges | Age Criteria |
---|---|---|---|
HDFC Bank | 1% of the loan amount | NIL | Contact bank for information |
Key Features:
Bank/Lender | Processing Fee | Pre-closure Charges | Age Criteria |
---|---|---|---|
IDFC First | Up to 3% of the loan amount | As per the terms and conditions | As per the terms and conditions |
Key Features:
Bank/Lender | Processing Fee | Pre-closure Charges | Age Criteria |
---|---|---|---|
Tata Capital | 1.25%-2% + GST of the loan amount | 4% + GST | 25 years to 60 years |
Key Features:
Bank/Lender | Processing Fee | Pre-closure Charges | Age Criteria |
---|---|---|---|
Axis Bank | 1% of the loan amount or Rs.10,000 whichever is higher | At the discretion of the bank | Contact bank for details |
Key Features:
Bank/Lender | Processing Fee | Pre-closure Charges | Age Criteria |
---|---|---|---|
IIFL | Contact the bank for more information | NIL | Contact the bank for more information |
Key Features:
Bank/Lender | Processing Fee | Pre-closure Charges | Age Criteria |
---|---|---|---|
Kotak Mahindra Bank | Maximum 1% of the loan amount + GST | Contact the bank for more information | Between 21 years and 65 years |
Key Features:
Bank/Lender | Processing Fee | Pre-closure Charges | Age Criteria |
---|---|---|---|
Edelweiss Financial Services Ltd. | 1% of the loan amount | At the discretion of the bank | As per the terms and conditions set by Edelweiss Financial Services Ltd. |
Type of property | The property should be in India, be it a residential or commercial property. |
Minimum and maximum age | 25 to 65 years |
Employment type | Salaried or Self-employed |
Net monthly income | Rs.25,000 minimum monthly income |
Others | Legal property documents authorized by the Government of India - Registration Certificate, Property Tax Receipts, Sales Deed, etc. |
Proof of Identity | PAN card, Passport, Driving License, etc. |
Proof of Address | Passport, Electricity Bill, Aadhaar card, etc. |
Property Documents | Copy of original sale deed, allotment-possession letter, NOC from society. |
Income Proof | Latest Income Tax Return Certificate, Form 16, salary slips, audited financial sheet, certificate of practice, qualification certificate, Shop Act License, Sales Tax Certificate, etc. |
Yes, it is possible provided that the co-applicant of the loan is the joint owner of the property. In fact, a higher loan amount can be availed for joint properties.
Financial lenders have a set application fee which includes the charges to evaluate the property and the legal verification process.
Yes, some lenders offer the Loan Against Property for Non-resident Indians as well, but it depends on the terms and conditions set by the lender you wish to avail the loan from.
Using your application reference number, you can check the status of your loan application on the website of the lender. If the loan is approved, you will receive a message on your registered mobile number that your loan has been approved and that the money will be credited to your account shortly.
Customers can opt for the Loan Against Property for business purposes, personal reasons or debt consolidation.
No, the interest rates offered by lenders vary.
Some of the ways through which you can avail a loan against property scheme suitable for you are given below:
Yes, as per the directive by the Reserve Bank of India (RBI), banks in India are offering moratorium on EMIs due between 1 June 2020 to 31 August 2020. The bank will not charge any late payment charges during the moratorium period. However, it must be noted that the interest on your loan will continue to get accrued and you will end up paying more towards interest, thereby further increasing the total cost of your loan. Hence, it is recommended that you opt for loan moratorium only if you are facing a severe financial crunch.