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

Last Updated 26th Apr 2017

Loan Against Property Interest Rates in India

  • Best offer for Salaried and Self Employed
  • Compare and get lowest interest rates @ 9.25%* 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 @ 9.25%*
Rs.
Rs.
+91

Loan Against PropertyInterest Rates Comparison, Lowest EMI Apr 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 - 8.00%
Rs. 1,065 for 15 Years Explore More Apply Now
HDFC (4.1/5.0) 2+ Users 10.00% - 12.00%
Floating rate linked to PLR - 16.15%
Rs. 1,075 for 15 Years Explore More Apply Now
ICICI Bank (3.6/5.0) 8+ Users 10.25% - 10.25%
Floating rate linked to 1 Year MCLR - 8.20%
Rs. 1,090 for 15 Years Explore More Apply Now
Axis Bank (4/5.0) 1+ Users 11.00% - 11.00%
Floating rate linked to 6 Month MCLR - 8.15%
Rs. 1,137 for 15 Years Explore More Apply Now
Citibank (3.7/5.0) 7+ Users 9.50% - 9.50%
Floating rate linked to 3 Month MCLR - 8.05%
Rs. 1,044 for 15 Years Explore More Apply Now
PNB Housing Finance (3.3/5.0) 2+ Users 10.50% - 11.00%
Floating rate linked to PLR - 14.35%
Rs. 1,105 for 15 Years Explore More Apply Now
Standard Chartered Bank (3.8/5.0) 1+ Users 9.50% - 9.80%
Floating rate linked to 3 Month MCLR - 8.85%
Rs. 1,044 for 15 Years Explore More Apply Now
DBS Bank 9.50% - 9.70%
Floating rate linked to 3 Month MCLR - 7.90%
Rs. 1,294 for 10 Years Explore More Apply Now
Dhan Laxmi Bank 11.88% - 14.35%
Floating rate linked to 1 Year MCLR - 9.90%
Rs. 1,192 for 15 Years Explore More Apply Now
Edelweiss 12.00% - 12.75%
Floating rate linked to PLR - 17.50%
Rs. 1,200 for 15 Years Explore More Apply Now
State Bank of Hyderabad 12.20% - 12.20%
Floating rate linked to 1 Year MCLR - 8.75%
Rs. 1,446 for 10 Years Explore More Apply Now
City Union Bank 14.75% - 16.25%
Floating rate linked to 6 Month MCLR - 9.40%
Rs. 2,366 for 5 Years Explore More Apply Now
Dena Bank (3/5.0) 1+ Users 10.25% - 10.25%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 1,673 for 7 Years Explore More Apply Now
Canara Bank (2.5/5.0) 1+ Users 11.45% - 11.45%
Floating rate linked to 1 Year MCLR - 8.45%
Rs. 1,736 for 7 Years Explore More Apply Now
Syndicate Bank 11.50% - 11.50%
Floating rate linked to 1 Year MCLR - 8.75%
Rs. 1,406 for 10 Years Explore More Apply Now
Kotak Bank (2.7/5.0) 4+ Users 10.50% - 14.00%
Floating rate linked to 1 Year MCLR - 8.80%
Rs. 1,224 for 12 Years Explore More Apply Now
Andhra Bank 12.40% - 12.85%
Floating rate linked to 1 Year MCLR - 8.65%
Rs. 1,458 for 10 Years Explore More Apply Now
SBBJ (2.8/5.0) 1+ Users 11.65% - 11.65%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 1,415 for 10 Years Explore More Apply Now
Nainital Bank 14.75% - 14.75%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 1,598 for 10 Years Explore More Apply Now
OBC 10.85% - 10.85%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 1,369 for 10 Years Explore More Apply Now
United Bank of India 11.30% - 11.30%
Floating rate linked to 1 Year MCLR - 8.80%
Rs. 1,728 for 7 Years Explore More Apply Now
Jammu And Kashmir Bank 12.20% - 12.20%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 1,776 for 7 Years Explore More Apply Now
Indian Bank 13.80% - 13.80%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 1,863 for 7 Years Explore More Apply Now
Union Bank of India 12.20% - 12.20%
Floating rate linked to 1 Year MCLR - 8.50%
Rs. 1,326 for 12 Years Explore More Apply Now
Tamilnad Mercantile Bank (2.3/5.0) 1+ Users 16.05% - 16.05%
Floating rate linked to 1 Year MCLR - 10.30%
Rs. 2,434 for 5 Years Explore More Apply Now
Corporation Bank 11.20% - 13.20%
Floating rate linked to 1 Year MCLR - 8.75%
Rs. 1,389 for 10 Years Explore More Apply Now
State Bank of Travancore 11.95% - 11.95%
Floating rate linked to 1 Year MCLR - 8.55%
Rs. 1,432 for 10 Years Explore More Apply Now
Karnataka Bank 13.20% - 13.20%
Floating rate linked to 1 Year MCLR - 8.90%
Rs. 1,278 for 15 Years Explore More Apply Now
State Bank of Mysore 11.75% - 11.75%
Floating rate linked to 1 Year MCLR - 8.65%
Rs. 1,752 for 7 Years Explore More Apply Now
Development Credit Bank 10.50% - 15.00%
Floating rate linked to 1 Year MCLR - 9.98%
Rs. 1,105 for 15 Years Explore More Apply Now
DHFL (3.3/5.0) 1+ Users 12.00% - 12.00%
Floating rate linked to PLR - 18.30%
Rs. 1,200 for 15 Years Explore More Apply Now
Punjab and Sind Bank 11.00% - 11.00%
Floating rate linked to 1 Year MCLR - 8.75%
Rs. 1,254 for 12 Years Explore More Apply Now
HSBC Bank 10.10% - 10.10%
Floating rate linked to 1 Year MCLR - 7.85%
Rs. 1,081 for 15 Years Explore More Apply Now
Central Bank of India 11.00% - 11.00%
Floating rate linked to 1 Year MCLR - 8.50%
Rs. 1,378 for 10 Years Explore More Apply Now
HDFC Bank 10.75% - 12.25%
Floating rate linked to 1 Year MCLR - 8.15%
Rs. 1,449 for 9 Years Explore More Apply Now
RBL Bank 12.80% - 13.05%
Floating rate linked to 1 Year MCLR - 10.60%
Rs. 1,252 for 15 Years Explore More Apply Now
Bank of India 10.50% - 10.50%
Floating rate linked to 1 Year MCLR - 8.50%
Rs. 1,224 for 12 Years Explore More Apply Now
Karur Vysya Bank (3.8/5.0) 1+ Users 12.75% - 12.75%
Floating rate linked to 1 Year MCLR - 9.50%
Rs. 1,561 for 9 Years Explore More Apply Now
Allahabad Bank 14.10% - 14.10%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 1,639 for 9 Years Explore More Apply Now
PNB 10.90% - 15.15%
Floating rate linked to 1 Year MCLR - 8.45%
Rs. 1,372 for 10 Years Explore More Apply Now
IndusInd Bank (2.6/5.0) 2+ Users 10.25% - 14.00%
Floating rate linked to 1 Year MCLR - 9.10%
Rs. 1,090 for 15 Years Explore More Apply Now
Lakshmi Vilas Bank 12.00% - 12.00%
Floating rate linked to 1 Year MCLR - 9.75%
Rs. 1,435 for 10 Years Explore More Apply Now
Indian Overseas Bank 12.15% - 12.15%
Floating rate linked to 1 Year MCLR - 8.65%
Rs. 1,773 for 7 Years Explore More Apply Now
Vijaya Bank 11.90% - 11.90%
Floating rate linked to 1 Year MCLR - 8.65%
Rs. 1,429 for 10 Years Explore More Apply Now
Federal Bank 11.65% - 14.90%
Floating rate linked to 1 Year MCLR - 8.95%
Rs. 1,415 for 10 Years Explore More Apply Now
IDBI Bank (3.5/5.0) 1+ Users 9.95% - 9.95%
Floating rate linked to 3 Month MCLR - 8.55%
Rs. 1,072 for 15 Years Explore More Apply Now
UCO Bank (2.8/5.0) 1+ Users 10.75% - 11.75%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 1,239 for 12 Years Explore More Apply Now
South Indian Bank 13.60% - 13.60%
Floating rate linked to 1 Year MCLR - 9.10%
Rs. 1,412 for 12 Years Explore More Apply Now
State Bank of Patiala 14.20% - 14.20%
Floating rate linked to 1 Year MCLR - 8.30%
Rs. 2,337 for 5 Years 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 to give the best rates to individuals. To get 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 . 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 with ultimate cashback and refer and earn benefits. So, apply for today and enjoy the benefits.

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Loan Against Property News - Apr 2017
*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.