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Loan against property , Instant financial power

Loan against property, Instant financial power

Loan Against Property in Bangalore

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 8.50% p.a. to 18% p.a. You can avail loans of up to Rs.25 crore for a tenure of up to 20 years with LAP.

Loan against Property Details

Interest Rate8.50% p.a. to 18% p.a.
Loan AmountUp to Rs.25 crore
Loan TenureUp to 20 years
Processing Fee1% – 3% of the loan amount + GST

Comparison of Loan Against Property in India

BankInterest RateLoan AmountTenure
State Bank of India10.60% p.a. – 11.30% p.a.Up to 7.5 crore5-15 years
HDFC Bank8.95% p.a. – 10.25% p.a.Up to 60% of the value of the propertyUp to 15 years
IDFC First9.00% p.a. – 16.50% p.a.Up to Rs.7 croreUp to 20 years
Tata Capital10.10% p.a. onwardsRs.5 lakh – Rs.5 croreUp to 20 years
Axis Bank9.90% p.a. -10.35% p.a.Rs.5 lakh – Rs.5 croreUp to 20 years
Kotak Mahindra Bank9.15% p.a. onwardsRs.10 lakh – Rs.5 croreUp to 15 years
IIFL10.75% p.a. onwardsUp to Rs.10 croreUp to 10 years
Edelweiss Financial Services LtdAs per the terms and conditionsUp to Rs.25 croreUp to 15 years
Bank of India11.25% p.a. onwardsUp to Rs.7.5 croreUp to 15 years
L&T Housing Finance9.50% p.a. onwardsRs.2 lakh onwardsUp to 18 years
Union Bank of India10.50% p.a. – 13.15% p.a.Up to Rs.10 croreUp to 15 years
Indian Bank10.00% p.a. – 12.60% p.a.Up to Rs.5 croreUp to 15 years
LIC Housing Finance9.50% p.a. – 11.55% p.a.Up to Rs.7.5 croreUp to 15 years
Bank of Maharashtra10.45% p.a. – 11.95% p.a.Up to Rs.10 croreUp to 10 years
PNB Housing Finance10.40% p.a. – 12.75% p.a.Up to Rs.5 croreUp to 10 years
ICICI Bank10.85% p.a. – 12.50% p.a.Up to Rs.5 croreUp to 15 years
Bajaj Housing Finance8.50% p.a. – 18.00% p.a.Up to Rs.5 croreUp to 30 years
UCO Bank10.95% p.a. – 12.10% p.a.Up to Rs.5 croreUp to 12 years
Indiabulls Housing Finance9.75% p.a. onwardsBased on customer’s profile, repayment capacity and the LTV ratio.Up to 15 years
Bank of Baroda10.85% p.a. – 16.50% p.a.Up to Rs.25 croreUp to 15 years
Federal Bank12.60% p.a. onwardsUp to Rs.5 croreUp to 15 years

Eligibility criteria for Loan Against Property

  • Type of property- The property should be in India, be it a residential or commercial property.
  • Minimum and maximum age- 18 to 70 years
  • Employment type- Salaried or Self-employed
  • Work Experience-Minimum 1 year in the current organisation
  • Credit Score- 750 and above
  • Net Annual Income-Minimum Rs.1.5 lakh p.a.
  • Net monthly income-Rs.12,000 minimum monthly income
  • LTV Ratio – Up to 75% of the value of the property
  • Legal property documents authorized by the Government of India – Registration Certificate, Property Tax Receipts, Sales Deed, etc.

Documents required to apply for the Loan Against Property

  • Proof of Identity-PAN card, Passport, Driving License, Voter ID etc.
  • Proof of Address-Passport, Electricity Bill, Aadhaar card, etc.
  • Property Documents-Copy of original sale deed, allotment-possession letter, NOC from society.
  • Proof of Age-Passport, PAN card, etc.
  • 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.

How to apply for Loan Against Property?

You can apply for a Loan against property from a financial lender by following the steps described below:

Step 1: Visit the website of the financial lender to start the process of applying for the loan online.
Step 2: The customer support team of the lender will reach out to you after you submit your application and request you to provide the necessary documents.
Step 3: Once you have submitted the required documents, the lender will carefully verify them to ensure everything is in order.
Step 4: In addition to document verification, the lender will also inspect the property associated with your loan application.
Step 5: If your application meets all the criteria and is approved, the loan amount will be credited directly to your bank account.