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

Loan Against Property Interest Rates in India

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Last Updated 24th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
  • Best offer for Salaried and Self Employed - Compare and get lowest interest rates @ 9.50%* 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 @9.50%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Loan Against Property Interest Rates Comparison, Lowest EMI Feb 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 11.00% - 11.00%
Floating rate linked to 6 Month MCLR - 8.15%
Last updated 18th Jan 17
Rs. 1,137 for 15 Years Explore More
Bank of India 10.50% - 10.50%
Floating rate linked to 1 Year MCLR - 8.50%
Last updated 07th Feb 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 Feb 17
Rs. 1,736 for 7 Years Explore More
Central Bank of India 11.00% - 11.00%
Floating rate linked to 1 Year MCLR - 8.50%
Last updated 01st Feb 17
Rs. 1,378 for 10 Years Explore More
Citibank 10.00% - 10.75%
Floating rate linked to 3 Month MCLR - 8.05%
Last updated 07th Feb 17
Rs. 1,075 for 15 Years Explore More
City Union Bank 14.75% - 16.25%
Floating rate linked to 6 Month MCLR - 9.40%
Last updated 06th Jan 17
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 01st Feb 17
Rs. 1,389 for 10 Years Explore More
DBS Bank 9.50% - 9.70%
Floating rate linked to 3 Month MCLR - 7.95%
Last updated 07th Feb 17
Rs. 1,294 for 10 Years Explore More
Dena Bank 10.25% - 10.25%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 31st Jan 17
Rs. 1,673 for 7 Years Explore More
Development Credit Bank 10.50% - 15.00%
Floating rate linked to 1 Year MCLR - 9.98%
Last updated 04th Feb 17
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 Feb 17
Rs. 1,192 for 15 Years Explore More
DHFL 12.00% - 12.00%
Floating rate linked to PLR - 18.30%
Last updated 08th Oct 15
Rs. 1,200 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 - 16.15%
Last updated 19th Jan 17
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 Feb 17
Rs. 1,449 for 9 Years Explore More
HSBC Bank 10.10% - 10.10%
Floating rate linked to 1 Year MCLR - 8.00%
Last updated 04th Feb 17
Rs. 1,081 for 15 Years Explore More
ICICI Bank 10.25% - 10.25%
Floating rate linked to 1 Year MCLR - 8.20%
Last updated 01st Feb 17
Rs. 1,090 for 15 Years Explore More
IDBI Bank 10.55% - 10.55%
Floating rate linked to 1 Year MCLR - 8.80%
Last updated 04th Feb 17
Rs. 1,109 for 15 Years Explore More
Indian Bank 13.80% - 13.80%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 07th Jan 17
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 10.25% - 14.00%
Floating rate linked to 1 Year MCLR - 9.10%
Last updated 17th Jan 17
Rs. 1,090 for 15 Years Explore More
Jammu And Kashmir Bank 12.20% - 12.20%
Floating rate linked to 1 Year MCLR - 8.70%
Last updated 14th Feb 17
Rs. 1,776 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 - 8.85%
Last updated 01st Feb 17
Rs. 1,224 for 12 Years Explore More
Lakshmi Vilas Bank 12.00% - 12.00%
Floating rate linked to 1 Year MCLR - 9.75%
Last updated 09th Feb 17
Rs. 1,435 for 10 Years Explore More
Nainital Bank 14.75% - 14.75%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 07th Jan 17
Rs. 1,598 for 10 Years Explore More
OBC 10.85% - 10.85%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 03rd Jan 17
Rs. 1,369 for 10 Years Explore More
PNB 10.90% - 15.15%
Floating rate linked to 1 Year MCLR - 8.45%
Last updated 01st Feb 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 11.00% - 11.00%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 04th Jan 17
Rs. 1,254 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 - 8.60%
Last updated 01st Feb 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 Feb 17
Rs. 1,065 for 15 Years Explore More
South Indian Bank 13.60% - 13.60%
Floating rate linked to 1 Year MCLR - 9.10%
Last updated 20th Jan 17
Rs. 1,412 for 12 Years Explore More
Standard Chartered Bank 9.50% - 9.80%
Floating rate linked to 3 Month MCLR - 8.85%
Last updated 07th Feb 17
Rs. 1,044 for 15 Years Explore More
State Bank of Hyderabad 12.20% - 12.20%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 27th Jan 17
Rs. 1,446 for 10 Years Explore More
State Bank of Mysore 11.75% - 11.75%
Floating rate linked to 1 Year MCLR - 8.65%
Last updated 02nd Feb 17
Rs. 1,752 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 - 8.55%
Last updated 01st Feb 17
Rs. 1,432 for 10 Years Explore More
Syndicate Bank 11.50% - 11.50%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 10th Jan 17
Rs. 1,406 for 10 Years Explore More
Tamilnad Mercantile Bank 16.05% - 16.05%
Floating rate linked to 1 Year MCLR - 9.40%
Last updated 01st Feb 17
Rs. 2,434 for 5 Years Explore More
UCO Bank 10.75% - 11.75%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 10th Feb 17
Rs. 1,239 for 12 Years Explore More
Union Bank of India 12.20% - 12.20%
Floating rate linked to 1 Year MCLR - 8.50%
Last updated 01st Feb 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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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.

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 News - Feb 2017
22nd Feb 17 Housing sales and launches dips by 31 and 40 percent in third quarter of FY17
A report by NDTV Profit has highlighted a fall in housing sales and launch of new housing units by 31 and 40 percent respectively during the third quarter of FY17 in eight major realty centres. The sale of new houses dropped to 26,718 units during third quarter as compared to 38,450 units for the corresponding period a year ago. Similarly, the launch of new home units dropped to 16,636 units in December, 2016 as compared to 27,696 units a year ago.
17th Feb 17 PNB Housing Finance launches EMI step up plan for self employed loan borrowers
PNB Housing Finance has launched a new EMI scheme called EMI Step up Plan for self employed loan borrowers across home loan and loan against property segment. Under the scheme, borrowers who have taken loan of Rs. 50 lakh and above can opt to pay a lower EMI initially and can gradually increase the EMI to match an increase in their income. This is expected to ease the loan burden on borrowers in the initial years of their career.
16th Feb 17 Private equity investment in India realty sector at nine year high in 2016
A report released by Cushman and Wakefield has highlighted the growth of private equity investment in Indian realty sector at its nine year high in 2016. Private equity investment grew by 26 percent and reached at 5.97 billion dollars crore in 2016 on a year on year basis. As per the report, residential assets remained the most preferential asset class witnessing the investment of 3.1 billion dollars during the year. Investment in the other segment such as commercial office assets also witnessed an impressive investment of 850 million dollars.
15th Feb 17 Real estate sector to see healthy competition and improved liquidity in future
Finance Minister accorded the status of infrastructure to the affordable housing segment in Union Budget 2017. Expert at Business Today expect to see a healthy growth in the realty sector with easier access to loans and improved liquidity position. He also opined that the grant is likely to attract more private developers into the affordable housing segment, which will lead to a healthier competition amongst the real estate companies.
13th Feb 17 Real estate to get a makeover under new law
Government has launched RERA, a new regulatory and development act for real estate companies in India. The act is aimed at organising the real estate sector while maintaining a level of transparency. Real estate developers believe that the Act will improve accountability and transparency in the operations of real estate companies and hence, attract more foreign investment in the sector.
*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.