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Loan Against Property @ 7.00%

• Loan up to 90% of property value
• Maximum tenure upto 3 years
• Minimal Documentation
Enquiry Form
Loan Against Property
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month)
Bank of India
8.35%
1 %
2500
120
Canara Bank
11.70%
1 %
1000
120
Central Bank of India
10.80%
1 %
500
120
Indian Bank
8.80%
1 %
2500
180
Axis Bank Ltd.
7.50%
1 %
1500
180
Aavas Financiers Limited
13.00
1%
100
180
Piramal Capital and Housing Finance
11.00%
1%
200
1800
HDFC Bank Ltd
7.25%
0.50%
3500
180
ICICI Bank Ltd.
7.75%
1 %
2500
180
HDB Financial Services Limited
10.00%
1%
500
180
Kotak Mahindra Bank
7.25%
1 %
2500
180
RBL Bank Ltd.
13.05%
1 %
2500
180
IDFC First Bank
7.50%
1 %
2500
180
HSBC Bank
7.50%
1 %
1000
180
Digibank (DBS)
8.00%
1 %
1000
180
Cholamandalam Investment and Finance Company Limited
10.00%
1%
300
180
IndusInd Bank
9.00%
1%
1000
180
Deutsche Bank
7.50%
1%
500
180
Hero FinCorp Limited
9.00%
1%
300
180
IIFL
11.00%
1%
200
180
Vistaar Financial Services Private Limited
14.00%
1%
50
180
Bank of Baroda
8.00%
1%
1000
180
Indiabulls
9.50%
1 %
750
180
Bandhan Bank Ltd.
9.00%
1%
1000
180
Federal Bank Ltd.
9.50%
1%
1000
180
Aditya Birla Finance Limited
10.00%
1%
500
180
DCB Bank Ltd.
9.00
1%
1000
180
Edelweiss Finance
10.00%
1%
300
180
UGRO Capital
11.00%
1%
500
180
Tata Capital Financial Services Limited
10.00%
1%
500
180
YES Bank Ltd.
8.00%
1%
1000
180
Axis Finance Limited
10.00%
1%
500
180
United Bank of India
10.75%
1%
1000
120
Union Bank of India
9.80%
1%
1000
120
UCO Bank
9.40%
1%
200
120
State Bank of India
8.45%
1%
750
120
Standard Chartered Bank
7.50%
1%
1500
180
South Indian Bank Ltd.
10.70%
1%
1500
180
Punjab National Bank
8.70%
1
500
120
PNB Housing
9.00%
1%
1000
180
LIC Housing Finance
8.00%
1%
200
180
Bank Name Min Interest Rate
Bank of India

8.35%

Canara Bank

11.70%

Central Bank of India

10.80%

Indian Bank

8.80%

Axis Bank Ltd.

7.50%

Aavas Financiers Limited

13.00

Piramal Capital and Housing Finance

11.00%

HDFC Bank Ltd

7.25%

ICICI Bank Ltd.

7.75%

HDB Financial Services Limited

10.00%

Kotak Mahindra Bank

7.25%

RBL Bank Ltd.

13.05%

IDFC First Bank

7.50%

HSBC Bank

7.50%

Digibank (DBS)

8.00%

Cholamandalam Investment and Finance Company Limited

10.00%

IndusInd Bank

9.00%

Deutsche Bank

7.50%

Hero FinCorp Limited

9.00%

IIFL

11.00%

Vistaar Financial Services Private Limited

14.00%

Bank of Baroda

8.00%

Indiabulls

9.50%

Bandhan Bank Ltd.

9.00%

Federal Bank Ltd.

9.50%

Aditya Birla Finance Limited

10.00%

DCB Bank Ltd.

9.00

Edelweiss Finance

10.00%

UGRO Capital

11.00%

Tata Capital Financial Services Limited

10.00%

YES Bank Ltd.

8.00%

Axis Finance Limited

10.00%

United Bank of India

10.75%

Union Bank of India

9.80%

UCO Bank

9.40%

State Bank of India

8.45%

Standard Chartered Bank

7.50%

South Indian Bank Ltd.

10.70%

Punjab National Bank

8.70%

PNB Housing

9.00%

LIC Housing Finance

8.00%

₹ 10L
₹ 50L
₹ 1C
₹ 1.5C
₹ 2C
₹ 2.5C
₹ 3C
%
1%
5%
10%
15%
20%
25%
30%
1
10
20
30
40
50

Loan EMI

Total Interest

Total Payment

Eligibility Criteria

What you mean by Loan Against Property Eligibility Criteria?

Loan against property can help you to manage your personal & business requirements. Get up to 60% of property value with flexible tenure. Make sure you own residential, commercial or industrial property.

Loan Against Property Eligibility Criteria

Generally, Loan Against Property Eligibility Criteria depends on various factors like age of individual, monthly salary or business income, total work experience & CIBIL Score ..etc.

Loan Against Property Eligibility Criteria for Salaried Individuals

  • • Age Limit of Salaried Individuals - 28 to 60 years of age
  • • Work experience of salaried Applicants – Minimum 3 Years
  • • Should be being at public, private companies or MNC
  • • CIBIL Score should be above 750
  • • Nationality - Resident of Indian

Loan Against Property Eligibility Criteria for Self-Employed Individuals

  • • Age Limit of Self –Employed Individuals - 25 to 70
  • • CIBIL Score should be above - 750
  • • Minimum Years of doing Business - 3-5 Years
  • • Nationality - Resident of Indian

Note: - Maximum Loan Amount of Salaried Individual can avail up to 1 Cr & Self- Employed Individual can avail up to 3.5 Cr.

What are the factors generally affecting Loan Against Property Eligibility Criteria?

There are few factors that generally affects Loan Against Property Eligibility Criteria as given below: -

Borrower Age: - Lenders are concerned about your age, because the tenure will be decided on your current age, suppose if your age reached nearby 60 above or will be reaching within a 2 –3 years, then in this case your loan will be rejected.

AImpact of earlier loan Rejection: - Generally, Financial institutions check your record that have you ever applied for loan & that has been rejected, if yes then it will also show on your credit profile which will affect your loan application.

Incomplete Property Documents: - Incomplete Property Documents: - Due to Incomplete Property Documents you will not get a loan, therefore, ensure that you have all the mandatory property documents with you like title deed, having approval from relevant authority, when you apply for loan against property.

Applicant Income: - Might be you are pledging your home as a collateral/security even though you need to show a regular source of income while applying for loan against property.

Low Credit Score: - Remember Lender check your credit score to know your repayment history like paying your bills on time or late, how much credit card you own & how far you maintain them properly, do you have existing loan or not by calculating these all-credit scores predict number if you have low credit score less than 750 then likely your loan application gets rejected.

What are the ways to increase Loan Against Property eligibility?

To increase Loan Against Property eligibility, you need to consider Top 5 points as given below, this will aid you in increasing your eligibility level.

Maintain a Credit Score above 750: - Maintain a Credit Score above 750: - Good Credit Score can be achieved only if you maintain a good record by paying bills on time, Paying EMI, not having multiple credit card & such other factors.

Repay Debt earlier: - Try to clear existing loan first, as it will help you getting better credit score and increase your eligibility criteria. Even you can be able to save money and stop paying your interest unnecessarily.

Prefer Longer Tenure: - Generally, a longer repayment period allows you a lot of time to pay back the principal loan amount which escape your by compressing overloaded monthly EMI.

Build better relationship with preferred lender: - If you are looking to avail loan, you will definitely search multiple banks & NBFC to compare the best deal which suits your needs & requirement, once you have fixed that from this bank or NBFC to avail loan, you must start build better relationship with preferred lender by opening account & maintain good transaction will help to enhance the chances of eligibility level.

Add your Family Member as Co- Applicant: - Various Banks & NBFC allow this feature to enhance your eligibility. You can add your working parents or your spouse as a Co-applicant while applying for loan against property, if you meet the eligibility criteria you will be able to get higher loan amount as you can afford to pay EMI without any restriction.

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

Does loan provide to property without map?

No, generally lenders won’t provide loan to property without map as it consists higher risk if applicant fails to repay EMI or principal amount, they can’t able to auction the property easily.

What is the difference between loan against property & personal loan?

Personal loan funded totally based on your income & credit history wherein loan against property require property valuation whether its in good condition & approved so that banks & nbfc can able to do funding.

For what purpose I can avail loan against property?

Applicant who are looking for loan to fulfill their financial needs & don’t know how to get a loan then, if they have any residential or commercial can easily get loan against pledging their property & able to utilize the funds for personal needs like chalder higher education & marriage, existing high debt pay off or setting up new business.

How much loan amount I can get on loan against property if my salary is 30000?

As a salaried you can avail up to 1Cr & as a self-employed you can avail up to 3.5Cr.

Which banks is good for property loan government or private?

Both government & private are good to get loan in their respective terms like some bank offer lowest interest rates wherein higher processing fee.

 

How much banks charge as a foreclosure for loan against property?

Generally, banks charge in-between 1% - 4% of your outstanding balance as a foreclosure at the time of paying off.

Is I am eligible for Loan against Property?

Make sure your age is in-between 25 – 60 years at the time of apply for a property loan. If you are an salaried individual you should have a minimum 3 years of work experience or if you run your own business then it must exist from at least 3 years.

Is there any payment required to process loan applications?

Yes, some banks charge fee to process loan applications known as processing fee which come around 1% - 2% of total loan amount.

Related Topics

  • LOAN AGAINST PROPERTY BY BANKS

  • LOAN AGAINST PROPERTY BLOGS

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Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

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