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Loan Against Property Interest Rates - SBI, HDFC, ICICI, Axis, Indiabulls, PNB, All Banks

Last Updated 28th Jul 2017

Loan Against Property Interest Rates in India

  • Compare and get lowest loan against property interest rate @ 8.50%*
  • Best loan offers available for both salaried and self employed individuals
  • Avail maximum loan upto 75% of current market value of property as loan
  • Apply for loan against property online and avail attractive cashback upto Rs. 5,000
  • Maximum loan tenure ranges for a longer period of 18 years along with overdraft facility
  • Check your loan eligibility at Loan Against Property Eligibility Calculator
  • Get the option of Nil prepayment charges on floating rate loan for individuals
Apply Loan Against Property @ 8.50%*
Rs.
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Loan Against PropertyInterest Rates Comparison, Lowest EMI Jul 2017, Best rates

Bank Loan Against Property Interest Rates* Lowest EMI per lakh for Max Tenure
SBI (3.3/5.0) 1 Users 9.85% - 10.80%
Floating rate linked to 1 Year MCLR - 9.15%
Rs. 867 for 30 Years
Processing Fee: 1.00%
Max Rs. 50,000
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HDFC (4.1/5.0) 2 Users 10.00% - 12.00%
Floating rate linked to PLR - 8.70%
Rs. 878 for 30 Years
Processing Fee: 1.25%
Max Rs. 10,000
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ICICI Bank (3.3/5.0) 9 Users 10.25%
Floating rate linked to 1 Year MCLR - 9.15%
Rs. 896 for 30 Years
Processing Fee: 0.50%
Min Rs. 5,000 - Max Rs. 10,000
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Axis Bank (4/5.0) 1 Users 9.75%
Floating rate linked to 6 Month MCLR - 9.30%
Rs. 859 for 30 Years
Processing Fee: 0.25%
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Citibank (3.6/5.0) 9 Users %
Floating rate linked to 3 Month MCLR - 9.00%
for 25 Years
Processing Fee: 0.25%
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PNB Housing Finance (3.4/5.0) 4 Users 9.75% - 10.00%
Floating rate linked to PLR - 8.70%
Rs. 859 for 30 Years
Processing Fee: 2.00%
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Standard Chartered Bank (3.8/5.0) 1 Users 9.50% - 9.80%
Floating rate linked to 3 Month MCLR - 9.35%
Rs. 932 for 20 Years
Processing Fee: 1.00%
Min Rs. 10,000
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DBS Bank 9.50% - 9.70%
Floating rate linked to 3 Month MCLR - 9.05%
Rs. 932 for 20 Years
Processing Fee: 0.50%
Max Rs. 10,000
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HSBC Bank 10.10%
Floating rate linked to 1 Year MCLR - 8.40%
Rs. 916 for 25 Years
Processing Fee: 1.00%
Min Rs. 10,000
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DHFL (3.3/5.0) 1 Users 12.00%
Floating rate linked to PLR - 8.70%
Rs. 1,029 for 30 Years
Processing Fee: 2.00%
Min Rs. 15,000
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Dena Bank (3/5.0) 1 Users 10.25%
Floating rate linked to 1 Year MCLR - 9.60%
Rs. 926 for 25 Years
Processing Fee: 1.00%
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SBBJ (2.8/5.0) 1 Users 11.65%
Floating rate linked to 1 Year MCLR - 9.55%
Rs. 1,415 for 10 Years
Processing Fee: 1.15%
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City Union Bank 14.75% - 16.25%
Floating rate linked to 6 Month MCLR - 9.90%
Rs. 1,383 for 15 Years
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United Bank of India 11.30%
Floating rate linked to 1 Year MCLR - 9.45%
Rs. 975 for 30 Years
Processing Fee: 1.00%
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Bank of India 10.50%
Floating rate linked to 1 Year MCLR - 9.40%
Rs. 915 for 30 Years
Processing Fee: 1.00%
Min Rs. 5,000 - Max Rs. 50,000
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Tamilnad Mercantile Bank (2.3/5.0) 1 Users 16.05%
Floating rate linked to 1 Year MCLR - 10.30%
Rs. 1,349 for 30 Years
Processing Fee: 1.00%
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Indiabulls 10.50% - 12.00%
Floating rate linked to PLR - 8.70%
Rs. 915 for 30 Years
Processing Fee: 1.00%
Min Rs. 5,000
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State Bank of Patiala 14.20%
Floating rate linked to 1 Year MCLR - 9.65%
Rs. 1,201 for 30 Years
Processing Fee: 2.02%
Max Rs. 50,933
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RBL Bank 12.80% - 13.05%
Floating rate linked to 1 Year MCLR - 10.60%
Rs. 1,113 for 25 Years
Processing Fee: 1.25%
Min Rs. 7,500
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Lakshmi Vilas Bank 12.00%
Floating rate linked to 1 Year MCLR - 10.30%
Rs. 1,101 for 20 Years
Processing Fee: 1.20%
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HDFC Bank 10.75% - 12.25%
Floating rate linked to 1 Year MCLR - 9.20%
Rs. 1,449 for 9 Years
Processing Fee: 1.00%
Min Rs. 7,500
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Karnataka Bank 13.20%
Floating rate linked to 1 Year MCLR - 9.20%
Rs. 1,122 for 30 Years
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Indian Bank 13.80%
Floating rate linked to 1 Year MCLR - 9.45%
Rs. 1,229 for 20 Years
Processing Fee: 1.17%
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Federal Bank 11.65% - 14.90%
Floating rate linked to 1 Year MCLR - 9.54%
Rs. 1,002 for 30 Years
Processing Fee: 0.50%
Min Rs. 3,000 - Max Rs. 7,500
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Dhan Laxmi Bank 11.88% - 14.35%
Floating rate linked to 1 Year MCLR - 10.45%
Rs. 1,093 for 20 Years
Processing Fee: 1.50%
Min Rs. 10,000
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Nainital Bank 14.75%
Floating rate linked to 1 Year MCLR - 9.30%
Rs. 1,598 for 10 Years
Processing Fee: 0.50%
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IndusInd Bank (2.6/5.0) 2 Users 10.25% - 14.00%
Floating rate linked to 1 Year MCLR - 10.00%
Rs. 1,090 for 15 Years
Processing Fee: 2.00%
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Central Bank of India 11.00%
Floating rate linked to 1 Year MCLR - 9.60%
Rs. 952 for 30 Years
Processing Fee: 0.50%
Max Rs. 20,000
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Union Bank of India 12.20%
Floating rate linked to 1 Year MCLR - 9.50%
Rs. 1,044 for 30 Years
Processing Fee: 0.50%
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Andhra Bank 12.40% - 12.85%
Floating rate linked to 1 Year MCLR - 9.60%
Rs. 1,060 for 30 Years
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Syndicate Bank 11.50%
Floating rate linked to 1 Year MCLR - 9.65%
Rs. 990 for 30 Years
Processing Fee: 0.50%
Min Rs. 500
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State Bank of Mysore 11.75%
Floating rate linked to 1 Year MCLR - 9.50%
Rs. 1,009 for 30 Years
Processing Fee: 1.25%
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PNB 10.10% - 14.35%
Floating rate linked to 1 Year MCLR - 9.40%
Rs. 885 for 30 Years
Processing Fee: 0.90%
Max Rs. 45,000
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Punjab and Sind Bank 11.00%
Floating rate linked to 1 Year MCLR - 9.65%
Rs. 952 for 30 Years
Processing Fee: 1.00%
Min Rs. 2,000 - Max Rs. 50,000
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Kotak Bank (2.7/5.0) 4 Users 10.00% - 14.00%
Floating rate linked to 1 Year MCLR - 9.65%
Rs. 965 for 20 Years
Processing Fee: 1.00%
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Jammu And Kashmir Bank 12.20%
Floating rate linked to 1 Year MCLR - 9.45%
Rs. 1,213 for 15 Years
Processing Fee: 0.20%
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IDBI Bank (3.5/5.0) 1 Users 9.90% - 10.40%
Floating rate linked to 6 Month MCLR - 9.40%
Rs. 870 for 30 Years
Processing Fee: 1.00%
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Edelweiss 12.00% - 12.75%
Floating rate linked to PLR - 8.70%
Rs. 1,053 for 25 Years
Processing Fee: 1.00%
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Development Credit Bank 10.50% - 15.00%
Floating rate linked to 1 Year MCLR - 10.52%
Rs. 998 for 20 Years
Processing Fee: 1.00%
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Corporation Bank 11.20% - 13.20%
Floating rate linked to 1 Year MCLR - 9.55%
Rs. 967 for 30 Years
Processing Fee: 1.00%
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State Bank of Hyderabad 12.20%
Floating rate linked to 1 Year MCLR - 9.65%
Rs. 1,446 for 10 Years
Processing Fee: 1.10%
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Vijaya Bank 11.90%
Floating rate linked to 1 Year MCLR - 9.45%
Rs. 1,021 for 30 Years
Processing Fee: 0.55%
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Canara Bank (2.5/5.0) 1 Users 11.45%
Floating rate linked to 1 Year MCLR - 9.45%
Rs. 986 for 30 Years
Processing Fee: 1.00%
Min Rs. 5,000 - Max Rs. 50,000
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UCO Bank (2.8/5.0) 1 Users 10.75% - 11.75%
Floating rate linked to 1 Year MCLR - 9.55%
Rs. 933 for 30 Years
Processing Fee: 1.00%
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Allahabad Bank 14.10%
Floating rate linked to 1 Year MCLR - 9.60%
Rs. 1,251 for 20 Years
Processing Fee: 1.22%
Min Rs. 3,057 - Max Rs. 91,715
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State Bank of Travancore 11.95%
Floating rate linked to 1 Year MCLR - 9.85%
Rs. 1,025 for 30 Years
Processing Fee: 1.00%
Max Rs. 50,000
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South Indian Bank 13.60%
Floating rate linked to 1 Year MCLR - 10.00%
Rs. 1,153 for 30 Years
Processing Fee: 0.50%
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OBC 10.70%
Floating rate linked to 1 Year MCLR - 9.60%
Rs. 959 for 25 Years
Processing Fee: 0.50%
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Karur Vysya Bank (3.8/5.0) 1 Users 11.50%
Floating rate linked to 1 Year MCLR - 10.05%
Rs. 1,016 for 25 Years
Processing Fee: 0.50%
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Indian Overseas Bank 12.15%
Floating rate linked to 1 Year MCLR - 9.70%
Rs. 1,040 for 30 Years
Processing Fee: 0.62%
Min Rs. 890 - Max Rs. 8,900
Explore More Apply Now

Loan Against Property

Compare Loan Against Property Rates

  • Loan Against Property processing fees – Most banks charges minimum processing fees of Rs. 10,000 to upto 2% on property loan. To get lowest fee, comparison of Loan Against Property rates, offers and cashback applying online through MyLoanCare.
  • Loan Against Property prepayment and foreclosure – Nobody wants to keep paying interest on a loan when you have surplus money available to repay it. When you want to repay your loan partially before time, it is called part prepayment. In case you decide to pay the entire loan amount before time, it is called foreclosure. Banks typically levy prepayment or foreclosure charges in such situations and these can range from nil to eve upto 5%. So, check carefully if the low rate of interest you are getting comes with high prepayment or foreclosure charges. Note that some Loan Against Property cannot be repaid before time.

Lowest Loan Against Property Rates Online

How to get and apply online?
  • Offer based on loan amount – You may be surprised to know that in some cases rate of interest on say, a Rs. 15 lakh loan, may be lower than that on a Rs. 14 lakh Loan Against Property. This is due to different pricing grids of banks and discounts for higher loan amounts that are offered from time to time.
  • Discount for tenures – Banks may offer lower rates on Loan Against Property for certain tenure and it may be useful to check these carefully.

Best Loan Against Property

How to get best loan against property interest rates?
  • Do not fall for marketing gimmicks – It is common for loan agents and DSA’s to lure customers by quoting a lower rate of interest knowing very well that the final rate will be higher. Always check with authorized representatives and get the rates in writing before giving your documents for processing.
  • Do not apply with multiple banks – Remember that every mortgage loan application is recorded in your CIBIL report. Too many loan applications at the same time can hurt your chances of getting a loan and even lead to an increase in rate of interest. Multiple applications signal desperation to get loan on the part of the customer.
  • Your salary bank may not offer the cheapest loan – In case you are salaried and you may have got “pre-approved Loan Against Property” offer from your bank by email. Typically these may not be the lowest interest rate offers in the market. Always check and compare offers of all leading banks online before applying.
  • Do not apply for loan amount more than what you are eligible for – Use online loan against property eligibility calculator to estimate how much loan amount you are likely to be eligible for. Apply for a loan amount that is either less than or upto that to get the best rate of interest. Applying for an amount higher than your eligibility may lead to rejection of your loan application.

Loan Against Property apply online

Documents for Loan Against Property Application
  • Signed Application Form
  • Identity Proof (PAN) of Borrower and Co-borrower(s)
  • Residential Address Proof of Borrower and Co-borrower(s)
  • Last 3 Years Form 16
  • Latest 6 months salary slip for salaried
  • Last 6 months bank statement
  • Last 3 years ITR

Typically Accepted Proofs

Individuals Firms, Partnerships
Identity Proof PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card
Certificate and Proof of Business Existence PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI
Address Proof Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter
Age Proof PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate

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

Additional Documents for Loan Takeover / Transfer

Salaried Self Employed
Loan statement (loan track) and list of property documents (LOD) in possession of existing lender
Last 12 months' statement of bank account from which loan EMI is paid

Loan Against Property Interest rates in India

Frequently Asked Questions

What purpose can one use loan against property funds for?
  • To fund business and working capital needs of individuals, partnerships, private companies and SME's
  • To purchase new property by pledging existing property
  • As lower cost alternative to personal use and uses such as marriages, education, vacation, home renovation, medical emergency
What are the benefits of availing LAP instead of other loans?
  • As loan against property is secured against property, banks offer lower rate of interest compared to unsecured business loans or personal loans
  • Loan tenure can be upto 18 years leading to lower EMI compared to unsecured loans where loan tenure can only be upto 5 years
  • No additional collateral or guarantee is required
  • Loan can be taken in name of company/ firm even if the property is owned in individual name of partners/ directors
Is prepayment penalty or foreclosure charge payable on loan against property from banks/ NBFC/ Housing Finance Company (HFC)?

You can now prepay property loans without any penalty or charges if:

  • Your loan is at a floating rate of interest and not a fixed rate
  • The loan is in the name of one or more individual borrowers and not corporate or business entities (such as a firm, partnership, AOP, company)

For loans from banks and NBFC's, refer to RBI circulars RBI/2013-14/ 582/ DBOD. Dir.BC.No. 110 /13.03.00/2013-14 dated May 7, 2014 and RBI/2014-15/121/ DNBS(PD).CC.No.399/03.10.42 /2014-15 dated July 14, 2014.
For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014.
For more details, contact MyLoanCare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

Why MyLoanCare???

Nowadays, banks give various offers on Loan Against Property to give the best rates to individuals. To get Loan Against Property with lowest interest rate and lowest EMI, compare new rates and offers of all banks at MyLoanCare. You can do rates comparison, check your eligibility, apply online and get the cheapest rate on Loan Against Property. MyLoanCare helps you throughout the loan process from the day you apply to the time you get complete disbursement. You can even track your loan status after getting registered with us. MyLoanCare make it easy for you to get hassle free Loan Against Property with ultimate cashback and refer and earn benefits. So, apply for Loan Against Property today and enjoy the benefits.

 Loan Against Property

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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.