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Loan Against Property Salary @ 7.20% Onwards

Avail Loan against property for your own or business needs. - Quick credit handling - Longer repayment period - as long as 15 years - Lower Interest Rates and EMIs - Loan can be benefited as overdraft just as Term Loan - Minimal Paperwork - Balance Transfer Programs with extra account - Insurance alternatives accessible at appealing expenses
Enquiry Form
Loan Against Property Salary
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month)
Axis Bank Ltd.
7.50% - 8.50%
1%
1500
180
Bajaj Finance Limited
8.25% - 9.25%
1%
1500
180
Bank of Baroda
8.00% - 10.00%
1%
1000
12
Bank of India
8.35%-9.35%
1%
1000
120
Canara Bank
11.70% - 12.00%
1%
1000
120
Central Bank of India
10.10% - 12.10%
1%
500
120
Citi Bank
7.20% - 8.00%
0.50%
1000
180
Digibank (DBS)
9.00% - 10.50%
1%
1000
180
Edelweiss Finance
10.00% - 13.00%
1%
300
120
HDFC Bank Ltd
7.25% - 8.00%
0.50%
3500
180
HSBC Bank
7.50% - 8.50%
1%
1000
180
ICICI Bank Ltd.
7.75% - 8.75%
1%
2500
180
IDFC First Bank
9.50% - 10.00%
1%
700
180
Indiabulls
9.50% -11.50%
1%
750
180
Indian Bank
8.80% - 9.85%
1%
1000
120
IndusInd Bank
9.00% - 12.50%
1%
1000
180
Kotak Mahindra Bank
7.25% - 8.25%
1%
2500
180
LIC Housing Finance
8.00% - 10.00%
1%
200
180
PNB Housing
9.00% - 10.00%
1%
1000
180
Punjab National Bank
8.70% -9.80%
1%
500
120
RBL Bank Ltd.
8.50% - 10.50%
1%
1000
180
South Indian Bank Ltd.
10.70% - 11.00%
1%
1500
180
Standard Chartered Bank
7.50% - 8.00%
1%
1500
180
State Bank of India
8.45% - 10.00%
1%
750
120
UCO Bank
9.40% - 10.00%
1.00%
200
120
Union Bank of India
9.80% - 10.80%
1%
1000
120
United Bank of India
10.75%- 11.75%
1%
1000
120
YES Bank Ltd.
8.00% - 10.00%
1%
1000
180
Bank Name Key Features
Axis Bank Ltd.
Interest rate

7.50% - 8.50%

Max loan amount

1500

Bajaj Finance Limited
Interest rate

8.25% - 9.25%

Max loan amount

1500

Bank of Baroda
Interest rate

8.00% - 10.00%

Max loan amount

1000

Bank of India
Interest rate

8.35%-9.35%

Max loan amount

1000

Canara Bank
Interest rate

11.70% - 12.00%

Max loan amount

1000

Central Bank of India
Interest rate

10.10% - 12.10%

Max loan amount

500

Citi Bank
Interest rate

7.20% - 8.00%

Max loan amount

1000

Digibank (DBS)
Interest rate

9.00% - 10.50%

Max loan amount

1000

Edelweiss Finance
Interest rate

10.00% - 13.00%

Max loan amount

300

HDFC Bank Ltd
Interest rate

7.25% - 8.00%

Max loan amount

3500

HSBC Bank
Interest rate

7.50% - 8.50%

Max loan amount

1000

ICICI Bank Ltd.
Interest rate

7.75% - 8.75%

Max loan amount

2500

IDFC First Bank
Interest rate

9.50% - 10.00%

Max loan amount

700

Indiabulls
Interest rate

9.50% -11.50%

Max loan amount

750

Indian Bank
Interest rate

8.80% - 9.85%

Max loan amount

1000

IndusInd Bank
Interest rate

9.00% - 12.50%

Max loan amount

1000

Kotak Mahindra Bank
Interest rate

7.25% - 8.25%

Max loan amount

2500

LIC Housing Finance
Interest rate

8.00% - 10.00%

Max loan amount

200

PNB Housing
Interest rate

9.00% - 10.00%

Max loan amount

1000

Punjab National Bank
Interest rate

8.70% -9.80%

Max loan amount

500

RBL Bank Ltd.
Interest rate

8.50% - 10.50%

Max loan amount

1000

South Indian Bank Ltd.
Interest rate

10.70% - 11.00%

Max loan amount

1500

Standard Chartered Bank
Interest rate

7.50% - 8.00%

Max loan amount

1500

State Bank of India
Interest rate

8.45% - 10.00%

Max loan amount

750

UCO Bank
Interest rate

9.40% - 10.00%

Max loan amount

200

Union Bank of India
Interest rate

9.80% - 10.80%

Max loan amount

1000

United Bank of India
Interest rate

10.75%- 11.75%

Max loan amount

1000

YES Bank Ltd.
Interest rate

8.00% - 10.00%

Max loan amount

1000

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Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. Photographs 2
  2. PAN Card Copy
  3. AADHAR CARD + PASSPORT
  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  6. . LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING
  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  10. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  1. PHOTOGRAPH BOTH
  2. PAN CARD CLEAR COPY PROPRIETOR.
  3. ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
  4. OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL)
  5. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
  6. LAST 1 YEAR GST RETURN COPY
  7. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
  8. PROVISIONAL FINANCIAL AY 2019-20
  9. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED.
  10. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
  11. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
  12. Agreement To Sell copy
  13. PROPERTY PAPERS WITH CHAIN SANCTION MAP
  1. PHOTOGRAPH PARTNERS
  2. PAN CARD - COMPANY, ALL PARTNERS
  3. ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
  4. FIRM ADD PROOF- LATEST ANY UTILITY BILL
  5. PARTNERSHIP DEED COPY
  6. GST CERTIFICATE
  7. GST Return last 1 years
  8. 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED.
  9. PROVISIONAL FINANCIAL AY 2019-20
  10. 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
  11. FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
  12. . ALL PARTNER SAVING A/C STATEMENT 6 MONTH.
  13. . IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED.
  14. Agreement To Sell copy
  15. PROPERTY PAPERS COMPLETE CHAIN WITH MAP
  1. ALL DIRECTORS PHOTOGRAPH
  2. CLEAR PAN CARD - COMPANY AND ALL DIRECTORS.
  3. ADDRESS PROOF – COMPANY AND DIRECTORS.
  4. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
  5. MEMORANDOM
  6. ORDER IN HAND AND COMPLETE COPY (if applicable)
  7. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  8. 1 YEAR GST RETURNS
  9. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  10. . LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  11. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  12. . COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  13. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  14. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  15. AGREEMENT TO SELL COPY
  16. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions

What is the Loan Against Property?

Loan against property is nothing but a loan which you avail by keeping your commercial/residential property as a collateral. The value of your property decides the amount of potential loan you will be sanctioned. The types of Property against which LAP can be availed: Self-owned residential property.

What can Loan against Property be used for?

Any loan against a residential or commercial property can be used for both personal and business purposes. In fact, you can use it for anything other than speculative or non-prohibitive activities. 

How does the lending bank decide on the amount I can get as loan against property?

Basically, the bank looks at your repayment capacity. For calculating the loan amount, your income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history are taken into consideration. However the eligibility of loan does not, generally, exceed 60 percent of the market value of the property.

Can there be a co-applicant for loan against property? If yes, who can be co-applicant?

You can include your spuse as a co-applicant and that results in a higher amount being lent. However, if the property is co-owned, all co-owners mandatorily need to be co-applicants.

What are the processing fees for such a loan?

Processing fee for loan against any property varies from bank to bank and is generally around 1 percent. 

How is the rate of interest on loan against property calculated?

Interest is calculated on daily reducing balance. Your monthly out-go (equated monthly installment – EMI) is much lower as compared to the interest on annual reducing balance.

What is the tenure of the loan?

Loans against property has a maximum tenure of 15 years, subject to the condition it does not exceed your retirement age. This condition however can be flexible in certain cases. 

How to repay my loan?

You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement. 

What security will I have to provide?

As the name implies you need to mortgage your property for availing this loan. This mortgage is Equitable mortgage by Memorandum of Entry by way of deposit of title deeds and/or such other collateral security, as may be necessary. Collateral security for by way of assignment of insurance policy or any such other assignable financial instruments are also required, as security to loan if deem necessary by the Bank.

Can I repay the loan ahead of schedule?

Yes. Prepayment is possible and there is no prepayment fee if you repay the loan after six months of availing the loan if you pay from your own source of funds without transferring the loan.

Can I repay the loan ahead of schedule?

Yes. Prepayment is possible and there is no prepayment fee if you repay the loan after six months of availing the loan if you pay from your own source of funds without transferring the loan.

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