Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Loan Against Property

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
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    Customer Reviews
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    13.99% - 16.99% Fixed
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
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    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
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    Perks
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    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
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    Loan Against Property is Rated as "Great!" by 77002 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Money rules the roost today and one never knows when they might fall victim to it. Loans have been present from time immemorial to cater to urgent money requirements, be it for education, business or personal needs. Owning a property of their own is often the biggest dream of most individuals and a property can be a huge asset to cater to demanding needs.

    What is loan against property?

    Banking can often be a confusing world for the uninitiated but a loan against property is one of the simpler aspects of banking. It is precisely what the name implies “ a loan which can be availed by keeping a property as security. Banks and financial institutions offer this loan against a property, which can either be a residential/commercial building or a piece of land. The loan can be availed by mortgaging the property with the bank. The loan amount depends on the type of property and in most cases the market value of the property is considered before disbursing the loan, generally commanding about 40% to 60% of the actual market value.

    Perfect Personal Loan Deals for you

    Loan against property is a Secured Loan, which means that the property acts as security for the loan. In case of loan default the property can be attached to the bank and could be auctioned or sold to recover the loan amount due.

    Personal Loan Offers

    Eligibility Criteria for Loan Against Property

    The eligibility criteria to avail a loan against property vary from institution to institution, but most of the basic criteria remain the same. The basis for most loans against property relate to the profession of the borrower. The applicant should be either one of the following to be eligible for a loan against property.

    Salaried Individual
    • The individual should be a permanent employee with the government or a reputed company.
    • The minimum age to avail loan against property is generally around 24 to 25 years.
    Professional
    • The applicant can be a professional in any field (doctor, engineer, architect, chartered accountant, etc).
    • The maximum age of the applicant can be 65 years.
    Self-Employed Individual
    • The individual should be a regular at filing income tax returns.
    • The individual should have been in the same business for a minimum number of years “ generally between 3 to 5 years.
    Property eligibility
    • The property in question should be free from legal tangles and should have clear titles registered in the name of the applicant.

    Documents required for Loan Against Property

    • Valid proof of residence “ could be any utility bill or ration card.
    • Valid government approved identity proof.
    • Salaried individuals need to have their salary slips of the previous 6 months.
    • Self-employed individuals should provide a certified financial statement for the last 3 years.
    • A copy of the latest bank statement.
    • Duly filled application form with the latest photograph.
    • Self-employed individuals need to provide proof of existence of their business and the business profile.
    • Self-employed individuals are expected to provide details related to their educational qualifications.
    • Copy of income tax returns.
    • Processing fee cheque.
    • All property related documents, including the approved building plan.
    • Copy of details of all existing loans.

    Interest Rates for Loan Against Property

    An individual who wishes to take a loan against property can choose between two types of interest rates. These interest rates vary according to the duration of the loan.

    • Fixed Interest Rate “ This interest rate remains fixed throughout the loan duration. It varies from institution to institution but the general rate lies in the 11 “ 15% per annum range.
    • Adjustable Rate “ This interest rate is not fixed and static, it varies according to prevailing market conditions. This could be beneficial for those who wish to keep the loan for a short duration.

    Features and Benefits of Loan Against Property

    • Multiple purposes “ the loan against property can be availed for multiple purposes. It could be for business, education, medical needs, property purchase, marriage or any other personal or professional need.
    • Low processing fee “ Most banks charge a low processing fee of 1% of the loan amount sanctioned.
    • Longer tenure “ Loans against property can be taken for tenure periods ranging up to 15 years or more, enabling the borrower gets sufficient time to clear the loan.
    • Lower interest rates “ Loans against property come at lower interest rates compared to normal home loans, where the interest rate can be as high as 20%.
    • Hassle free “ Banks are willing to provide loans against property without hassles, provided the criteria are met.
    • Easy repayment “ Borrowers can choose from multiple EMI options to choose one which best suits their repayment capacities.
    • High upper limit “ A borrower can avail loans upto Rs 10 crore and more against property, if the property meets the required criteria.
    • Property Type “ Any property type can be kept as security to avail this loan. It could be a residential or commercial property or just an empty plot.

    Loan Against Property EMI Calculator

    The EMI for Loan against Property can be manually calculated using the following formula.

    EMI = [P x R (1+R) N]/ [(1+R) N-1]

    Where,

    • P is the loan amount taken
    • R is the applicable rate of interest
    • N is the number of months the loan is availed for

    The EMI can also be calculated online by using the Bankbazaar EMI calculation tool. All one needs to do is enter the loan amount, the interest rate, the term period and the processing fee details in the calculator and the EMI is automatically calculated for them.

    FAQs about Loan Against Property

    Can NRIs avail loans against property?

    Yes, most banks offer loans against property to NRIs, subject to verification of all documents.

    Does one have to provide any security to avail this loan? If yes, what kind of security?

    Yes, a loan against property can be availed only after attaching the property as security. The property so attached should have clear titles and should be free from encumbrance. It should not have any existing loan, mortgage or litigation which can impact the title of the property.

    What is the maximum loan one can avail against property?

    Most banks offer loans ranging from 40 “ 65% of the current market value of the property. Thus the loan amount depends entirely on the property in question.

    What does the market value of a particular property mean?

    The market value of a property refers to the estimated amount a particular property can fetch if it is sold at prevailing conditions.

    Can loan against property be availed against property which is jointly owned by multiple individuals?

    Yes, the loan can be availed if all the co-owners of the property become co-applicants for the loan.

    Are self-employed individuals eligible for loan against property?

    Yes, self-employed individuals can avail of this loan provided they have sufficient documents and repayment capacity.

    Is prepayment of loan allowed?

    Yes, the loan can be prepaid, subject to certain rules as stipulated by individual banks.

    Does the property in question have to be insured?

    Yes, most banks require the property to be insured before providing a loan.

    How does one get back the property pledged as security?

    The property pledged as security will be returned back to the owner once the entire loan amount is cleared and there are no pending dues.

    Can a loan against property be availed against rented property?

    Loan against property can be availed only against own property of the applicant.

    News About Loan Against Property

    • Housing Finance Company to be set up by Karvy Finance

      Karvy Financial Service, a non-banking finance company, is looking into setting up a Housing Finance company. The private lender is yet to get the required approvals, but is hopeful of having it up and running in the next financial year. The focus of this wing of the non-banking finance company is low-cost housing. Making an inclusion for a housing segment that is affordable. The loan amounts will typically be up to Rs. 10 lakhs. They also hope to tap the low funds cost through the National Housing Board. The overall markets for affordable housing segment stands at Rs 67,800 crore as per the ICRA. Amit Saxena the Director and CEO of Karvy Finance said that they will apply for the small finance bank licence once the "on-tap" licensing is allowed by the Reserve Bank of India.

      /></p> <p><em>25th February 2016</em></p> </div><div class=

    • Nomura Maintains Purchase on LIC Housing

      Nomura has maintained its price target and purchase rating of Rs.575 on LIC Housing. The third quarter results of the company showed that 0.85% finance was maintained on LIC Housing, thereby leading to an increase in stock prices by 0.6% at Rs.469.

      Amit Nanavati and Adarsh Parasrampuria, two of the companys analysts revealed that decline in the individual mortgage growth continues to concern LIC and the industry in general, but improvements in developer share and Loan against Property (LAPs) has urged them to believe that LICs spreads can be maintained by the company and eventually help its delivery of healthy PPOP growth. The risks related to loans against property have increased and the high growth of loans against property at LIC Housing is a problem, according to the brokerage.

      /></p> <p><em>19th January 2016</em></p> </div><div class=

    • Loans against Property see an Increase

      With lenders taking a fancy to extending loans against property, there is an increase in this finance sector. A number of lenders, such as banks and non-banking finance institutions, have recorded double and even triple-digit year-on-year growth in percentage terms in recent times.

      Among public sector banks, Bank of India and Union Bank of India clocked 29% and 16.52% year-on-year (YoY) growth, respectively, in Loan against Property (LAP) in the quarter ended September 2015.

      On the other hand, private sector banks like Axis Bank and IndusInd Bank recorded 32% and 43% year-on-year (YoY) rise, respectively, in LAP. LIC Housing Finance also recorded a 114% surge in its LAP portfolio in the first half of the current financial year over last year.

      /></p> <p><em>8th December 2015</em></p> </div><div class=

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  • Loan Against Property Reviews

    • Bank Bazaar Customer Support
      "GUIDANCE"
      0.5 5.0/5 "Blown Away!"
      This is the very first time I approached bankbazaar, also I am very much satisified with all their steps for searching for my product. It happens, some times where people would not be interested in doing online search, but here after gaining sufficient information I would recommend all my friends, relatives to give a try atleast once. My hearty thanks to the team Bankbazaar.com for providing their valuable time for their customers in a proper way. Hope they would get back to me with a favourable reply on time.
      Was this review helpful? 0
      , bhopal
      Reviewed on Jul 20, 2017
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from State Bank of India and the process for it was smooth. I did not have much of a documentation process and also I did not get the loan on time. The rate of interest and processing charges were very much normal too. But on the other hand, after loan services were very much hassle free.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Overall a good experience "
      0.5 3.0/5 "Satisfactory"
      The services rendered by bankbazaar is really great and I had a lot of follow up calls from them. The response was prompt from the moment I registered with them. It would have been better, if the companies whom they connect the customer too is also responsive. Lastly, the website is very much user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Citibank Personal Loan
      "Not professional"
      0.5 1.0/5 "Really Bad"
      As a matter of fact, Citibank collected all my documents and after which they did not process my personal loan request and did not get back to me as well. It was not a very good experience as they were not very much professional. Not too sure on the interest rate and processing charges too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "I had got good response from bankbazaar on my loan applicati"
      0.5 2.5/5 "Just OK"
      I had got good response from bankbazaar on my loan application. I approached bankbazaar for my requirement and submitted my loan application on the website. On which they responded and provided a good service. Their website is good and it is easy to handle.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Amazing"
      0.5 4.0/5 "Great!"
      It was simple and straight forward experience. I really hope my application goes through. The staffs were really helpful. They kept calling me and following it up until I uploaded the documents. I've never seen such a simple online application so far. Thank you.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very smooth way to loans"
      0.5 5.0/5 "Blown Away!"
      I need personal loan & it seems easiest way to avail through Bankbazaar. Also I am feeling very much comfortable as the process is really quick. I wish good luck to everyone & recommend to go with Bankbazaar. Go with it to full fill yours all financial requirements through this site. Thanks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      I got very good response in concern to my personal loan application with bank bazaar. The customer service with bank bazaar is really good and very supportive. The website with bank bazaar is easy to use and user friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The ICICI bank executives told that the private or public company employees are not eligible to get the loan, They are not interested to give the loan for the people those who own a company. The customer service and the response was average with ICICI bank. The rate if interest charged by them is higher than the normal one.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The HDFC bank service is really good in concern to my personal loan. The customer service and the response was good with HDFC bank. The rate of interest is nominal with HDFC bank. I have choose the HDFC bank for my personal loan because of their low interest rate.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar maintains prompt follow up with the customers, because they will fix appointments and reaches the customer on appropriate time. The website with bank bazaar is easy to use and user friendly. The customer service and the response is very good with bank bazaar.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got immediate response from bank bazaar in concern to my personal loan application. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. I would say bank bazaar gives very good service to the customers.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I haven't received any kind of calls from ICICI bank in concern to my personal loan application and I am not sure why they have closed my application. The customer service and there response part need to improved with ICICI bank. The rate of interest is nominal with ICICI.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service provided by bank bazaar is quick and fast. The customer support and the response is really good with bank bazaar. The bank bazaar website is easy to use and user friendly. I get to know about bank bazaar through google web search. I am with bank bazaar for past 6 months. I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      ICICI executive gave a call and explained me about the product very clearly and helped me to know about the product briefly . The customer service and the response is very good with ICICI bank. The rate of interest is nominal with ICICI bank. I am happy about the ICICI bank service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I am with bank bazaar for past more than year. I get to know about bank bazaar through online web search . The customer service and response with bank bazaar is really good. The web site with bank bazaar is easy to use and customer friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Need improvement"
      0.5 3.0/5 "Satisfactory"
      I have applied credit card personal loan twice with ICICI bank, but there was no response in concern to my applications. The customer service and the response is average with ICICI bank. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • SBI Personal Loan
      "Improvement needed in service"
      0.5 5.0/5 "Blown Away!"
      The personal loan process need to be quick and fast with SBI. The customer service and the response need to be focused a lot. They are talking too much of time to disburse the personal loan. They took around 10 to 15 days of time to disburse my loan and they call it as express in disbursing the loan. As I hold a salary account with SBI they have offered me with low interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      The response is really good with bank bazaar executives . The customer service and the follow up with bank bazaar is really good. I got to know about bank bazaar through online web search. I am with bank bazaar for past 2 months. The website with bank bazaar is easy to use and user friendly, I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
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