IndusInd Bank Loan Against Property

Apply for IndusInd Bank Loan Against Property at 8.50% - 13.50% onwards. IndusInd bank offers high value mortgage loans for individuals as well as SMEs. Besides low IndusInd Bank LAP interest rates, you can also get customised repayment schedule, low processing fee, fast approval & extended tenure.

Apply for IndusInd Bank Loan Against Property at Attractive Interest Rates

Details
Interest Rates
Features
Benefits
Fees & Charges
Eligibility Criteria
Documents Required

IndusInd Bank Loan Against Property Details

Loan Amount	Loans up to Rs 20 crore
Loan Eligibility	Salaried or Self-employed
Loan Tenure	Up to 15 years
Interest Rate	8.50% - 13.50%

IndusInd Bank Loan Against Property Interest Rates

The IndusInd bank lap interest rate is linked to the base rate and ranges between 8.50% - 13.50%, depending on the profile of the customer.

Features of IndusInd Bank Loan Against Property

The features of the loan are mentioned below:

Name of the Product	Purpose	Quantum	Interest	Security	Repayment	Processing Charges
IndusInd Bank Loan Against Property	The loan can be utilised for any personal requirement, like renovation of an existing property, for the higher education of children, for planning a wedding, for any medical emergencies, for planning a family vacation, etc. It can also be used for any business requirement like a working capital requirement, for business expansion, improving the infrastructure, etc. It can be used for the purchase of a commercial property as well.	The loan quantum depends on the value of the property and the repayment capacity of the borrower.	The rate of interest ranges between 8.50% - 13.50%, depending on the profile of the customer.	Equitable mortgage of the security against which the loan is granted.	The maximum repayment is 15 years or before the retirement age in the case of salaried individuals and before the borrowing attaining the age of 70 years in the case of the self-employed, whichever is earlier.	Up to 2% of the loan amount.

Benefits of IndusInd Bank Loan Against Property

The following are the advantages of taking the IndusInd Bank Loan Against Property:

Easy documentation and quick approval
Doorstep service for the collection of documents
Attractive rate of interest on loan against property as per market standards
A loan will be provided against either a residential or commercial property
A loan against rent receivables will also be provided
A facility for the takeover of loan accounts from other financial institutions with a top-up is also available.
The purchase of a commercial property with the loan proceeds is permitted
Hassle-free loan process

IndusInd Bank Loan Against Property Fees & Charges

The loan involves the following charges as well, apart from the rate of interest:

Charges	Details
Processing charge	Up to 2% of the loan amount
Foreclosure charges	Foreclosure is not allowed within 12 months from the start date of the EMI. For loans availed by individuals, the charges will be as per RBI guidelines. For others, the charges will be 4% of the outstanding principal balance in the account.
Part prepayment charges	The lock-in period for part prepayment is 12 months from the EMI start date. For loans availed by individuals, the part prepayment charges will be as per the RBI guidelines. For others, part prepayment will be allowed up to 25% of the outstanding principal balance in the account at the beginning of the financial year at 0.5% of the pre-paid amount. The part prepayment will be allowed up to 4 times in a financial year.
Cheque dishonour charges	500 per instance
Delayed payment of EMI	Penalty at 2% per month on the overdue amount for the overdue period.
Issuance of NOC/NDC	Nil
Stamp duty	As applicable to respective State
Charges for swapping of cheque	500 per swapping per instance
Issuing a duplicate repayment schedule	500
Charges for issuing copies of the document	500 for copies of property documents
Cheque collection charges	100 per instance for local visits and 250 for an outstation visit.
Charges for substitution of property/collateral security	0.1% of the loan outstanding with a minimum of 10,000 for every substitution.
Release of property during the pendency of the loan	0.1% of the outstanding in the loan account with a minimum of 5,000 per instance.
For rebooking of loan account	Processing charges as applicable will be collected
Conversion charges	Up to 0.75% of the principal outstanding in the loan account

IndusInd Bank Loan Against Property Eligibility Criteria

There are certain parameters that IndusInd Bank has stipulated to be eligible for the loan against property. You will have to comply with the parameters that are mentioned below to qualify for the Loan Against Property from IndusInd Bank:

Salaried individuals permanently employed with Government Organisations/PSUs/MNCs /listed public limited companies/well-known private limited companies are eligible for the loan.
Proprietorship/partnership firms, private limited companies, and closely held Public Limited Companies that are not listed on the stock exchange can apply for the loan.
Chartered Accountants, Doctors, CFAs, Engineers, Architects, Advocates, etc., can also apply for the loan.
Individuals who are filing returns can apply for the loan
The age of the applicant should be 21 years at the time of applying for the loan, and the age at the time of maturity of the loan should be less than the retirement age for salaried individuals. For the self-employed, the age should not exceed 70 years.

Documents Required for IndusInd Bank Loan Against Property

The loan against property documents are specified to know the whereabouts and the repayment capacity of the borrower. The following documents are required for the IndusInd Bank Loan Against Property:

Type of Document	Salaried	Self-employed
KYC documents	Valid identity/ address/ signature proof
Income proof	Salary slips for the last 3 months or a Salary Certificate. Appointment letter ITR and Form 16 of the last 2 years. Bank Account Statement for the last 6 months of the salary account.	ITR for the last 2 years with computation of income and acknowledgement. Audited balance sheet and P & L Account for the last 2 years with 3CA and 3CB. Bank account statement for the last 6 months of the main Current Account/ CC/ OD Account.
Processing fee	A cheque for the processing fee
Property documents	All the documents required to establish the marketable title of the property against which the loan is granted.
Application	Application for the loan, duly filled out and signed
Photograph	2 passport-size photographs

FAQs

Why should you avail of a Loan Against Property from IndusInd Bank?

The reasons to avail of the Loan Against Property from IndusInd Bank are:

The bank provides a long-term repayment period with a maximum of 15 years
The loan can be availed against residential/commercial property as well as flats/apartments
The loan can be availed for any personal or business purpose. The loan can be availed for the purchase o commercial property as well.
The bank provides for the takeover of the loan balance from other financial institutions, along with a top-up loan.
Documentation is simple and easy, and the approval is quick
The rate of interest is reasonable
The loan process is hassle-free

What is the rate of interest charged for the IndusInd Bank Loan Against Property?

The rates of interest charged are between 8.50% - 13.50%, depending on the customer's profile.

What is the processing fee collected for the IndusInd Bank Loan Against Property?

The processing fee applicable on IndusInd Bank LAP Loan is up to 2% of the loan amount.

What is the maximum repayment tenure allowed for the IndusInd Bank Loan Against Property?

The maximum repayment period permitted for the IndusInd Bank Loan Against Property is 15 years.