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  • Loan Against Property

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  • Offered by reputed banks and financial lenders, the Loan Against Property scheme is a secured personal loan and since the borrower uses his/her property as collateral, the interest rates are usually lower than regular personal loans. Loan Against Property schemes are also known as Mortgage Loans.

    Best Loan Against Property Schemes in 2019

    Listed below are the key details of the Loan Against Property schemes offered by reputed financial lenders in India:

    Bank/Lender Interest Rate Loan Amount Tenure
    State Bank of India 9.90% - 11.45% p.a. Up to 7.5 crore 5-15 years
    ICICI Bank 9.80% - 11.90% p.a. Up to Rs.5 crore Up to 15 years
    HDFC Bank 9.90% - 12.40% p.a. As per the terms and conditions set by HDFC Bank Up to 15 years
    Bajaj Finserv 10.10% - 11.50% p.a. (For salaried individuals) 10.50% to 14.50% p.a. (For self-employed individuals) Up to Rs.3.5 crore 2 – 20 years
    Capital First As per the terms and conditions set by Capital First Rs.5 lakh – Rs.10 crore Up to 20 years
    Tata Capital 10.5% p.a. onwards Rs.10 lakh – Rs.3 crore 1 year – 15 years
    Axis Bank 11.35% p.a. - 12.45% p.a. Rs.5 lakh – Rs.5 crore Up to 20 years
    Kotak Mahindra Bank As per the terms and conditions set by Kotak Mahindra Bank Rs.10 lakh – Rs.5 crore Up to 15 years
    IIFL 12.50% p.a. to 16.50% p.a. Up to Rs.10 crores Up to 15 years
    Edelweiss Financial Services Ltd. As per the terms and conditions set by Edelweiss Financial Services Ltd. Up to Rs.25 crore Up to 9 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

    Listed below are the key features of the SBI Loan Against Property scheme:

    • 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 Bank Loan Against Property

    Mentioned below are the key features of the Loan Against Property scheme offered by ICICI Bank:

    • 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 Minimum age – 25 years old Maximum age – 65 years

    HDFC Bank Loan Against Property

    Listed below are the key features of the HDFC Bank Loan Against Property scheme:

    • 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 1.5% of the loan amount or Rs.4,500 (whichever is higher) + applicable taxes 2% + applicable charges Minimum age – 25 years old Maximum age – 65 years

    Bajaj Finserv Loan Against Property

    Listed below are the key features of the Bajaj Finserv Loan Against Property scheme:

    • Salaried individuals can avail a loan amount up to Rs.1 crore while self-employed individuals can avail a loan up to Rs.3.5 crore.
    • Loan disbursement in just 4 working days.
    • Hassle-free transfer of Loan Against Property with another financial lender to Bajaj Finserv.
    • Check loan account details online on the website of Bajaj Finserv.
    • Minimum documentation required.
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    HDFC Bank Up to 1.5% 4% + applicable charges 2% per month + applicable charges

    Capital First Loan Against Property

    Listed are the key features of the Loan Against Property scheme offered by Capital First:

    • 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.
    • Capital First offers secured loans up to Rs.10 crore.
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    Capital First As per the terms and conditions set by Capital First As per the terms and conditions set by Capital First As per the terms and conditions set by Capital First

    Tata Capital Loan Against Property

    Listed below are the highlights of the Tata Capital Loan Against Property:

    • 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%-2% + GST of the loan amount 4% + GST 3% of overdue amount + GST

    Axis Bank Loan Against Property

    Listed below are the key details of the Axis Bank Loan Against Property:

    • 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 1% or Rs.10,000 (whichever is higher) 2%-3% 2% per month of the overdue amount

    Kotak Mahindra Bank Loan Against Property

    Mentioned below are the key details of the Kotak Mahindra Bank Loan Against Property:

    • 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 As per the terms and conditions set by Kotak Mahindra Bank

    IIFL Loan Against Property

    Listed below are the key highlights of the IIFL Loan Against Property:

    • 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 1.5% of the loan amount As per the terms and conditions set by IIFL 36% p.a. of the outstanding EMIs

    Edelweiss Financial Services Ltd. Loan Against Property

    Listed below are the key highlights of the Edelweiss Financial Services Ltd. Loan Against Property:

    • Quick online application process.
    • Loans up to Rs.25 crore.
    • Minimum documentation required to avail the loan.
    • Flexible tenure options up to 9 years.
    • Competitive interest rates on the borrowed sum.
    Bank/Lender Processing Fee Pre-closure Charges Age Criteria
    Edelweiss Financial Services Ltd. 1% of the loan amount Up to 3% - subject to terms and conditions As per the terms and conditions set by Edelweiss Financial Services Ltd.

    Eligibility criteria for Loan Against Property

    Listed below are the general eligibility criteria set by financial lenders offering the Loan Against Property scheme:

    • 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

    Listed below are the documents applicants need to submit when applying for the Loan Against Property scheme:

    • 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

    Listed below are the general steps that take place when a customer applies 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.

    FAQs on Loan Against Property

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

    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.

    Is there an application fee for Loan Against Property?

    Financial lenders have a set application fee which includes the charges to evaluate the property and the legal verification process.

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

    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.

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

    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.

    Is there a specific purpose that I should mention to avail such a loan?

    Customers can opt for the Loan Against Property for business purposes, personal reasons or debt consolidation.

    Is the interest rate for the Loan Against Property standard between lenders?

    No, the interest rates offered by lenders vary.

        

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