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

Loan Against Property Interest Rates in India

Last Updated 07th Dec 2016
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
  • Best offer for Salaried and Self Employed - Compare and get lowest interest rates @ 10.25%* 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
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Loan Against Property Interest Rates Comparison, Lowest EMI Dec 2016, Best rates

Bank Loan Against Property Interest Rates* Lowest EMI per lakh for Max Tenure
SBI
3.3/5 1 votes
Upto 2,500,000 - 10.35%
Rs. 2,500,001 - 10,000,000 - 10.35%
Rs. 10,000,001 - 20,000,000 - 11.00%
Above Rs. 20,000,001 - 11.40%
Floating rate linked to 1 Year MCLR - 8.90% Last updated 01st Dec 16
Rs. 1,096 for 15 Years Explore More
HDFC
3.5/5 1 votes
Upto 2,500,000 - 10.60%
Rs. 2,500,001 - 7,500,000 - 10.60%
Rs. 7,500,001 - 20,000,000 - 10.60%
Above Rs. 20,000,001 - 10.60%
Floating rate linked to PLR - 16.30% Last updated 05th Oct 15
Rs. 1,112 for 15 Years Explore More
ICICI Bank
3.5/5 6 votes
Upto 2,500,000 - 10.25%
Rs. 2,500,001 - 5,000,000 - 10.25%
Rs. 5,000,001 - 20,000,000 - 10.25%
Above Rs. 20,000,001 - 10.25%
Floating rate linked to 1 Year MCLR - 8.90% Last updated 01st Dec 16
Rs. 1,090 for 15 Years Explore More
Axis Bank
4/5 1 votes
Upto 2,800,000 - 11.40%
Rs. 2,800,001 - 7,500,000 - 11.40%
Rs. 7,500,001 - 20,000,000 - 11.40%
Above Rs. 20,000,001 - 11.40%
Floating rate linked to 6 Month MCLR - 9.00% Last updated 18th Nov 16
Rs. 1,162 for 15 Years Explore More
PNB Housing Finance
3.3/5 2 votes
Upto 3,000,000 - 10.75%
Rs. 3,000,001 - 7,500,000 - 10.75%
Rs. 7,500,001 - 10,000,000 - 10.75%
Above Rs. 10,000,001 - 10.75%
Floating rate linked to PLR - 14.35% Last updated 27th Apr 15
Rs. 1,121 for 15 Years Explore More
Citibank
3.7/5 7 votes
Upto 3,000,000 - 10.50%
Rs. 3,000,001 - 7,500,000 - 10.50%
Rs. 7,500,001 - 10,000,000 - 10.50%
Above Rs. 10,000,001 - 10.50%
Floating rate linked to 3 Month MCLR - 8.30% Last updated 07th Nov 16
Rs. 1,105 for 15 Years Explore More
Standard Chartered Bank
3.8/5 1 votes
Upto 3,000,000 - 10.75%
Rs. 3,000,001 - 7,500,000 - 10.75%
Rs. 7,500,001 - 10,000,000 - 10.75%
Above Rs. 10,000,001 - 10.75%
Floating rate linked to 6 Month MCLR - 9.05% Last updated 07th Nov 16
Rs. 1,121 for 15 Years Explore More
DBS Bank
0/5 0 votes
Upto 3,000,000 - 10.00%
Rs. 3,000,001 - 7,500,000 - 10.00%
Rs. 7,500,001 - 10,000,000 - 10.00%
Above Rs. 10,000,001 - 10.00%
Floating rate linked to 1 Year MCLR - 8.65% Last updated 07th Nov 16
Rs. 1,322 for 10 Years Explore More
DHFL
3.3/5 1 votes
Upto 2,500,000 - 13.75%
Rs. 2,500,001 - 7,500,000 - 13.75%
Rs. 7,500,001 - 30,000,000 - 13.75%
Above Rs. 30,000,001 - 13.75%
Floating rate linked to PLR - 18.30% Last updated 08th Oct 15
Rs. 1,315 for 15 Years Explore More
IndusInd Bank
2.6/5 2 votes
Upto 3,000,000 - 10.75%
Rs. 3,000,001 - 7,500,000 - 10.75%
Rs. 7,500,001 - 10,000,000 - 10.75%
Above Rs. 10,000,001 - 10.75%
Floating rate linked to 1 Year MCLR - 9.60% Last updated 17th Nov 16
Rs. 1,121 for 15 Years Explore More
Karur Vysya Bank
3.8/5 1 votes
Upto 3,000,000 - 12.75%
Rs. 3,000,001 - 7,500,000 - 12.75%
Rs. 7,500,001 - 10,000,000 - 12.75%
Above Rs. 10,000,001 - 12.75%
Floating rate linked to 1 Year MCLR - 9.90% Last updated 07th Oct 16
Rs. 1,561 for 9 Years Explore More
Kotak Bank
2.7/5 4 votes
Upto 3,000,000 - 10.50%
Rs. 3,000,001 - 7,500,000 - 10.50%
Rs. 7,500,001 - 10,000,000 - 10.50%
Above Rs. 10,000,001 - 10.50%
Floating rate linked to 1 Year MCLR - 9.20% Last updated 01st Dec 16
Rs. 1,224 for 12 Years Explore More
Ratnakar Bank
0/5 0 votes
Upto 2,500,000 - 12.75%
Rs. 2,500,001 - 7,500,000 - 12.75%
Rs. 7,500,001 - 30,000,000 - 12.75%
Above Rs. 30,000,001 - 12.75%
Floating rate linked to 1 Year MCLR - 10.25% Last updated 22nd Sep 16
Rs. 1,249 for 15 Years Explore More
HSBC Bank
0/5 0 votes
Upto 2,500,000 - 10.50%
Rs. 2,500,001 - 7,500,000 - 10.50%
Rs. 7,500,001 - 30,000,000 - 10.50%
Above Rs. 30,000,001 - 10.50%
Floating rate linked to 1 Year MCLR - 8.30% Last updated 01st Dec 16
Rs. 1,105 for 15 Years Explore More
Edelweiss
0/5 0 votes
Upto 2,500,000 - 12.00%
Rs. 2,500,001 - 7,500,000 - 12.00%
Rs. 7,500,001 - 30,000,000 - 12.00%
Above Rs. 30,000,001 - 12.00%
Floating rate linked to PLR - 17.50% Last updated 30th Nov 15
Rs. 1,200 for 15 Years Explore More
Corporation Bank
0/5 0 votes
Upto 3,000,000 - 11.90%
Rs. 3,000,001 - 7,500,000 - 11.90%
Rs. 7,500,001 - 10,000,000 - 11.90%
Above Rs. 10,000,001 - 11.90%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 01st Dec 16
Rs. 1,429 for 10 Years Explore More
IDBI Bank
3.5/5 1 votes
Upto 2,500,000 - 10.70%
Rs. 2,500,001 - 7,500,000 - 10.70%
Rs. 7,500,001 - 30,000,000 - 10.70%
Above Rs. 30,000,001 - 10.70%
Floating rate linked to 1 Year MCLR - 9.30% Last updated 01st Oct 16
Rs. 1,118 for 15 Years Explore More
Indian Bank
0/5 0 votes
Upto 2,500,000 - 13.80%
Rs. 2,500,001 - 7,500,000 - 13.80%
Rs. 7,500,001 - 10,000,000 - 13.80%
Above Rs. 10,000,001 - 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
0/5 0 votes
Upto 2,000,000 - 12.75%
Rs. 2,000,001 - 5,000,000 - 12.75%
Rs. 5,000,001 - 7,500,000 - 12.75%
Above Rs. 7,500,001 - 12.75%
Floating rate linked to 1 Year MCLR - 9.50% Last updated 01st Oct 16
Rs. 1,806 for 7 Years Explore More
OBC
0/5 0 votes
Upto 2,500,000 - 11.65%
Rs. 2,500,001 - 7,500,000 - 11.65%
Rs. 7,500,001 - 30,000,000 - 11.65%
Above Rs. 30,000,001 - 11.65%
Floating rate linked to 1 Year MCLR - 9.40% Last updated 10th Oct 16
Rs. 1,415 for 10 Years Explore More
PNB
0/5 0 votes
Upto 2,500,000 - 10.90%
Rs. 2,500,001 - 7,500,000 - 10.90%
Rs. 7,500,001 - 15,000,000 - 10.90%
Above Rs. 15,000,001 - 10.90%
Floating rate linked to 1 Year MCLR - 9.15% Last updated 01st Dec 16
Rs. 1,372 for 10 Years Explore More
SBBJ
2.8/5 1 votes
Upto 2,000,000 - 11.65%
Rs. 2,000,001 - 5,000,000 - 11.65%
Rs. 5,000,001 - 7,500,000 - 11.65%
Above Rs. 7,500,001 - 11.65%
Floating rate linked to 1 Year MCLR - 9.15% Last updated 01st Dec 16
Rs. 1,415 for 10 Years Explore More
Syndicate Bank
0/5 0 votes
Upto 2,500,000 - 12.20%
Rs. 2,500,001 - 7,500,000 - 12.20%
Rs. 7,500,001 - 15,000,000 - 12.20%
Above Rs. 15,000,001 - 12.20%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 07th Oct 16
Rs. 1,446 for 10 Years Explore More
HDFC Bank
0/5 0 votes
Upto 2,500,000 - 10.75%
Rs. 2,500,001 - 7,500,000 - 10.75%
Rs. 7,500,001 - 20,000,000 - 10.75%
Above Rs. 20,000,001 - 10.75%
Floating rate linked to 1 Year MCLR - 8.90% Last updated 07th Dec 16
Rs. 1,449 for 9 Years Explore More
City Union Bank
0/5 0 votes
Upto 3,000,000 - 14.75%
Rs. 3,000,001 - 7,500,000 - 14.75%
Rs. 7,500,001 - 10,000,000 - 14.75%
Above Rs. 10,000,001 - 14.75%
Floating rate linked to 6 Month MCLR - 9.65% Last updated 05th Sep 16
Rs. 2,366 for 5 Years Explore More
Development Credit Bank
0/5 0 votes
Upto 2,500,000 - 13.25%
Rs. 2,500,001 - 7,500,000 - 13.25%
Rs. 7,500,001 - 30,000,000 - 13.25%
Above Rs. 30,000,001 - 13.25%
Floating rate linked to 1 Year MCLR - 10.48% Last updated 25th Aug 16
Rs. 1,282 for 15 Years Explore More
Dhan Laxmi Bank
0/5 0 votes
Upto 3,000,000 - 12.13%
Rs. 3,000,001 - 7,500,000 - 12.13%
Rs. 7,500,001 - 10,000,000 - 12.13%
Above Rs. 10,000,001 - 12.13%
Floating rate linked to 1 Year MCLR - 10.35% Last updated 07th Nov 16
Rs. 1,209 for 15 Years Explore More
Karnataka Bank
0/5 0 votes
Upto 2,000,000 - 13.20%
Rs. 2,000,001 - 5,000,000 - 13.20%
Rs. 5,000,001 - 7,500,000 - 13.20%
Above Rs. 7,500,001 - 13.20%
Floating rate linked to 1 Year MCLR - 9.15% Last updated 01st Oct 16
Rs. 1,278 for 15 Years Explore More
South Indian Bank
0/5 0 votes
Upto 3,000,000 - 13.60%
Rs. 3,000,001 - 7,500,000 - 13.60%
Rs. 7,500,001 - 50,000,000 - 13.60%
Above Rs. 50,000,001 - 13.60%
Floating rate linked to 1 Year MCLR - 9.80% Last updated 01st Dec 16
Rs. 1,412 for 12 Years Explore More
Tamilnad Mercantile Bank
2.3/5 1 votes
Upto 500,000 - 16.10%
Rs. 500,001 - 1,500,000 - 16.10%
Rs. 1,500,001 - 3,000,000 - 16.10%
Above Rs. 3,000,001 - 16.10%
Floating rate linked to 1 Year MCLR - 10.00% Last updated 01st Dec 16
Rs. 2,437 for 5 Years Explore More
Federal Bank
0/5 0 votes
Upto 3,000,000 - 12.10%
Rs. 3,000,001 - 7,500,000 - 12.10%
Rs. 7,500,001 - 10,000,000 - 12.10%
Above Rs. 10,000,001 - 12.10%
Floating rate linked to 1 Year MCLR - 9.40% Last updated 01st Dec 16
Rs. 1,441 for 10 Years Explore More
Jammu And Kashmir Bank
0/5 0 votes
Upto 2,000,000 - 12.35%
Rs. 2,000,001 - 5,000,000 - 12.85%
Rs. 5,000,001 - 7,500,000 - 12.85%
Above Rs. 7,500,001 - 12.85%
Floating rate linked to 1 Year MCLR - 9.35% Last updated 10th Oct 16
Rs. 1,784 for 7 Years Explore More
Lakshmi Vilas Bank
0/5 0 votes
Upto 3,000,000 - 12.50%
Rs. 3,000,001 - 7,500,000 - 12.50%
Rs. 7,500,001 - 10,000,000 - 12.50%
Above Rs. 10,000,001 - 12.50%
Floating rate linked to 1 Year MCLR - 10.25% Last updated 01st Oct 16
Rs. 1,464 for 10 Years Explore More
Nainital Bank
0/5 0 votes
Upto 2,500,000 - 14.75%
Rs. 2,500,001 - 7,500,000 - 14.75%
Rs. 7,500,001 - 15,000,000 - 14.75%
Above Rs. 15,000,001 - 14.75%
Floating rate linked to 1 Year MCLR - 9.00% Last updated 07th Oct 16
Rs. 1,598 for 10 Years Explore More
Allahabad Bank
0/5 0 votes
Upto 2,500,000 - 14.95%
Rs. 2,500,001 - 5,000,000 - 14.95%
Rs. 5,000,001 - 10,000,000 - 14.95%
Above Rs. 10,000,001 - 14.95%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 10th Oct 16
Rs. 1,689 for 9 Years Explore More
Andhra Bank
0/5 0 votes
Upto 2,500,000 - 12.40%
Rs. 2,500,001 - 5,000,000 - 12.40%
Rs. 5,000,001 - 10,000,000 - 12.40%
Above Rs. 10,000,001 - 12.40%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 15th Oct 16
Rs. 1,458 for 10 Years Explore More
Bank of India
0/5 0 votes
Upto 3,000,000 - 11.10%
Rs. 3,000,001 - 7,500,000 - 11.10%
Rs. 7,500,001 - 10,000,000 - 11.10%
Above Rs. 10,000,001 - 11.10%
Floating rate linked to 1 Year MCLR - 9.25% Last updated 07th Dec 16
Rs. 1,259 for 12 Years Explore More
Canara Bank
2.5/5 1 votes
Upto 2,500,000 - 12.30%
Rs. 2,500,001 - 7,500,000 - 12.30%
Rs. 7,500,001 - 30,000,000 - 12.30%
Above Rs. 30,000,001 - 12.30%
Floating rate linked to 1 Year MCLR - 9.30% Last updated 01st Nov 16
Rs. 1,781 for 7 Years Explore More
Central Bank of India
0/5 0 votes
Upto 2,500,000 - 12.20%
Rs. 2,500,001 - 7,500,000 - 12.20%
Rs. 7,500,001 - 30,000,000 - 12.20%
Above Rs. 30,000,001 - 12.20%
Floating rate linked to 1 Year MCLR - 9.35% Last updated 01st Dec 16
Rs. 1,446 for 10 Years Explore More
Dena Bank
3/5 1 votes
Upto 3,000,000 - 11.00%
Rs. 3,000,001 - 7,500,000 - 11.00%
Rs. 7,500,001 - 10,000,000 - 11.00%
Above Rs. 10,000,001 - 11.00%
Floating rate linked to 1 Year MCLR - 9.30% Last updated 01st Dec 16
Rs. 1,712 for 7 Years Explore More
Punjab and Sind Bank
0/5 0 votes
Upto 3,000,000 - 11.80%
Rs. 3,000,001 - 7,500,000 - 11.80%
Rs. 7,500,001 - 10,000,000 - 11.80%
Above Rs. 10,000,001 - 11.80%
Floating rate linked to 1 Year MCLR - 9.55% Last updated 05th Oct 16
Rs. 1,301 for 12 Years Explore More
State Bank of Hyderabad
0/5 0 votes
Upto 3,000,000 - 13.00%
Rs. 3,000,001 - 7,500,000 - 13.00%
Rs. 7,500,001 - 10,000,000 - 13.00%
Above Rs. 10,000,001 - 13.00%
Floating rate linked to 1 Year MCLR - 9.35% Last updated 01st Dec 16
Rs. 1,493 for 10 Years Explore More
State Bank of Mysore
0/5 0 votes
Upto 500,000 - 12.55%
Rs. 500,001 - 1,500,000 - 12.55%
Rs. 1,500,001 - 3,000,000 - 12.55%
Above Rs. 3,000,001 - 12.55%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 01st Dec 16
Rs. 1,795 for 7 Years Explore More
State Bank of Patiala
0/5 0 votes
Upto 2,500,000 - 14.20%
Rs. 2,500,001 - 7,500,000 - 14.20%
Rs. 7,500,001 - 15,000,000 - 14.20%
Above Rs. 15,000,001 - 14.20%
Floating rate linked to 1 Year MCLR - 9.20% Last updated 15th Nov 16
Rs. 2,337 for 5 Years Explore More
State Bank of Travancore
0/5 0 votes
Upto 2,000,000 - 12.20%
Rs. 2,000,001 - 5,000,000 - 12.20%
Rs. 5,000,001 - 7,500,000 - 12.20%
Above Rs. 7,500,001 - 12.20%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 01st Dec 16
Rs. 1,446 for 10 Years Explore More
UCO Bank
2.8/5 1 votes
Upto 2,500,000 - 11.50%
Rs. 2,500,001 - 7,500,000 - 11.50%
Rs. 7,500,001 - 15,000,000 - 11.50%
Above Rs. 15,000,001 - 11.50%
Floating rate linked to 1 Year MCLR - 9.35% Last updated 10th Nov 16
Rs. 1,283 for 12 Years Explore More
Union Bank of India
0/5 0 votes
Upto 2,500,000 - 12.20%
Rs. 2,500,001 - 7,500,000 - 12.20%
Rs. 7,500,001 - 30,000,000 - 12.20%
Above Rs. 30,000,001 - 12.20%
Floating rate linked to 1 Year MCLR - 9.30% Last updated 01st Dec 16
Rs. 1,326 for 12 Years Explore More
Vijaya Bank
0/5 0 votes
Upto 2,500,000 - 12.15%
Rs. 2,500,001 - 7,500,000 - 12.15%
Rs. 7,500,001 - 15,000,000 - 12.15%
Above Rs. 15,000,001 - 12.15%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 18th Aug 16
Rs. 1,443 for 10 Years Explore More
United Bank of India
0/5 0 votes
Upto 2,500,000 - 11.30%
Rs. 2,500,001 - 7,500,000 - 11.30%
Rs. 7,500,001 - 15,000,000 - 11.30%
Above Rs. 15,000,001 - 11.30%
Floating rate linked to 1 Year MCLR - 9.40% Last updated 17th Oct 16
Rs. 1,728 for 7 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.
Loan Against Property News - Dec 2016
06th Dec 16 Mortgage loan firms may seek margin money on LAP if realty prices crash
Mortgage firms may start seeking margin money on loan against property as they expect a slowdown in real estate market and fall in property prices. LAP segment is vulnerable to defaults in the existing market, given prevailing high Loan to Value (LTV) ratios, large ticket size lending and presence of loan products that calculate borrower loan eligibility based on the estimated cash flows of borrowers. Lenders are expected to reduce LTV ratio for new LAP loan by 5 to 10 per cent to address the additional risks in the segment.
05th Dec 16 NBFCs faces rough phase in its LAP segment
Loan against property (LAP) segment of NBFCs has been facing growth crises post demonetisation. The growth rate of business is expected to fall to 15 to 20 percent in this financial year as compared to 22 to 24 percent two years ago. CRISIL, leading credit rating company prospects an increase in loan delinquencies to 2.7 percent in March, 2017 as compared to 1.9 percent a year ago.
18th Nov 16 Loan against property likely to badly hit due to cash ban
Loan against property is expected to be adversely hit in the short term, due to the current demonetisation drive. Demonetisation has led to disruptions in loan collection cycles, which is expected to result in a rise in overdues. Loan against property has emerged as a profitable segment for banks and NBFCs, whose loan books have grown remarkably in recent financial year.
11th Nov 16 Loan against property will see asset quality pressure in near future, said CRISIL
CRISIL, in its sector analysis, has said that loan against property will see more pressure in future. The numbers of delinquencies were already rising but due to an elongation of time to liquidate the property and fall in resale prices of property, the stress for the financers will increase further in coming time.
04th Nov 16 Citibank loan against property rates reduced from 1st November, 2016
Citibank has reduced its loan against property rates for self employed customers with capital invested of upto Rs. 5 crores. The revised loan against property interest rate ranges from 9.50 percent to 10.25 percent depending upon loan amount. The floating rates are benchmarked to 3 month MCLR Base rate of Citibank. The borrower can also avail flexi overdraft facility with this loan. The new rates will be effective from 1st November, 2016.
*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.