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

    We found 32 Loan Against Property

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 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.1000 Amazon voucher free Ad
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    Fees & Charges
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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.1000 Amazon voucher free Ad INSTANT DECISION
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    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    Perks
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    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
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    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Loan Against Property is Rated as "Great!" by 74151 Users

    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.

    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

    • HDFC Bank Personal Loan
      "Fast and Best Service in HDFC"
      0.5 5.0/5 "Blown Away!"
      I am an account holder of HDFC, hence my home branch have reached me and provided the best loan option. They sanctioned the personal loan with the interest rate around 14% and they processed within same days. Hence I have cancelled HDFC online loan request.
      Was this review helpful? 1
      , dindigul
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Its Better"
      0.5 4.0/5 "Great!"
      After giving the loan request to Kotak Mahindra bank, they had called me and shared the loan process update. But due to the personal reason I had postponed the plan. Other banks are providing beneficial interest rate but Kotak charges high rate.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been up to my satisfaction. It was a nice experience because the team was helpful in giving me the details and they also checked about my requirement as well. They were in constant touch and the website was good and user friendly.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 27, 2017
    • IDBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      IDBI is good in the rate of interest. I got the interest rate of 9.8% for the personal loan with the processing fee of 1% of the loan amount. Documentation process is very simple and it is surely a recommendable bank. Even they maintain good customer service.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Prompt service"
      0.5 5.0/5 "Blown Away!"
      I do not have any suggestions for bankbazaar as everything went good with them when I approached them for the loan process. Their website is easy to handle and it is informative. I got very good responsiveness and good customer service from bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Citibank Personal Loan
      "High Interest Rate"
      0.5 4.0/5 "Great!"
      Citi bank is on higher end in terms of interest rate. They quoted some high rate of interest for the personal loan. When I checked with other banks, I got lower interest rate than CITI bank so I closed my application with CITI. Customer service and everything is fine except the interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank has been good in the services for the personal loan. The team contacted me on time and informed me the details. The loan could not process due to the banking norms. I was offered a normal interest rate and processing charges.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 27, 2017
    • Tata capital Personal Loan
      "Interest rate is high "
      0.5 2.5/5 "Just OK"
      My existing home loan was running with AXIS, I thought its better to take personal loan from same AXIS bank. Hence I have not taken personal loan from TATA Capital and their interest rate is too much high. Tata Capital charging around 13.99% but AXIS giving 11.99% of interest.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      My overall experience with Bankbazaar was good. I was contacted on time and given the details.The website was good and informative. But when I click on the bank names to get more details is was taking me to the application page. Else good and no issues.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • ICICI Bank Personal Loan
      "Prompt service"
      0.5 5.0/5 "Blown Away!"
      ICICI bank offered high interest rate for the personal loan which is 12.75%. Th services are very prompt and they are really good in processing the loan application. I did not have any issues with them in the entire process. All things went good with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Standard Chartered Bank Personal Loan
      "Good services"
      0.5 4.0/5 "Great!"
      Since I had to travel out of the country, I did not proceed ahead for the personal loan with Standard Chartered Bank. They did contact me a couple of time for the loan. The rate of interest was low but not the lowest, it was around 11.49% and the processing charges were normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Supportive Service"
      0.5 4.0/5 "Great!"
      Two years ago I availed the loan through bankbazaar. So again I approached bankbazaar for the personal loan this time. I got good response from them and their website is quite easy to handle. It would be fine if the mobile app is even more user friendly. Overall service is pretty good.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Capital First Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      When I applied for the personal loan with Capital First, they offered the loan but it was not up to my requirement also I got better offers from other banks so I just moved out from capital First. But their response and customer services are good with capital first. Interest rate and processing fee is good with Capital First.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Axis Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have closed the personal loan with the Axis bank and the rate of interest was around 14.5% and the processing charges were okay with them. I would like to suggest that they can make lesser rate of interest for the customer, so that they can make the business. Customer service is fine one with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have made the balance transfer of my personal loan with the HDFC bank and the rate of interest was around 11.29%, which is really good. The loan amount got disbursed to my account within three to four days of time, also there were no processing charges with them till now.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Timely process has to be done"
      0.5 4.0/5 "Great!"
      I am not happy with Kotak Mahindra personal loan process, they took more than a month and they processed an EMI before sanctioning the loan. I took the amount of 3 lakhs with the tenure of 3 years and my EMI is 10,802, its running without any issues.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Very good in services"
      0.5 5.0/5 "Blown Away!"
      The customer services are good at Bankbazaar and they know how to handle a customer. The portal is good and very much helpful. It helped me to identify the right bank by using the comparison tools on the portal. The follow up calls are also of great support to me.
      Was this review helpful? 0
      , raipur
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Easy to Navigate"
      0.5 4.0/5 "Great!"
      Bank Bazaar come to know through online but they are good in service, they are doing speedy service and they are analyzing the customer's profile and giving best service. The portal is also good to check multi information of banking products.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • ICICI Bank Personal Loan
      "Unhappy with the banking services"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with ICICI bank and it was not up to the mark. The customer support needs to be more professional and though I received a response, I am not happy with the overall services. I did not go to the extent to talk about the interest rate and charges.
      Was this review helpful? 0
      , raipur
      Reviewed on May 27, 2017
    • IndusInd Bank Personal Loan
      "They Should Bring New Ideas"
      0.5 1.0/5 "Really Bad"
      I have few other loans are running , hence when I gave loan request to Indusind, however they have rejected it. But I am a prompt payer, I could track my record and process the loan. Indusind not potential to get the customer inside as they dont provide praactive customer service.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
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