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Loan Against Property

Loan Against Property Interest Rates 2021

Last Updated 30th Jul 2021

A loan against property is a secured loan that you can avail of by pledging your property as collateral. Banks fund upto 80% of the property value as a loan.

Lowest Interest Rate 7.20%
Processing Fee Upto 1% of loan amount
Loan Tenure Upto 20 years
Lowest EMI Per Lakh ₹ 787 for 20 years
Prepayment Charges Nil charges
Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback

Compare Loan Against Property Interest Rates of All Banks Jul 2021

Bank Loan Against Property Rate Processing Fee
SBI Loan Against Property Interest Rates
Compare
8.05% 0.50%
Min ₹ 2,000 - Max ₹ 50,000
HDFC Loan Against Property Interest Rates
Compare
8.75% 0.75%
ICICI Bank Loan Against Property Rates
Compare
8.60% 0.50%
Axis Bank Loan Against Property Rates
Compare
8.50% 0.75%
Citibank Loan Against Property Rates
Compare
6.90%
PNB Housing Finance
Compare
9.50% 0.75%
LIC Housing Finance
Compare
8.50% 0.75%
Max ₹ 25,000
Kotak Bank
Compare
9.50% 1.00%

As per the current rates, SBI offers the lowest loan against property interest rate of 8.05%. The loan against property rates has been dropped by 0.7%, from the earlier rate of 7.9%, with effect from 2 Feb, 2021. These rates can vary depending upon the value of the property, your occupation and repayment capacity. Higher the loan amount, higher will be the rate of interest.

Loan Against Property India

Loan against property is available for both salaried and self-employed borrowers to help them fulfil their business and personal needs by mortgaging their property. You can take a property loan against residential, commercial or industrial property. As a borrower you are required to declare the end use of the loan in its application form.

Purposes for which loan against property is a good option Purposes for which loan against property is not a good option
Business expansion Home purchase
Child education Home construction
Personal expenses such as wedding or vacation Home renovation
Medical emergency Plot purchase

Points to remember are:

  • Loans for home construction or purchase are available at a lower rate of interest under a home loan as against a loan against property.
  • Banks will take an end use undertaking on the loan against property and will also check the actual usage of the loan on a regular basis.
  • Top up loans taken on existing loans against property can be used for purposes such as business expansion, education, medical expenses etc.

Loan Against Property Features and Benefits

You can avail loan against property to fulfil personal needs such as financing your child`s education, manage wedding expenses or for business expenses including expansion of business, manage day-to-day operations etc. Some of the features and benefits of a loan against property are mentioned below:

Easily accessible

Due to the secure nature of loans, you can easily avail the loan against property at a low interest rate. It is because, in case of default, lenders can easily recover the outstanding amount by selling the mortgaged property.

Lower interest rates

Unlike other loan products such as a personal loan, the interest rates of a loan against property are lower. Loan against property interest rates typically range between 7.20% to 20.60%.

Longer tenure and lower EMI

The tenure of loan against property can go up to 15 years and up to 20 years for some selected providers. The longer tenures result in lower EMIs, minimizing the financial burden.

Tax benefits

You can also enjoy tax benefits on the interest paid for loan against property under section 37 (1) of the Income Tax Act, 1961. Furthermore, borrowers can avail of tax benefits on the paid interest, up to ₹ 2 Lakh under section 24 of the Income Tax Act, 1961, if the loaned amount is used for funding a house.

Maximum utilization of the property

Loan against property allows you to avail a huge amount of loans for upto 50% of the property value at low-interest rates. Hence, by using a property as collateral, one can ensure the maximum utilization of the property.

Loan Against Property Rate Trends of Top Banks

Bank Name Current Rate Previous Rate Rate Difference
SBI 8.05% 8.80% -0.75%
DBS Bank 8.15% 11.90% -3.75%
DCB Bank 8.25% 8.50% -0.25%
IDBI Bank 8.25% 10.20% -1.95%
Axis Bank 8.50% 10.50% -2%

Loan Against Property Eligibility

You may be eligible for property loan in India from one or more banks if you meet the following eligibility criteria:

  • Age: To avail loan against property, you should have a minimum age of 18 years and maximum upto 70 years. However, there are some banks which also give loans to individuals of 18 years and /or individuals up to 70 years of age.
  • Tenure: You can avail loan against property for a maximum tenure of 15 Years.
  • Income: Banks prefer a minimum income of ₹ 10,000 for salaried persons and ₹ 3 Lakh per annum for self employed.
  • Work Experience: For salaried applicants, the minimum work experience required is 3 years. For self employed, business existence of minimum 5 years and ITR of 3 years is required .
  • LTV: Banks typically give loans against property for a LTV of 40% and it varies based on the type of property.
  • CIBIL Score: Banks consider 650 and above credit score to be eligible for loan against property.

Loan against Property Interest Rates for Salaried and Self Employed

The rate of interest on loan against property varies based on the profession. For instance, lenders provide loans at a higher rate of interest to salaried people than self-employed or businessmen.

Salaried 7.20%
Self-Employed 15.00%

How to Get the Loan Against Property loan at Low Interest Rates?

To get the best loan against property at the lowest rate without any hassle, follow the tips as mentioned below:

  • Check loan eligibility and EMI : To avoid any chances of rejection, you should estimate your loan eligibility on various factors, including your age, net income, existing obligations, property type, LTV ratio etc. Also, calculate the monthly EMI that you can easily repay based on your current net income and financial abilities.
  • Compare Rates : To avail loan against property at the lowest rates, you must compare rates of all banks. In addition, you should also make a detailed comparison of all the additional charges with a Loan against property, including prepayment charges, processing fee, insurance premium, and other charges.
  • Type of Loan against Property Interest Rate offers : Once you have a sense of your eligibility and the property you can borrow against, you need to choose between fixed and floating rates. Fixed rates come at a slightly higher interest rate than floating-rate loans, and the interest rate remains constant during the tenure of a property loan. In floating rate loans, interest rates are reset at periodic intervals in response to changes in external benchmark rates such as the repo rate.
How to Get a Loan Against Property Online?

You can apply for a loan against property online on the respective bank website or through a marketplace like MyLoanCare. The steps to apply for loan against property with MyLoanCare are mentioned below:

  • Step 1 : Visit MyLoanCare website or download the MyLoanCare mobile app.
  • Step 2 : Fill in all the relevant details including the loan tenure, amount, monthly income among others.
  • Step 3 : Click on ‘Get Quote’.
  • Step 4 : Enter the OTP.
  • Step 5 : You will see the list of the banks where you can get a loan against property. Apply for the same.
  • Step 6 : MyLoanCare representative will contact you and will ask for all the relevant documents.
  • Step 7 : On successful completion of the verification process, the loan amount will be disbursed to your account.
Types of Loan Against Property

Regular Loan against property: This is the most common loan taken to fulfill any kind of business and personal needs which may include loans for:

  • Business expansion
  • Acquiring assets
  • For marriage or any medical emergency

Lowest interest charged on Loan against property is 7.20 %. All banks and NBFCs provide property loans for these purposes. Various banks offer loans against residential property, while only selected banks offer loans against commercial or industrial property. Financing companies are typically more open to extend loans against residential property.

Loan against property Overdraft: Overdraft facility is availed to have surplus income or fluctuating income during the year. This facility allows you to deposit the available surplus amount for any period which can be as short as a few days in your Loan against property account and reduce your interest liability. This option is highly suitable for self employed businessmen or professionals who have fluctuating funds requirements throughout the year.

Here are top 5 banks that provide overdraft facility at lowest rates:

Bank Interest Rate
Axis Bank 6.66%
SBI 6.80%
LIC Housing Finance 6.90%
IDBI Bank 6.95%
Federal Bank 7.65%

Loan against property Top Up: Top up loan is an additional loan amount that you can avail on your existing Loan against property. Top up can be taken either from the existing bank or can be availed at the time of transferring your outstanding property loan amount from one bank to another bank to avail low interest rates. The LTV cap on Loan against property is applied to calculate your eligibility on a loan amount. This means that the amount of the top up loan plus your existing loan outstanding.

Bank Interest Rate
SBI 7.90%
Axis Bank 6.66%
HDFC 7.60%
ICICI Bank 6.75%
Citibank 6.70%

Property Loan Interest Rate & Charges Applicable by Property Type

Interest rates, LTV and processing fee can differ by type of property. The following table compares the key terms of various types of property loan offered on the basis of type of property.

Type of properties and conditions Industrial Property Commercial Property Residential Property
Interest rate 8.75% - 13.75% 8.00% - 20.60% 6.90% - 20.60%
Loan to value (LTV) 50% - 80% 40% - 80% 40% - 80%
Processing fee 0.20% - 1.00% 0.20% - 2.00% 0.20% - 2.00%
FOIR 0.65 0.65 0.55 - 0.65
CIBIL 650 and more 650 and more 650 and more

Compare Loan Against Property Interest Rate and Processing Fee

  • Loan against property processing fees : Most banks charge processing fees of 0.50% - 1% of loan amount. To get the lowest fee, apply online at MyLoanCare and compare rates, offers and cashback.
  • Loan against property prepayment and foreclosure : 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 do not levy any prepayment or foreclosure charges in such situations in most cases.
  • Penalty : Banks also charge a penalty if you do not pay your EMI on time. This may vary from bank to bank.
  • Special interest rates for specified categories of borrowers : Banks launch attractive schemes with low interest rates on loans on a regular basis. Hence, always check of offers from multiple banks to get the best property loan interest. For instance, there are discounted rates for women.
  • Other Charges : You may also have to pay other charges such as EMI Bounce charges, mortgage origination fees, repayment mode change charges etc. on your loan against property.

Loan Against Property Comparison on Popular Schemes

The top loan against property schemes are mentioned below:

  • SBI Rent Plus : Rent Plus is a loan product for property owners who are expecting rental income from their property. To avail of this loan, you can have a residential or commercial property that you have rented out or will rent out to banks, MNC etc. and must be located in urban/semi-urban/metro/rural areas. You can avail of a Rent plus loan for a maximum tenure of 10 years.
  • PNB Housing Finance Lease Rental Discounting : It is a term loan that you can avail of against your rent receipts obtained from leased contracts for loan tenures of up to 9 years, subject to balance lease term. The Loan is available only for rented commercial property for a maximum LTV of 60%.
  • Citibank T-Bill Loan against Property Scheme : Under this scheme, the loan against property rates are revised as per changes in an external benchmark rate and not dependent on the internal benchmark rate of the bank. The rates are revised as per the change in T-Bill rates on the date of reset, without any delay. Treasury Bill or T Bill is a short term debt issuance from the Government of India for a tenure upto 1 year.
  • ICICI Loan against Property : ICICI Bank provides special loan against property offers for salaried and self employed professional such as doctors and CAs. You can avail of the maximum loan amount of up to 70% of the property value for a maximum value of ₹ 50 Cr.

Based on their rate, the comparison of various loan against property schemes is mentioned below:

Scheme Name Interest Rate
State Bank Rent Plus 8.80%
Loan Against Lease Rental Discounting 9.50%
Citibank T- Bill Loan Against Property Scheme 6.90%
Loan Against Property for Personal Use 8.60%

Loan Against Property Details

  • Interest Rate on loan against property ranges from 7.20 % to 20.60%.
  • Lowest EMI per lakh on loan against property works out to be ₹ 999, as calculated on the lowest rate and longest loan tenure.
  • You can avail loan against property if you are salaried working with the government, private sector or MNCs or a self-employed professional such as a doctor, CA etc.
  • Loan amount can range from ₹ 50,000 to ₹ 10,00,00,000
  • You can avail loan against property for a tenure of 1 year and go up to 20 years.
  • provides the lowest rate on loan against property. It charges a processing fee of on the loan.
Documents Required for Loan Against Property

Documents required for Loan Against Property are listed as follows:

Documents Required Individuals Firms, Partnerships
Application form Signed Application Form Signed Application Form
Identity Proof PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card 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 (not more than 3 months old) 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 PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate
Income Proofs Form 16, Latest 6 months salary slip for salaried, Last 6 months bank statement, Last 2 years ITR Last 6 months bank statement, Last 2 years ITR
RBI Monetary Policy Highlights

From 1st October 2019, loan against property has been linked to external benchmarking which is based on repo rate. Most of the banks have already linked their loan against property to Repo linked Lending Rate i.e. RLLR.

RBI has also brought NBFC’s under the purview of the RBI’s Banking Ombudsman scheme. This will help speedy resolution of disputes between customers and NBFC’s and give a window to the customers to submit their grievances.

FAQs

Which bank is best for loan against property?

SBI is the best bank for taking a loan against property based on its current loan against property rates as the bank offers a low interest rate of 8.05%. Best Banks for taking loans against property based on processing fees Jammu And Kashmir Bank that charges the lowest processing fees of 0.20% of loan amount. Federal Bank caps the processing fees to a maximum of ₹ 7,500 irrespective of the loan amount.

How can I apply for loan against property?

You can apply for a loan in several ways. You can directly visit the bank branch and meet the sales person, contact a loan agent or apply online at any bank or NBFC’s website. You can also check and compare the best against property interest rates for all banks online at MyLoanCare and apply for a loan.

Did Loan against Property Rates drop?

Yes, the lowest loan against property interest rate has been cut by 0.7% with effect from 2 Feb, 2021. SBI offers the lowest rate of 7.20% on loan against property. Previously, provided the best rates on loan against property starting at 7.9%.

What is the difference between home loan and Loan Against Property?

Home LoanLoan against Property
A home loan is availed to buy or construct a new residential property. There are no end restrictions of usage of loan against property.
The property you want to buy is transferred to the bank as collateral as and when they provide you with the loan. In case of a loan against property, you submit your already owned property as collateral, and it can be either a residential property, commercial, land or industrial property.
The lowest interest rate on home loan is 6.65% The lowest rate on loan against property is 7.20 %.

What is the minimum and maximum tenure of loan against property?

These are generally taken for a longer period of time. The loan tenure for loan against property ranges from 1 year to 20 years, depending upon your eligibility, loan requirement and upon the bank’s terms and conditions.

What are the charges for Loan against property?

In addition to LAP interest rates, banks charge the following fees on loan against property:

  • Processing fee: The processing fee can range between 0.50% -1% of the loan amount and can be negotiated down, if you bargain.
  • Foreclosure fee: This fee is charged when you decide to close your loan before the completion of loan tenure. Banks charge nil prepayment penalty on individuals having floating rate loans. You also need to read the terms and conditions of your loan agreement carefully to check on the prepayment clause and ensure that it is not too strict compared to market benchmarks.
  • Other Charges: Banks charge legal and technical fees from the borrower which are explained at the time of loan processing.

How to get loan against property without income proof?

To get a loan against property without income proof, you can consider using any of the following ways:

  • You can add a co-applicant who has a good credit history and proper income documents.
  • You can explain your income to the bank representative in detail if you do not have an ITR form. The bank statement can prove to be a useful tool in this regard.
  • Justify your reason for not filing ITR with a genuine reason, and also consult a tax consultant. 
  • If you are continuously practicing good banking habits, then it can prove to be in your advantage.
  • You can also choose to accept a lower loan to value and avail the loan instead of getting your loan application rejected.

How do I calculate the interest rate on my Loan against property taken some time back? Has it gone up or down in case of floating rate loans?

In case of floating rate loans:

  • Most fixed rate loans would offer fixed interest rates for a period ranging from 1 year to 10 years. Fixed rate loan tenure is lesser than the maximum tenure of the loan. From your sanction letter and loan agreement, check the period for which the interest on your loan is to remain fixed. If your loan is still in the fixed rate period, your current rate of interest is same as what it was originally taken at
  • In case your loan has converted to floating rate, the loan agreement would specify the formula for the same. The formula may be either MCLR/RLLR rate plus a given spread (in case of banks) or PLR minus spread (in case of NBFC). For MCLR or RLLR rate plus spread loan, just read the spread mentioned in the loan agreement and add it to the current MCLR or RLLR/EBR rate of the respective bank. For PLR minus spread loan, check the negative spread mentioned in the loan agreement and subtract it from the PLR of the respective bank or NBFC. You can find the current MCLR rate or PLR of your bank or NBFC at Current MCLR Base Rate and PLR.

What are the property documents required by Banks?

You will need to submit copies of the following property documents

  • Past title chain – Conveyance deed, sales deed, allotment letter, possession letter
  • Copy of approved plan for construction/ extension
  • Latest property tax receipt
  • Receipt of advance payment towards purchase of property in case of resale or booking with builder

Can I apply for loan against property jointly with my spouse?

Yes, you can apply jointly with an earning co-applicant (either be your spouse or your parents). Adding a co-applicant can increase your eligibility and you can also avail for a higher amount of loan as your co-applicant’s income also gets added to your income and that total is taken into consideration for calculating the loan amount you will be eligible for.

Does it affect my co-applicant if I default in loan against property ?

Yes, if you fail to pay the loan on time then it will also affect your co-applicant as default in loan will affect his/her CIBIL rating as well. Both co-applicants are accountable for repayment of the loan against property EMI.

Can I take top up on my existing Loan against property?

Yes, you can avail top up on an existing LAP only if you have made timely repayment of EMIs accrued on existing Loan against land. The interest rate charges on top up loans are 0.25 – 1% higher than a property loan and can be availed with minimal documentation

Why is a Loan against property top-up loan a better alternative compared to other loans?

Taking a top up loan on existing Loan against property has the following benefits:-

  • Lower interest: Interest charged on top up loan is comparatively lesser than the interest charged on a personal loan.
  • Lower EMI: As tenure is higher and interest rate is lower on LAP loan compared to personal loan, the EMI for top up Loan against property is lower than that on a personal loan.
  • Higher loan tenure: In case of a top up loan you will get the loan tenure equal to tenure outstanding on your existing loan.
  • Prepayment penalty: No prepayment penalty is applicable on top up loans.

What is the difference between Personal loan and Loan Against Property?

A personal loan is an unsecured loan, while a loan against property is a secured loan. To avail of a personal loan, you are not required to submit any collateral, which is why it’s interest rate is comparatively high. Whereas you need to submit any property of yours as collateral to avail loan against property, and its interest rate is comparatively lower than an unsecured loan.

Is it safe to take a loan against property?

Availing a loan against property is a cheaper option than a personal loan. Unlike a home loan, you can avail loan against property for multiple personal or business use. It is safe to avail a loan against property if you are sure that you can repay the loan without any default.

Is CIBIL Score for LAP important?

CIBIL score is also one of the important factors to get the loan. Good CIBIL score indicates a strong repayment record and hence, banks can offer you higher loan amount at lowest mortgage loan interest rates. Bad CIBIL Score could mean higher chances of rejection of your loan or getting a loan with high interest rates. So, it is important to make all your payments on time and maintain a good CIBIL score to get the best Loan against property rates.

Compare Loan Against Property Offers for Different Cities in India

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 8448389600 or care@myloancare.in in case you need any assistance or clarification on this subject.


Loan Against Property Reviews 4.3/5  by 184 customers
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Saikrishna, Hyderabad
Reviewed on 24th Jun 2021
5 / 5 stars
Bajaj Home Finance Loan Against Property Availed in Jun 2021

Good service nice and speedy delivery by Bajaj Housing Finance limited.Read more...

Amit, Gurgaon
Reviewed on 20th Jun 2021
5 / 5 stars
Axis Bank Loan Against Property Availed in Jun 2021

Ver Good Service by MyLoanCare and Axis Bank both. Both of them kept me posted and informed.Read more...

Sandeep, Pune
Reviewed on 13th Apr 2021
4.5 / 5 stars
Axis Bank Loan Against Property Availed in Mar 2021

Fantastic service. Thanks for service.
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Jayanthi, Bangalore
Reviewed on 05th Apr 2021
5 / 5 stars
HDFC Bank Loan Against Property Availed in Mar 2021

Very happy with the friendly and efficient services.Read more...

Mukesh, Thane
Reviewed on 05th Apr 2021
4 / 5 stars
Bajaj Finserv Loan Against Property Availed in Mar 2021

Great service as the follow-up was done on a regular basis which kept me not losing interest in the Read more...

Puram, Hyderabad
Reviewed on 23rd Mar 2021
4 / 5 stars
ICICI Bank Loan Against Property Availed in Jan 2021

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Reviewed on 04th Mar 2021
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Bajaj Finserv Loan Against Property Availed in Mar 2021

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Loan Against Property News - Jul 2021
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    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
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  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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