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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
Loan against Property (LAP) can be availed against the mortgage of a self-owned property for any personal or business purposes. The property acts as a collateral to support the finance provided by the lender. The margin for Loan against Property usually ranges from 50-90% of the value of the property (also known as LTV or Loan-to-Value).
Each lender has their own eligibility criteria for availing LAP. Below are some common criteria to be eligible for a mortgage loan:
|Bank Name||Interest Rate||Processing Fees|
|Punjab National Bank||9.80% - 12.50%||0.75% of loan amount (Maximum Rs. 1,00,000) + GST|
|Bank of India||10.75% - 11.50%||Up to 1% of loan amount (Maximum Rs. 50,000)|
|Bank of Baroda||10.20% - 15.85%||Up to 1% of loan amount (Minimum Rs. 8,500 & Maximum no limit)|
|Indian Overseas Bank||9.75% - 10.25%||Up to 0.75% of loan amount|
|State Bank of India||10.00% - 10.70%||Up to 1% of loan amount (Maximum Rs. 50,000) + service tax|
|Union Bank of India||11.70% - 12.55%||1% of loan amount (Minimum Rs. 5,000 & Maximum Rs. 1,00,000) + GST|
|IDBI Bank Limited||9.85% - 11.10%||0.50% to 1% of loan amount (Minimum Rs. 10,000)|
|Central Bank of India||13.75% - 15.00%||Up to 1% of loan amount|
|HDFC Bank Ltd||9.50% - 10.50%||Up to 1% of loan amount (Minimum Rs. 7,500) + taxes|
|Canara Bank||10.30% - 12.35%||0.50% of loan amount (Minimum Rs. 5,000)|
|UCO Bank||10.35% - 12.35%||Up to 0.50% of loan amount|
|Bank of Maharashtra||10.35% - 10.85%||1% of loan amount + GST|
|Jammu & Kashmir Bank Ltd.||9.20%||Up to 1% of loan amount + GST|
|Punjab & Sind Bank||10.75% - 11.35%||Up to 1% of loan amount (Minimum Rs. 2,000)|
|Citibank||8.75%||Up to 0.75% of loan amount|
|Axis Bank Ltd.||9.90% - 10.35%||1% or Rs 10,000 (whichever is higher)|
|Federal Bank Ltd.||9.75%||1% of loan amount (Minimum Rs. 3,000)|
|Kotak Mahindra Bank Ltd||9.15%||1% of loan amount + GST & statutory dues|
|Karnataka Bank Ltd.||11.93% - 13.13%||1% of loan amount (Minimum Rs. 7,500) + existing upfront fees|
|Karur Vysya Bank Ltd.||10.50% - 11.40%||0.50% of loan amount|
|ICICI Bank Ltd.||9.75% - 10.40%||1% of loan amount + applicable taxes|
|South Indian Bank Ltd.||12.55% - 13.80%||0.50% of loan amount|
|Tamilnad Mercantile Bank Ltd.||11.30%||0.50% to 1% of loan amount + applicable taxes|
|Piramal Housing Finance||Starting from 11.50%||Up to 4% of loan amount + applicable taxes|
|IDFC First||8.75% - 20.00%||Up to 0.50% of loan amount|
|Catholic Syrian Bank Ltd.||11.99% - 13.49%||0.50% of loan amount|
|Dhanlaxmi Bank Ltd.||10.60% - 13.95%||1.50 % of loan amount (Minimum Rs. 10,000) + service tax|
|YES Bank Ltd.||8.95% - 12.00%||Up to 2% of loan amount (Minimum Rs. 10,000) + GST|
Types of loan against property can be classified based on the purpose for which you avail the loan.
You can use the MyMoneyMantra EMI Calculator to calculate your Loan Against Property EMI. To do the EMI calculation, open our LAP EMI Calculator and just enter the details required to know the result. Along with the EMI, you also get a full chart showing the breakup of principal and interest repayment throughout the entire duration of the loan.
Following are the documents required for mortgage loan:
|Document Type||Documents Acceptable|
The best part about loan against property is that you can prepay your loan before the end of the repayment tenure if you wish to. As per the RBI’s rules, this facility does not involve any prepayment charges if the loan is based on floating mortgage interest rates. For other variants, lenders may charge prepayment charges to the tune of 2% to 5% of the outstanding loan. It depends from bank to bank.
Many types of mortgage loans exist in the industry, i.e., mortgages, commercial mortgages, and industrial mortgages. Each bank has its product and interest rate. It is tedious to compare the products offered by a range of banks.
MyMoneyMantra can help you in this regard. We procure information from various sources and display it on a single screen thereby allowing you to compare a range of products. It helps you make an informed decision. We help you with other aspects of the deal like demographics, income and repaying capacity, and so forth.
At MyMoneyMantra, you have access to:
MyMoneyMantra has specialists who have experience of over 28 years in the field of Loan against Property and can help you:
Looking at the interest rates and processing charges, currently Citibank and Yes Bank offers the best mortgage loan.
Citibank LAP interest rates are between 8.75% and processing fee is 0.75 % of the loan amount.
Yes Bank LAP interest rates are between 8.95% - 12.00% and processing fee is up to 2% of the loan amount (minimum Rs. 10,000) + GST.
A mortgage loan is a loan provided by banks and other financial institutions against the mortgage of property or other assets for personal as well as business purposes.
You can apply for a mortgage loan through MyMoneyMantra, through the lender’s website, visiting the nearest branch of the loan provider or by calling on their customer care number.
A Reverse Mortgage Loan is a credit facility which provides an additional income source to senior citizens of India, who have a self-owned or self-occupied home in India. It is a financial arrangement designed for senior citizens to fulfil their funding needs.
Most lenders a maximum repayment tenure of 15 to 20 years for LAP.
You can get as much as 90% of property’s market value as a loan against your property, depending on your property’s value.
Yes, NRIs as well as PIOs can get LAP in India if they are salaried, work for a reputed organization in selected countries and own a residential/commercial property in India.
A home loan is availed for the purchase/construction/renovation/repair of a residential house property whereas LAP is availed to fulfill any personal or business requirement just like a personal loan.
Individuals with a minimum CIBIL score of 600 or above acain avail LAP.
Yes. Being a secured loan, your application can be approved with a low credit score as well. You can also co-apply for the loan with your earning spouse or other co-applicants.