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Loan Against Property Salary @ 7.20% Onwards

Avail Loan against property for your personals needs .Get the benefit of lower interest rates ,longer repayment period, minimal documentation & enjoy the overdraft facility.
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Loan Against Property SALARY: Online Apply For ProPertY Loan @ 7.20%
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month)
Axis Finance Limited
10.00%
1%
500
180
Indian Bank
8.80%
1%
1000
120
Aavas Financiers Limited
13.00%
1%
100
180
South Indian Bank Ltd.
10.70%
1%
1500
180
UCO Bank
9.40%
1.00%
200
120
Piramal Capital and Housing Finance
11.00%
1%
200
180
RBL Bank Ltd.
8.50%
1%
1000
180
Canara Bank
11.70%
1%
1000
120
IDFC First Bank
9.50%
1%
700
180
LIC Housing Finance
8.00%
1%
200
180
HDB Financial Services Limited
10.00%
1%
500
180
HSBC Bank
7.50%
1%
1000
180
IndusInd Bank
9.00%
1%
1000
180
Union Bank of India
9.80%
1%
1000
120
Punjab National Bank
8.70%
1%
500
120
UGRO Capital
11.00%
1%
500
180
YES Bank Ltd.
8.00%
1%
1000
180
Central Bank of India
10.10%
1%
500
120
Tata Capital Financial Services Limited
10.00%
1%
500
180
Edelweiss Finance
10.00%
1%
300
120
Kotak Mahindra Bank
7.25%
1%
2500
180
DCB Bank Ltd.
9.00%
1%
1000
180
United Bank of India
10.75%
1%
1000
120
Bank of India
8.35%
1%
1000
120
Digibank (DBS)
9.00%
1%
1000
180
Standard Chartered Bank
7.50%
1%
1500
180
PNB Housing
9.00%
1%
1000
180
Indiabulls
9.50%
1%
750
180
Axis Bank Ltd.
7.50%
1%
1500
180
ICICI Bank Ltd.
7.75%
1%
2500
180
HDFC Bank Ltd
7.25%
0.50%
3500
180
State Bank of India
8.45%
1%
750
120
Aditya Birla Finance Limited
10.00%
1%
500
180
Federal Bank Ltd.
9.50%
1%
1000
180
Bandhan Bank Ltd.
9.00%
1%
1000
180
Bank of Baroda
8.00%
1%
1000
12
Vistaar Financial Services Private Limited
14.00%
1%
50
180
IIFL
11.00%
1%
200
180
Hero FinCorp Limited
9.00%
1%
300
180
Deutsche Bank
7.50%
1%
500
180
Cholamandalam Investment and Finance Company Limited
10.00%
1%
300
180
Bank Name Min Interest Rate
Axis Finance Limited

10.00%

Indian Bank

8.80%

Aavas Financiers Limited

13.00%

South Indian Bank Ltd.

10.70%

UCO Bank

9.40%

Piramal Capital and Housing Finance

11.00%

RBL Bank Ltd.

8.50%

Canara Bank

11.70%

IDFC First Bank

9.50%

LIC Housing Finance

8.00%

HDB Financial Services Limited

10.00%

HSBC Bank

7.50%

IndusInd Bank

9.00%

Union Bank of India

9.80%

Punjab National Bank

8.70%

UGRO Capital

11.00%

YES Bank Ltd.

8.00%

Central Bank of India

10.10%

Tata Capital Financial Services Limited

10.00%

Edelweiss Finance

10.00%

Kotak Mahindra Bank

7.25%

DCB Bank Ltd.

9.00%

United Bank of India

10.75%

Bank of India

8.35%

Digibank (DBS)

9.00%

Standard Chartered Bank

7.50%

PNB Housing

9.00%

Indiabulls

9.50%

Axis Bank Ltd.

7.50%

ICICI Bank Ltd.

7.75%

HDFC Bank Ltd

7.25%

State Bank of India

8.45%

Aditya Birla Finance Limited

10.00%

Federal Bank Ltd.

9.50%

Bandhan Bank Ltd.

9.00%

Bank of Baroda

8.00%

Vistaar Financial Services Private Limited

14.00%

IIFL

11.00%

Hero FinCorp Limited

9.00%

Deutsche Bank

7.50%

Cholamandalam Investment and Finance Company Limited

10.00%

₹ 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 salary Eligibility Criteria?

Do you need loan for personal or business purpose? Pledge your residential or commercial property as a collateral & get up to 90% of property value as a loan amount & enjoy other exclusive benefits. Just have a look forward to eligibility.

Loan against property Eligibility Criteria

Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...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 salary Eligibility Criteria?

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

Stability of income: - This is one of the prime factor determining applicant repayment capability. Due to lack of regular sources of income your eligibility gets lower & loan application would face rejection.

Bad Credit Score: - You might be pledging your property as collateral while applying for loan, but lenders will look forward to credit score, if it ranges in between 300 – 650 then most likely your chance of getting loan reduces.

Choice of shorter tenure: - Usually, shorter tenure is good for them whom have multiple sources of income, they are capable of paying higher EMI on monthly basis, but when it comes to salaried person your overall expenses are dependent on monthly salary if it not up to the mark, then prefer to choose longer tenure as it will give you relax to pay smaller EMI which don’t affect you do other things & even lenders also give preference longer tenure applicant.

What are the ways to increase Loan against property salary eligibility?

To increase loan against property eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level: -

Opt for Longer Tenure: - If you want to pay smaller EMI remembering not to influence your personal expenses then choose a longer tenure, it will not only give you comfort to pay but also help you increase your eligibility.

Do Payments timely: - Always pay bills on time, avoid having several credit card as it harm your credit score which led to lower score reduces chances of loan approval, do all payments timely without giving excuses to yourself as it enhances your chances of increasing eligibility.

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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