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

Loan Against Property Interest Rates in India

Last Updated 17th Jan 2017
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  • Best offer for Salaried and Self Employed - Compare and get lowest interest rates @ 9.85%* from banks
  • Get upto 75% of current market value of property as loan
  • Apply loan against property online on residential or commercial property
  • Maximum loan tenure upto 18 years, overdraft available
Apply Loan Against Property Online @9.85%*
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Loan Against Property Interest Rates Comparison, Lowest EMI Jan 2017, Best rates

Bank Loan Against Property Interest Rates* Lowest EMI per lakh for Max Tenure
Allahabad Bank 14.10% - 14.10%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 10th Jan 17
Rs. 1,639 for 9 Years Explore More
Andhra Bank 12.40% - 12.85%
Floating rate linked to 1 Year MCLR - 8.65%
Last updated 03rd Jan 17
Rs. 1,458 for 10 Years Explore More
Axis Bank 10.75% - 10.75%
Floating rate linked to 6 Month MCLR - 8.85%
Last updated 17th Dec 16
Rs. 1,121 for 15 Years Explore More
Bank of India 10.50% - 10.50%
Floating rate linked to 1 Year MCLR - 8.50%
Last updated 07th Jan 17
Rs. 1,224 for 12 Years Explore More
Canara Bank 11.45% - 11.45%
Floating rate linked to 1 Year MCLR - 8.45%
Last updated 07th Jan 17
Rs. 1,736 for 7 Years Explore More
Central Bank of India 12.20% - 12.20%
Floating rate linked to 1 Year MCLR - 8.50%
Last updated 01st Jan 17
Rs. 1,446 for 10 Years Explore More
Citibank 10.00% - 10.75%
Floating rate linked to 3 Month MCLR - 8.10%
Last updated 07th Jan 17
Rs. 1,075 for 15 Years Explore More
City Union Bank 14.75% - 16.25%
Floating rate linked to 6 Month MCLR - 9.65%
Last updated 05th Sep 16
Rs. 2,366 for 5 Years Explore More
Corporation Bank 11.20% - 13.20%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 02nd Jan 17
Rs. 1,389 for 10 Years Explore More
DBS Bank 9.50% - 9.70%
Floating rate linked to 1 Year MCLR - 8.35%
Last updated 07th Jan 17
Rs. 1,294 for 10 Years Explore More
Dena Bank 11.00% - 11.00%
Floating rate linked to 1 Year MCLR - 8.55%
Last updated 01st Jan 17
Rs. 1,712 for 7 Years Explore More
Development Credit Bank 10.50% - 15.00%
Floating rate linked to 1 Year MCLR - 10.48%
Last updated 26th Dec 16
Rs. 1,105 for 15 Years Explore More
Dhan Laxmi Bank 11.88% - 14.35%
Floating rate linked to 1 Year MCLR - 10.10%
Last updated 07th Jan 17
Rs. 1,192 for 15 Years Explore More
DHFL 13.75% - 13.75%
Floating rate linked to PLR - 18.30%
Last updated 08th Oct 15
Rs. 1,315 for 15 Years Explore More
Edelweiss 12.00% - 12.75%
Floating rate linked to PLR - 17.50%
Last updated 30th Nov 15
Rs. 1,200 for 15 Years Explore More
Federal Bank 11.65% - 14.90%
Floating rate linked to 1 Year MCLR - 8.95%
Last updated 16th Jan 17
Rs. 1,415 for 10 Years Explore More
HDFC 10.00% - 12.00%
Floating rate linked to PLR - 16.30%
Last updated 05th Oct 15
Rs. 1,075 for 15 Years Explore More
HDFC Bank 10.75% - 12.25%
Floating rate linked to 1 Year MCLR - 8.15%
Last updated 07th Jan 17
Rs. 1,449 for 9 Years Explore More
HSBC Bank 10.50% - 10.50%
Floating rate linked to 1 Year MCLR - 8.10%
Last updated 01st Jan 17
Rs. 1,105 for 15 Years Explore More
ICICI Bank 10.25% - 10.25%
Floating rate linked to 1 Year MCLR - 8.20%
Last updated 03rd Jan 17
Rs. 1,090 for 15 Years Explore More
IDBI Bank 10.70% - 10.70%
Floating rate linked to 1 Year MCLR - 9.15%
Last updated 01st Jan 17
Rs. 1,118 for 15 Years Explore More
Indian Bank 13.80% - 13.80%
Floating rate linked to 1 Year MCLR - 9.35%
Last updated 07th Oct 16
Rs. 1,863 for 7 Years Explore More
Indian Overseas Bank 12.75% - 12.75%
Floating rate linked to 1 Year MCLR - 8.65%
Last updated 07th Jan 17
Rs. 1,806 for 7 Years Explore More
IndusInd Bank 10.75% - 14.00%
Floating rate linked to 1 Year MCLR - 9.10%
Last updated 17th Jan 17
Rs. 1,121 for 15 Years Explore More
Jammu And Kashmir Bank 12.35% - 12.85%
Floating rate linked to 1 Year MCLR - 9.35%
Last updated 10th Oct 16
Rs. 1,784 for 7 Years Explore More
Karnataka Bank 13.20% - 13.20%
Floating rate linked to 1 Year MCLR - 9.15%
Last updated 01st Oct 16
Rs. 1,278 for 15 Years Explore More
Karur Vysya Bank 12.75% - 12.75%
Floating rate linked to 1 Year MCLR - 9.60%
Last updated 07th Jan 17
Rs. 1,561 for 9 Years Explore More
Kotak Bank 10.50% - 14.00%
Floating rate linked to 1 Year MCLR - 9.00%
Last updated 01st Jan 17
Rs. 1,224 for 12 Years Explore More
Lakshmi Vilas Bank 12.50% - 12.50%
Floating rate linked to 1 Year MCLR - 10.15%
Last updated 01st Jan 17
Rs. 1,464 for 10 Years Explore More
Nainital Bank 14.75% - 14.75%
Floating rate linked to 1 Year MCLR - 9.00%
Last updated 07th Oct 16
Rs. 1,598 for 10 Years Explore More
OBC 11.65% - 11.65%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 03rd Jan 17
Rs. 1,415 for 10 Years Explore More
PNB 10.90% - 15.15%
Floating rate linked to 1 Year MCLR - 8.45%
Last updated 01st Jan 17
Rs. 1,372 for 10 Years Explore More
PNB Housing Finance 10.50% - 11.00%
Floating rate linked to PLR - 14.35%
Last updated 27th Apr 15
Rs. 1,105 for 15 Years Explore More
Punjab and Sind Bank 11.80% - 11.80%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 04th Jan 17
Rs. 1,301 for 12 Years Explore More
Ratnakar Bank 12.75% - 13.00%
Floating rate linked to 1 Year MCLR - 9.85%
Last updated 22nd Dec 16
Rs. 1,249 for 15 Years Explore More
SBBJ 11.65% - 11.65%
Floating rate linked to 1 Year MCLR - 9.15%
Last updated 01st Jan 17
Rs. 1,415 for 10 Years Explore More
SBI 9.85% - 10.80%
Floating rate linked to 1 Year MCLR - 8.00%
Last updated 01st Jan 17
Rs. 1,065 for 15 Years Explore More
South Indian Bank 13.60% - 13.60%
Floating rate linked to 1 Year MCLR - 9.80%
Last updated 01st Jan 17
Rs. 1,412 for 12 Years Explore More
Standard Chartered Bank 9.50% - 9.80%
Floating rate linked to 6 Month MCLR - 9.05%
Last updated 08th Jan 17
Rs. 1,044 for 15 Years Explore More
State Bank of Hyderabad 12.60% - 12.60%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 13th Jan 17
Rs. 1,470 for 10 Years Explore More
State Bank of Mysore 12.55% - 12.55%
Floating rate linked to 1 Year MCLR - 9.20%
Last updated 01st Jan 17
Rs. 1,795 for 7 Years Explore More
State Bank of Patiala 14.20% - 14.20%
Floating rate linked to 1 Year MCLR - 8.30%
Last updated 15th Jan 17
Rs. 2,337 for 5 Years Explore More
State Bank of Travancore 11.95% - 11.95%
Floating rate linked to 1 Year MCLR - 9.20%
Last updated 02nd Jan 17
Rs. 1,432 for 10 Years Explore More
Syndicate Bank 12.20% - 12.20%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 10th Jan 17
Rs. 1,446 for 10 Years Explore More
Tamilnad Mercantile Bank 16.05% - 16.05%
Floating rate linked to 1 Year MCLR - 9.35%
Last updated 01st Jan 17
Rs. 2,434 for 5 Years Explore More
UCO Bank 11.45% - 12.45%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 10th Jan 17
Rs. 1,280 for 12 Years Explore More
Union Bank of India 12.20% - 12.20%
Floating rate linked to 1 Year MCLR - 8.65%
Last updated 01st Jan 17
Rs. 1,326 for 12 Years Explore More
United Bank of India 11.30% - 11.30%
Floating rate linked to 1 Year MCLR - 8.80%
Last updated 06th Jan 17
Rs. 1,728 for 7 Years Explore More
Vijaya Bank 12.15% - 12.15%
Floating rate linked to 1 Year MCLR - 8.65%
Last updated 10th Jan 17
Rs. 1,443 for 10 Years Explore More
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MyLoanCare

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 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 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 more details, contact MyLoanCare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.
Loan Against Property News - Jan 2017
17th Jan 17 LIC Housing Finance registers a 15 percent growth in its loan disbursements in third quarter of FY 17
LIC Housing Finance has reported an increase of 15 per cent in its loan disbursements at Rs. 9, 684 crore during October to December quarter of FY17 as compared to Rs. 8, 422 crore for the same quarter last year. The housing finance company has also registered a 15 per cent growth in disbursements for loan against property at Rs. 1, 35, 366 crore in the third quarter of FY17 as compared to Rs. 1, 17, 396 crore in the same quarter a year ago.
17th Jan 17 DHFL net profit increases by 38 percent in third quarter of FY 17
DHFL has registered an increase of 38 percent in its net profit at Rs 244 crore for the third quarter ending on 31st December, 2016 as compared to Rs. 185 crore in the corresponding period a year ago. The growth in profit has been contributed by a healthy growth in loan sanctions and disbursements as well as improved revenue and interest margin.
13th Jan 17 Standard Chartered Bank cuts loan against property rate by 1.25 percent
Standard Chartered Bank has reduced its interest rate on loan against property by 1.25 percent. The revised LAP rate now stands at 9.5 percent as compared to 10.75 percent earlier. The new rate is effective from 8th January, 2017.
11th Jan 17 IndusInd Bank registers a 29 percent growth in its net profit in third quarter of FY17
IndusInd Bank has registered a 29 percent increase in its net profit reported at Rs. 750 crore for October to December quarter in FY17. The bank achieved a growth of 25 percent in its retail and corporate loan book in the third quarter of FY17. The bank did not experience any significant slowdown in other retail and SME loan segments including loan against property, business and vehicle loan.
10th Jan 17 Bank of India cuts loan against property rate
Bank of India has reduced its loan against property interest rate by 60 basis points. The revised LAP rate now stands at 10.50 percent as compared to 11.10 percent earlier. The rate is effective from 7th January, 2017.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.