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Loan against property Calculator India – HDFC, SBI, ICICI Bank, Axis, All Banks

Last Updated 22nd Sep 2017

Loan Against Property Eligibility Sep 2017

Rate of Interest 8.50%
Check Best Offers
Lowest EMI per lakh Rs. 985 for 15 years
Loan Amount Rs. 50,000 to Rs. 1,500,000,000
Loan Tenure Upto 15 years
Age 18 years and 70 years
  • Compare and check online to get the lowest interest rate and best loan amount
  • Apply for loan online and avail attractive cashback up to Rs. 5,000
  • Self employed customers can avail property loan at lower interest rate
Loan Against Property Eligibility Calculator
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Compare Loan Against Property Rates and Eligibility of All Banks

Bank Interest Rates* Eligible Loan Amount for Max Tenure
SBI (3.3/5.0) 1 Users 9.85% - 10.80% Rs. 75,000,000 for 15 Years Explore More Apply Now
HDFC (4.1/5.0) 2 Users 9.60% - 11.60% Rs. 50,000,000 for 15 Years Explore More Apply Now
ICICI Bank (3.3/5.0) 9 Users 10.25% Rs. 50,000,000 for 15 Years Explore More Apply Now
Axis Bank (4/5.0) 1 Users 9.75% - 11.00% Rs. 50,000,000 for 15 Years Explore More Apply Now
Citibank (3.6/5.0) 9 Users 8.50% - 9.50% Rs. 50,000,000 for 15 Years Explore More Apply Now
PNB Housing Finance (3.4/5.0) 4 Users 9.75% - 10.00% Rs. 50,000,000 for 15 Years Explore More Apply Now
Standard Chartered Bank (3.8/5.0) 1 Users 9.50% - 9.80% Rs. 50,000,000 for 15 Years Explore More Apply Now
DBS Bank 9.50% - 9.70% Rs. 30,000,000 for 10 Years Explore More Apply Now
PNB (3.5/5.0) 1 Users 9.90% - 14.15% Rs. 50,000,000 for 10 Years Explore More Apply Now
Bank of India 10.50% Rs. 50,000,000 for 12 Years Explore More Apply Now
City Union Bank 14.75% - 16.25% Rs. 50,000,000 for 5 Years Explore More Apply Now
Dhan Laxmi Bank 11.88% - 14.35% Rs. 50,000,000 for 15 Years Explore More Apply Now
HSBC Bank 9.85% Rs. 100,000,000 for 15 Years Explore More Apply Now
Jammu And Kashmir Bank 12.20% Rs. 10,000,000 for 7 Years Explore More Apply Now
Lakshmi Vilas Bank 11.70% Rs. 50,000,000 for 10 Years Explore More Apply Now
South Indian Bank 13.60% Rs. 150,000,000 for 12 Years Explore More Apply Now
State Bank of Patiala 14.20% Rs. 10,000,000 for 5 Years Explore More Apply Now
UCO Bank (2.8/5.0) 1 Users 10.70% - 11.70% Rs. 50,000,000 for 12 Years Explore More Apply Now
RBL Bank 12.90% - 13.15% Rs. 100,000,000 for 15 Years Explore More Apply Now
Indiabulls 10.50% - 12.00% Rs. 1,500,000,000 for 15 Years Explore More Apply Now
Canara Bank (2.5/5.0) 1 Users 11.45% Rs. 100,000,000 for 7 Years Explore More Apply Now
Corporation Bank 11.20% - 13.20% Rs. 50,000,000 for 10 Years Explore More Apply Now
DHFL (3.3/5.0) 1 Users 12.00% Rs. 100,000,000 for 15 Years Explore More Apply Now
IDBI Bank (3.5/5.0) 1 Users 9.90% - 10.40% Rs. 100,000,000 for 15 Years Explore More Apply Now
Karnataka Bank 13.20% Rs. 10,000,000 for 15 Years Explore More Apply Now
OBC 10.70% Rs. 100,000,000 for 10 Years Explore More Apply Now
State Bank of Travancore 11.95% Rs. 10,000,000 for 10 Years Explore More Apply Now
Union Bank of India 11.10% Rs. 100,000,000 for 12 Years Explore More Apply Now
Nainital Bank 14.75% Rs. 50,000,000 for 10 Years Explore More Apply Now
IDFC Bank 9.25% Rs. 50,000,000 for 15 Years Explore More Apply Now
Allahabad Bank 12.45% Rs. 20,000,000 for 9 Years Explore More Apply Now
Central Bank of India 11.00% Rs. 100,000,000 for 10 Years Explore More Apply Now
Edelweiss 12.00% - 12.75% Rs. 50,000,000 for 15 Years Explore More Apply Now
Indian Bank 13.80% Rs. 20,000,000 for 7 Years Explore More Apply Now
Karur Vysya Bank (3.8/5.0) 1 Users 11.50% Rs. 50,000,000 for 9 Years Explore More Apply Now
Punjab and Sind Bank 11.00% Rs. 50,000,000 for 12 Years Explore More Apply Now
State Bank of Hyderabad 12.20% Rs. 50,000,000 for 10 Years Explore More Apply Now
Syndicate Bank 11.50% Rs. 50,000,000 for 10 Years Explore More Apply Now
United Bank of India 10.65% Rs. 50,000,000 for 7 Years Explore More Apply Now
Development Credit Bank 10.50% - 15.00% Rs. 100,000,000 for 15 Years Explore More Apply Now
HDFC Bank (1/5.0) 1 Users 10.75% - 12.25% Rs. 50,000,000 for 9 Years Explore More Apply Now
Andhra Bank 12.40% - 12.85% Rs. 20,000,000 for 10 Years Explore More Apply Now
Dena Bank (3/5.0) 1 Users 10.25% Rs. 50,000,000 for 7 Years Explore More Apply Now
Federal Bank 11.65% - 14.90% Rs. 50,000,000 for 10 Years Explore More Apply Now
IndusInd Bank (2.6/5.0) 2 Users 9.75% - 14.00% Rs. 50,000,000 for 15 Years Explore More Apply Now
Kotak Bank (2.7/5.0) 4 Users 10.00% - 14.00% Rs. 30,000,000 for 12 Years Explore More Apply Now
SBBJ (2.8/5.0) 1 Users 11.65% Rs. 10,000,000 for 10 Years Explore More Apply Now
State Bank of Mysore 11.75% Rs. 5,000,000 for 7 Years Explore More Apply Now
Tamilnad Mercantile Bank (2.3/5.0) 1 Users 16.05% Rs. 5,000,000 for 5 Years Explore More Apply Now
Vijaya Bank 11.90% Rs. 50,000,000 for 10 Years Explore More Apply Now
Indian Overseas Bank 12.15% Rs. 10,000,000 for 7 Years Explore More Apply Now

Mortgage loan Eligibility

The following factors are considered by banks to estimate your mortgage loan eligibility:

Eligibility Criteria

Minimum and Maximum Age 18 to 70 years
However, some banks also give mortgage loan at the age of years to self employed and salaried customers
Net Monthly Income
  • Net monthly income of salaried applicants should be Rs. 40,000 or more
  • Minimum annual income of self employed should be Rs 3,00,000 and above
Loan Tenure Maximum loan tenure up to 15 years
Interest Rate
  • 8.50% to 16.25%
  • Interest rates varies with the property type. Generally, interest rates on loans taken against residential properties are lower than loans taken against commercial or industrial properties
Employment history
  • For salaried applicants, minimum work experience of 3 years is required
  • For self employed, business existence of minimum 5 years and ITR of 3 years is required
  • Note: Loan against property eligibility conditions for self employed and salaried customers are different. Property loan rates are generally higher for salaried customers in comparison to self employed customers as salaried people generally take loan against property for personal purposes while self employed people take this loan for business purposes

LTV Banks typically give mortgage loan at LTV of 40% to 75% The LTV ratio– differs by type of property
  • For industrial property – 75%
  • For residential property – 75%
  • For commercial property – 60%
Banks give loan based on market value or registered value of the property, whichever is lower
CIBIL score CIBIL score of 650 and above is considered as a minimum cut off score to be eligible for a CIBIL Score
Property approval and documents
  • The builder and property against which you are taking loan should be approved by banks
  • Registered Sale Deed/ Conveyance/ Lease Deed, Past Sale Deeds Chain (each transaction in respect of this property since first allotment, Latest House Tax Return/ Receipt, Approved Building Plan from Municipal Corporation)

Tips to increase your mortgage loan eligibility

Apply for longer loan tenure: Your EMI depends upon the tenure of the loan. Higher the loan tenure, higher will be your loan amount eligibility. If your loan eligibility for a 10 year loan is Rs 15 lakh, you may evaluate the option of taking 15 year loan to increase your loan amount eligibility. You can also check your loan eligibility with MyLoanCare Property Loan Calculator.

Prepay your existing loan completely: If you have an existing loan near to closure, it might help to pay back the loan to increase your monthly savings and enhance your loan eligibility.

Add any co-applicant (Spouse or parents): If you include your spouse or parents as loan co- applicant, then your overall loan eligibility will go up as more income is available to support loan repayment. Please ensure that the applicant is earning, has a strong credit track record and can produce credit and income proofs, as required.

Add Rental Income: Some banks are also open to consider your rental income as a part of your net income to calculate your loan eligibility. Hence, it is advisable to disclose and report your rental income if you want the highest loan amount.

Maintain good credit score: Before applying for loan against property, check out your CIBIL score. Look for errors, if any. Do not apply for a loan with 10 different lenders to get a loan quickly. Pay all your credit card bills and loan EMI on time or you can also do advance payment to improve your CIBIL score and your eligibility for a loan.

Choose the property to be mortgaged wisely: Banks view residential property as the safest and hence, offer the highest LTV on such properties. If you have an option, always try to avail a loan against a residential property to get highest loan and lowest interest rate. Commercial property mortgage tend to get you lower loan amount eligibility and higher interest rate, as perceived risk is high. Only a few banks offer loan against industrial property and that too at lower LTV and higher interest rate.

Illustration – Mr. A is 30 years old and needs a loan to wants to expand his business. He is willing to mortgage his commercial property with a market value of Rs. 60 lakh. His net income is Rs. 50,000 per month and he has no other fixed obligations. Banks will calculate Mr. A’s loan amount eligibility based on his age, net income and his fixed expenses obligations as a per cent of his net income. Based on his eligibility calculation, various banks can offer different interest rates to Mr. A with different EMIs. He should choose the bank which offers the highest loan amount eligibility with lowest interest rate and lowest EMI.

Bank Loan Amount Eligibility Interest Rate EMI
SBI Rs. 3,959,391 for 15 years 9.85% Rs. 42,185
HDFC Rs. 4,062,500 for 15 years 9.60% Rs. 42,667
ICICI Bank Rs. 3,804,878 for 15 years 10.25% Rs. 41,471
Axis Bank Rs. 4,000,000 for 15 years 9.75% Rs. 42,375
PNB Housing Finance Rs. 4,000,000 for 15 years 9.75% Rs. 42,375
DBS Bank Rs. 4,105,263 for 10 years 9.50% Rs. 53,121
DHFL Rs. 3,250,000 for 15 years 12.00% Rs. 39,005
IDBI Bank Rs. 3,939,394 for 15 years 9.90% Rs. 42,092
IDFC Bank Rs. 4,216,216 for 15 years 9.25% Rs. 43,393
Indiabulls Rs. 3,142,857 for 15 years 10.50% Rs. 34,741
  • As you can see in the above table, loan amount eligibility differs for different banks. Hence, it is extremely important to compare the eligibility terms and interest rates of different banks before choosing the bank to borrow from.
  • Banks offering highest eligibility of Rs. 4,216,216 are IDFC Bank.
  • Minimum eligibility of Rs. 3,142,857 is offered by Indiabulls.
  • EMI amount ranges from Rs. 34,741 to Rs. 53,121 at different interest rates offered by banks.

Loan Against Property Eligibility Documents

Property Documents Required for Loan Against Property

Salaried Self Employed
Registered Sale Deed/ Conveyance/ Lease Deed
Past Sale Deeds Chain (each transaction in respect of this property since first allotment)
Latest House Tax Return/ Receipt
Approved Building Plan from Municipal Corporation Case To Case

FAQs on Mortgage Loan Calculator

What types of property can be accepted as security for getting loan against property?
  • Residential property and commercial property are the most eligible securities for loan against property.
  • Some banks also lend against industrial property in some areas.
  • Banks can lend against self occupied property, rented out property and even vacant property. However, interest rates on loan against vacant property may be higher than those on self occupied property.
  • Most banks would insist upon a clear and marketable title with full property chain.
  • Property offered as security must be located within municipal limits and must have been constructed as per the approved map plan.
  • No other bank or individual should have any claim on the property.
What types of property are not eligible as security for loan against property?
  • Banks do not give loans against agricultural land. Only crop loans can be availed against agricultural land.
  • Vacant or unused land is not eligible to be offered as a security for availing loan.
  • Buildings and property located in gram panchayat areas, lal dora areas and unauthorized areas are not accepted as security by most banks.
  • Property bought on power of attorney (PoA) cannot be offered as security for loans in most parts of India.
  • Property with broken chain in the title documents is typically not accepted.
  • Very small properties (less than 600 sq ft in size) are mostly not eligible as security.
How do banks value the property when deciding eligibility for loan against it?
  • An independent valuer appointed by the bank would visit the property, take its measurements and check whether the construction is as per the approved map plan or not.
  • The valuers would base the value on current prevalent property prices in the locality, area of the property in square meters or square feet, age of the property and its condition.
  • Note that the value is not related to the circle rate or ready reckoner rates as these may not always be in line with the market rates.
  • For higher ticket size loans (Rs. 1 cr and above), banks may get valuation reports from two independent valuers and take an average of the two to arrive at value for the purpose of calculating maximum loan eligibility based on LTV.
Why does loan against property eligibility depend upon income?
  • Loan servicing capability refers to the EMI you are capable of paying after meeting living expenses based on your standard of living.
  • The maximum EMI is limited to the surplus available after meeting essential and lifestyle expenses like those on food, travel, entertainment, family, clothing, medical treatment and similar such expenses.
  • For the purpose of determining loan eligibility, most banks consider maximum EMI paying capacity as 60% to 70% of the net monthly income after taxes and deductions.
How does eligibility calculator calculate eligibility in case of businessmen?
  • Income of business concerns such as companies, partnerships and proprietorships is taken as eligible income. We can also add non cash expenses such as depreciation to arrive at eligible income and increase loan amount eligibility.
  • To be eligible, the business must be registered and at least three years of income tax returns must be available.
  • It is possible to add income from other sources like rent and interest to help increase eligibility.
What are the various types of income that can be added to calculate loan against property eligibility?
  • Any regular income that is supported by documents is eligible to be considered for the purpose of determining eligibility using the loan against property calculator.
  • Examples include income from salary, business, profession, interest, teaching, royalty, rent and fees. In some cases bonuses and sales incentives may also be added to income. However, reimbursements, income from shares, capital gains and undocumented income cannot be considered.
  • The income must be supported by income tax return and Form16 or Form 16A.
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*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.