Apply for Loan Against Property
OTP is sent to your mobile number
Loan Against Property
Owning a home is an individual's greatest aspiration and Home Loan, the largest debt commitment. In the contemporary world, making this dream come true is way easier.
Thanks to the availability of a variety of Home Loan options.
Home Loan is a secured loan offered by banks and other financial institutions for
- Purchasing a property within a residential development which is currently under-construction
- Purchasing a ready property from a builder or its current owner
- Purchasing a plot in a private development, from a current owner or from a government development authority
- Construction of house on a plot one already owns
- Purchasing a plot as well as financing the construction of the home on it.
|Loan amount||% of Cost of Property|
|Up to Rs. 25 lacs||90.00%|
|More than Rs. 25 lacs & up to Rs. 75 lacs||80.00%|
|Above Rs. 75 lacs||75.00%|
Home Loan involves huge amount of money and this makes the Home Loan interest rate, a matter of concern for those who decide to seek a Home Loan. Home Loan Balance Transfer is a viable option available to those who are running a home loan and wish to transfer the loan to some other bank due to any reason.The customer generally need not pay any penalty to the existing lender and this makes the transfer cost inexpensive.
You can balance transfer your home loan in these scenarios:
- If you realize that you are paying a higher interest rate than the prevailing market rate. In such a situation, balance transfer will reduce the interest cost burden.
- If you are unhappy with the service standard of your existing lender
- If you wish to switch from a floating rate to a fixed rate of interest
- If you wish to opt for a Home Loan overdraft facility and the existing lender does not offer this facility.
Loan Against Property is a secured loan offered by banks and other financial institutions against a property owned by the borrower. The property offered as collateral could either be a commercial property or a residential property but in spite of being mortgaged, the property can be used by the lender. The types of properties which can be mortgaged to avail Loan Against Property are Residential property - plot or built up; Commercial property - like office, shop, hotel, hospital, education institution etc.; Industrial property - plot or built up, and warehouse.
Unlike unsecured loans, Loan Against Property is offered at comparatively lower rates of interest and the loan amount is determined by the current market value of the property. Banks and other financial institutions generally fund 60-70% of the property's market value. Loan Against Property can be used for the business expansion, child?s marriage, funding medical treatments, sending your child for higher studies abroad or funding your dream vacation.
Mymoneymantra has a network of 50+ Banks/NBFCs which specializes in providing Loan Against Property at the lowest interest rates.
Total Interest Payable
Total of Payments
(Principal + Interest)
Eligible Loan Amount:
Total Interest Payable:
Payout in first loan
Payout in new loan
Total gross saving
Total pre-payment to be made
Note on part prepayment
Amount - How much do you want to part prepay?
Month - When do you want to prepay? If you availed your loan in Jan’16 and want to part pay in Jan’17, then please enter 12 months.
Loan repaid in