Loan Against Property
Loan Against Property or Mortgage Loan is a kind of secured personal loan that you avail by pledging your property as collateral. You can avail a loan amount of up to Rs.25 crores at an interest ranging from 8.45% to 22% per annum for up to 20 years.
Summary of Loan Against Property
8.45% p.a. onwards
Interest Rate
Up to Rs.25 crore
Loan Amount
Up to 20 years
Loan Tenure
Processing Fee
1% - 3% of the loan amount + GST
Top Loan Against Property Schemes & their Details
BANK
INTEREST RATE
TENURE
LOAN AMOUNT
Axis Bank Home Loan
9.0
-
-
LIC Housing Finance Home Loan
9.0
-
-
HDFC Home Loans
9
Up to 15 years
Up to 65% of the value of the property
SBI Home Loan
7.1
-
-
Deutsche Bank Home Loan
8.9
-
-
*The interest rates are subject to change at the discretion of the lender or according to RBI directives.
Credit Score
It’s advisable to keep a credit score higher than 700; this will give you the chance to avail a Loan Against Property at a lower interest rate.
Loan Tenure
The longer the repayment tenure, the lower the interest rate and vice versa. Therefore, make sure to give your loan tenure a thought before you decide.
Other Factors
Factors such as the applicant’s age, income, occupation are also considered by the lender when they decide on the interest rate.
Property Type
The type of property – residential property, commercial property, property with multiple owners – plays a role in determining interest rate as well.
Which Factors Influence Loan Against Property interest rates?
Main Features of Loan Against Property or Mortgage Loan
Loan Against Property or Mortgage Loan is a kind of secured personal loan that you avail by pledging your property as collateral. You can avail a loan amount of up to Rs.25 crores at an interest ranging from 8.45% to 22% per annum for up to 20 years.
Eligibility criteria for Loan Against Property
Here are the criteria you should meet to be eligible for a loan against property.
Documents required to apply for the Loan Against Property
As evident in the table below, documents required for a mortgage loan are minimal and quite simple.
Popular Loan Against Property Schemes
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.
How to apply for a Loan Against Property at Fincity?
Sign Up
01
Sign up and fill up the application with basic personal details.
Check Credit Score
02
Get a free Credit Report to know your creditworthiness.
KYC
03
Fill up the E-KYC form
Income & Property Details
04
Enter details of your salary and any other source of income.Enter property details like Builder name,Project name, Property address, etc
Loan Offers
Explore Loan Offers and find the one most suitable for you.
05
E-Sign
06
Self-attest the document with an e-signature
That’s all! You will receive your LAP sanction letter in minutes.
to maximize savings and benefits? Reach out to our Fincity advisors for free guidance.
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