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  • Loan Against Property

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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. Since, you will be pledging your property as your collateral, the rate of interest levied is low. These personal loan schemes are also known asmortgage loans.

    Best Loan Against Property Schemes

    Bank Interest Rate Loan Amount Tenure
    State Bank of India  8.85% - 11.40% p.a.  Up to 7.5 crore  5-15 years 
    ICICI Bank  10.05% - 10.25% p.a.  Up to Rs.5 crore  Up to 15 years 
    HDFC Bank  10.10% - 10.60% p.a.  As per the terms and conditions  Up to 15 years 
    Capital First  As per the terms and conditions  Rs.5 lakh – Rs.10 crore  Up to 20 years 
    Tata Capital  As per the terms and conditions  Rs.10 lakh – Rs.3 crore  1 – 15 years 
    Axis Bank  11.00% p.a. onwards  Rs.5 lakh – Rs.5 crore  Up to 20 years 
    Kotak Mahindra Bank  As per the terms and conditions  Rs.10 lakh – Rs.5 crore  Up to 15 years 
    IIFL  11.00% to 22% p.a.  Up to Rs.10 crores  Up to 10 years 
    Edelweiss Financial Services Ltd  As per the terms and conditions  Up to Rs.2 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. 

    SBI Loan Against Property 

    Key Features: 

    • Offered to customers with residential and commercial properties. 
    • The minimum loan amount that can be availed is Rs.10 lakh and the maximum loan amount is Rs.7.5 crore. 
    • Processing fee is set at 1% of the loan amount plus service tax, subject to a maximum of Rs.50,000 plus service tax. 
    • To be eligible for the SBI Loan Against Property, the applicant should have a minimum monthly income of Rs.25,000 or Rs.3 lakh p.a. 
    • No prepayment penalties with the SBI Loan Against Property. 
    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. 

    ICICI Loan Against Property 

    Key Features: 

    • The ICICI Bank customer can transfer his/her existing personal loan to the Loan Against Property scheme. 
    • Special offers for doctors. 
    • The maximum loan amount that can be availed is up to 70% of the property value – subject to the terms and conditions set by ICICI Bank. 
    • Salaried and self-employed individuals are eligible to avail the ICICI Bank Loan Against Property scheme. 
    • The minimum loan amount that can be availed is Rs.10 lakh while the maximum loan amount that can be availed is Rs.5 crore. 
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    ICICI Bank 1%  4% + applicable charges  Contact bank for information 

    HDFC Bank Loan Against Property 

    Key Features: 

    • Resident Indians who are salaried or self-employed are eligible for this loan scheme. 
    • Flexible loan tenures up to 15 years. 
    • Quick and hassle-free documentation process. 
    • The borrower can use his/her residential or commercial property as collateral to avail the loan. 
    • Simple monthly installments repayment options. 
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    HDFC Bank 1% of the loan amount or Rs.4,500 (whichever is higher) + applicable taxes  NIL  Contact bank for information 

    Capital First Loan Against Property 

    Key Features: 

    • Capital First offers loans up to 90% of the value of the property. 
    • Flexible loan tenures up to 20 years. 
    • Loans offered to borrowers with commercial properties, small and medium enterprises (SMEs), residential plots, or those with a rental income. 
    • Salaried and self-employed individuals are eligible for this loan scheme. 
    • IDFC First offers secured loans up to Rs.10 crore. 
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    IDFC First  As per the terms and conditions  As per the terms and conditions  As per the terms and conditions 

    Tata Capital Loan Against Property 

    Key Features: 

    • Quick and hassle-free documentation and approval process. 
    • Wide range of collaterals – residential, commercial properties, etc. 
    • Pre-qualified loan top-up. 
    • Availability of the overdraft facility. 
    • Competitive interest rates and flexible repayment plans. 
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    Tata Capital 1.25%-2% + GST of the loan amount  4% + GST  3% of overdue amount + GST 

    Axis Bank Loan Against Property 

    Key Features: 

    • Loans offered on a wide range of property. 
    • Overdraft facility available. 
    • Transfer existing loan to Axis Bank. 
    • Flexible tenure options with attractive interest rates. 
    • Loans offered for as low as Rs.5 lakh. 
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    Axis Bank At the discretion of the bank  At the discretion of the bank  Contact bank for details 

    Kotak Mahindra Bank Loan Against Property 

    Key Features: 

    • The Kotak Mahindra Bank Loan Against Property can be availed for purposes such as education, travel, and other personal expenses. 
    • Applicants can use their residential property, commercial or industrial properties as collateral. 
    • Flexible eligibility criteria. 
    • Interest rates are lower than usual personal loan products. 
    • Hassle-free online application process. 
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    Kotak Mahindra Bank Maximum 3% of the loan amount + GST  4% + GST  Between 18 and 60 years 

    IIFL Loan Against Property

    Key Features: 

    • Minimum documentation required during the application process. 
    • Quick loan approval. 
    • Flexible repayment options. 
    • Doorstep banking available. 
    • Loans up to 65% of the value of the property. 
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    IIFL 3% of the loan amount  1% to 5%   36% p.a. of the outstanding EMIs 

    Edelweiss Loan Against Property 

    Key Features: 

    • Quick online application process. 
    • Loan amount you can avail will be at the discretion of the bank 
    • Minimum documentation required to avail the loan. 
    • Flexible tenure options. Tenure will depend on factors such as loan amount, interest rate, etc. 
    • Competitive interest rates on the borrowed sum. 
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    Edelweiss Financial Services Ltd. Contact bank for details  Contact bank for details  As per the terms and conditions set by Edelweiss Financial Services Ltd. 

    Eligibility criteria for Loan Against Property

    • The property should be in India, be it a residential or commercial property.
    • The applicant should be a minimum age of 25 years old and maximum is 65-years old.
    • The applicant should be a salaried or self-employed individual.
    • Salaried individuals should have a monthly net income of at least Rs.25,000.
    • 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, 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.
    loan against property

    Steps to apply for a Loan Against Property

    • The customer has to visit the website of the financial lender and apply for the loan online.
    • The customer support team of the lender will get in touch with the applicant and request for the submission of relevant documents.
    • The lender will then verify the documents submitted and then inspect the property of the applicant.
    • If the application is approved, then the loan amount will be credited in the bank account of the customer.

    Features and Benefits of Loan Against Property

    • Lower rate of interest: Loan against property is a secured loan owing to which the rates of interest are lower. Secured loans usually have a lower rate of interest when compared to unsecured loans. In addition to that, if you have a good credit score and credit history, the chances of you getting a loan at a low rate of interest goes up.
    • Simple documentation and approval process: The process of documentation and approval of loans is generally simple when it comes to a loan against property. The loan application goes through a comparatively lighter scrutiny as these are secured loans. The property against which the loan is availed acts as collateral in this case. This allows lenders to go forward with an easy documentation process. The approval rates are also usually higher in these cases.
    • Flexibility in repayment of the loan: Most loans against property offers a flexible loan repayment tenure. On the basis of the lender that you choose, you can avail a loan repayment tenure of as long as 20 years. The usual loan repayment tenure generally lasts between 10 to 15 years. This gives you ample time to plan your finances and repay the loan on time.
    • Continuous ownership of the property: In case of a loan against property, the ownership of the property is retained with the borrower. When you offer your property as a collateral for a loan, the ownership does not change. This also allows you to sell the property in case you are unable to repay the loan.
    • Availability of pre-closure option: You have the option to pre-close your loan against property if you wish to do the same. If the loan that you have availed comes with a variable interest rate, you will not be required to pay any penalties for the pre-closure of the loan. However, you will be required to pay a nominal amount if your loan was on fixed interest rate.
    • Optimal utilisation of the property: In case you avail a loan and you have a property which you offer as a collateral, you get to satisfy your financial needs with the loan amount which will be at par with the property. At the same time, you also get to retain your property. You can decide to not sell your property and still avail enough money to meet your requirements. That too at affordable rates of interest.

    FAQs on Loan Against Property

    1. Is it possible to apply for a Loan Against Property if it is a joint property?
    2. 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.

    3. Is there an application fee for Loan Against Property?
    4. Financial lenders have a set application fee which includes the charges to evaluate the property and the legal verification process.

    5. Do lenders offer Loan Against Property schemes for Non-resident Indians?
    6. 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.

    7. How will I know if my Loan Against Property application is approved?
    8. 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.

    9. Is there a specific purpose that I should mention to avail such a loan?
    10. Customers can opt for the Loan Against Property for business purposes, personal reasons or debt consolidation.

    11. Is the interest rate for the Loan Against Property standard between lenders?
    12. No, the interest rates offered by lenders vary.

        

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