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
    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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    Customer Reviews
    11.99% - 19.50% 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
    1% - 2% 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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    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.1,000 Amazon voucher free Paperless approval option available
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    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
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    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
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    Customer Reviews
    11.99% - 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
    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
    What you'll love
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    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    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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    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 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 76020 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
      "Love to Use Bank Bazaar website"
      0.5 4.0/5 "Great!"
      I am happy with Bank Bazaar, whatever the coordination which they gave is great. I love Bank Bazaar website always to use. Its very convenient to use and access. It has all options to check on financial needs. But I would like to suggest, Bank Bazaar executives should be more clear with their process.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Response part has to be improved"
      0.5 2.0/5 "Expected more"
      Due to improper coordination from ICICI, the loan application got closed. From Bank end there was no response on right time. They reached me after three days of my request and collected the documents finally it got closed without any intimation.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Instant loan "
      0.5 4.0/5 "Great!"
      They have started a new process with the HDFC personal loan. We can apply the Personal Loan through net banking and we just need to apply the documents in the portal and within 15 hours they have provided me a credentials id & password where I have tracked my personal loan application . The loan got approved within 24 hours of time. The banking service is really good and giving instant service to the customers. I am happy about the loan amount. The required amount has been given by HDFC bank. The Value added service like vouchers and online purchasing offers were given. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Customer oriented service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "They be clear about the percentage"
      0.5 4.0/5 "Great!"
      HDFC charged me 14.75% of interest for the amount of Rs.5 lakhs it is higher side compared to other competitor. But Initially they committed they were providing around 11% but finally it was processed it for 14.75%, But I am happy with their service, they done fast loan. process. I would like to suggest them, to clear information about the interest rates.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth. The website is overall good, it would be better if there are more options of banks on the portal to choose from with a lesser rate of interest.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      I haven't got any kind of response from the ICICI bank . It was me who took initiative and made a follow up with the ICICI bank executives to get the personal loan but still no one gave proper responsefrom ICICI bank, that was the reason I haven't proceed my personal loan application with ICICI bank. The rate of interest is bit high , when compared with others. I would say it was a below average service.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "High on ROI & charges"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with ICICI Bank because I was offered a high rate of interest. I got a rate of around 15% where as I was getting lesser rates from other banks for the personal loan. The services and response was on time and there were couple of follow up calls too.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Userfriendly website"
      0.5 4.0/5 "Great!"
      As per the loan application status, Bank Bazaar gave me good follow up and I got good response from Bank Bazaar. I am using Bank Bazaar website is good to compare the interest rate. I would like to suggest Bank Bazaar should give multiple option, so the customer will have a choice to chose an another bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Loan process should be fleixible"
      0.5 2.0/5 "Expected more"
      ICICI was looking for last six bank transactions, I have an account with SBI but I have a transaction around five years. Hence ICICI have rejected my personal loan application. I have submitted all of my documents, they have check my credit score as well finally they rejected it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Excellent very very good service provided by bank bazaar .com and very very happy for simple loan apply process and sanction your amount and fast service and any executive service and fast information & loan section and comfortable with any language.
      Was this review helpful? 1
      , patna
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "The best"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been great and the process is smooth. They are very professional and they are the best in handling a customer. The follow up calls was much and they showed interest and they valued the customer. The website is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is an excellent service provider, I am getting good and satisfactory service. Whenever I looks for any financial products through Bank Bazaar. I am happy about that, I came to know Bank Bazaar through google search. I have been using it for three years its good.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      My friend has referred me to go with bank bazaar to get an credit card and I have downloaded bank bazaar mobile application and I have started applying for credit cards and personal loan. The bank bazaar mobile application is easy to use and user friendly rather I would say it is also useful for the financial management,. The customer service with bank bazaar is very good and supportive to the customers.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      The ICICI bank gave a call and asked me from which company I am receiving the salary and I told my company name but I am receiving the salary from 2 different company names , so very next day I got a text from ICICI bank saying that My personal loan application got cancelled. The customer service and the response was good with ICICI bank. The rate of interest is nominal with ICICI bank. I would say it was an average service from ICICI bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Looking for better feature"
      0.5 3.0/5 "Satisfactory"
      Standard Chartered customer service is good, when I applied for the personal loan they called and collected my documents. They done a verification process over the phone call but they have not visited my place to verification. Loan process got delay, Then I almost waited for two weeks, the time which they committed to disbursed the amount, I did not receive it and finally my application got closed.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.0/5 "Great!"
      Looks like the site is loaded with full of information. I am expecting bankbazaar to bring in more partner banks. I got to know about bankbazaar through advertisements. I am with bankbazaar for a long time. I had applied for a personal loan through this channel the site is very much easy to use and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      SCB took around a week's time to disburse my personal loan. Both customer service and response e was really good with SCB. I initially approached online and later changed the channel and I got the loan through some other channel. Rate of interest is very much nominal with SCB. The required loan amount was disbursed by SCB and I am very much happy about it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      My personal loan is from HDFC Bank and the I got the loan in a jiffy. The bank has offered me a good deal on the interest rate and they were decent in the charges as well. The paper work is simple and overall I have no issues even for the after loan services.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Dissatisfied service"
      0.5 1.0/5 "Really Bad"
      First time I received a call from Standard chartered and they visited took my document from me. Then there was no response from Standard chartered end, their customer service is very bad, after getting my documents they didn't communicate anything about the application status.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
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