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Loan Against Property Apply Online

Online Mortgage Loan

Last Updated 30th Jul 2021

  • Loans taken against properties are termed as mortgaged loans.
  • The lowest mortgage rate is 7.20% and the rate can go up to 20.60%.
  • The mortgage loan tenure ranges from 1 to 20 years.
  • Apply for loan against property online against residential, industrial and commercial property.
  • Check the loan amount eligibility and repayment capacity using MyLoanCare Loan Against Property Eligibility Calculator.
  • Check documents required for Loan Against Property before applying online.
Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback

How to Apply for Loan Against Property Online?

You can apply for a loan against property online through the bank website or online marketplace like MyLoanCare. However, to get the best rates on a property loan online, you must calculate your loan EMI and eligibility before making a detailed comparison of offers and schemes of leading banks and NBFCs in India. Below-mentioned are the steps to apply for Loan against Property Online at MyLoanCare:

  • Login to MyLoanCare, or you can download MyLoanCare App. Select the 'Loan against Property' option from the menu. You can fill the above given form and complete the details.
  • Fill in the details like 'occupation, 'Nature of Loan', 'Full Name as per PAN Card', net monthly income, and other details.
  • Once you have provided the above-mentioned details, the 'Type of Property' field will appear. Select the 'Type of Property' from the drop-down menu and click on 'Get Quote'.
  • Enter the OTP which you have received on your mobile number. After OTP verification, a detailed form will appear where some additional information has to be provided.
  • After OTP verification, a list of offers will be displayed to compare rates and charges based on the details provided by you.If the offer suits you, click 'Apply Now.
  • Your application will be forwarded to the chosen bank, and you will soon get a call from the bank's representative.
  • After that, the bank will verify your documents, check your credit history and calculate your eligibility based on the market value of the property.
  • If eligible, the bank will approve your loan application. You will receive a sanction letter from the bank mentioning the key loan terms, including interest rate, processing fees, tenure, and prepayment charges.
  • Finally, the sanctioned loan amount will be disbursed to your bank account.

Why Should you Apply for a Mortgage Loan Online?

You should apply for a mortgage loan online to avail the following benefits:

  • Easy processing: The first reason you should apply for a mortgage loan online is easy processing. All you have to do is select a provider and fill-up the form with the help of online platforms like MyLoanCare. The rest of the process will be done automatically in a digitalized process. Furthermore, the chance of your documents getting misplaced is very low.
  • Compatibility: Accessing a wide range of loan providers, getting the quotes, and comparing them is easier online than offline. You can check the quotes on online platforms and the comparison can be done online as well, with no effort required from you.
  • Time-saving: What makes applying for a mortgage loan online the best option is its time-saving nature. You can compare quotes and avail a loan without having to visit any provider.
  • No additional fees: Most of the online platforms assisting in availing mortgage loans, do not charge any additional fees.

Top Loan Against Property Providers

Key Points to Remember Before Applying a Loan Against Property Online

You must keep things in mind before you apply for a loan against property online:

  • Check Eligibility and Calculate EMI: You must check your eligibility criteria based on factors such as age, income, LTV, CIBIL etc., before applying for a loan against property online. In addition, you should also calculate the EMI, which you need to pay every month.
  • Keep your documents ready: Before you apply, you should keep all your required documents for loan against property, such as identity proof, address proof, income proof and property documents. Keeping documents ready will help you save time.
  • Decide on Interest Rate Type: There are two main types of interest rates applicable. The interest rates and the EMI remains the same throughout the tenure under the fixed rates. If you choose the floating interest rate on your loan against property, the interest rates and EMI do not remain the same and changes as per the market fluctuations. The rates are linked to external benchmarks of banks, such as the RBI repo rate.
  • Compare the Banks: You can compare the banks at an online marketplace such as MyLoanCare. Compare the interest rate, processing fees and other charges. Now shortlist 2-3 lenders after a comparison.
  • Choose the bank or NBFC based on their service: To choose a lender, you must compare banks on the interest rate or processing fees and the customer service provided by a bank.
  • Submit the Loan Application Form and Documents: Go to a lenders website and then fill the application form and upload the necessary documents on the portal.
  • Documents Verification: Once documents are submitted, the lender will do a document verification. A legal and verification team also evaluates the property. Under this process, documents like title deeds, NOCs and ownership papers are verified, and the technical team evaluates the physical condition of a property.
  • Loan Disbursal: This is one of the crucial stages where a lender decides whether a loan has to be sanctioned to a borrower or not. If a verification team is not satisfied with the documents, the borrower's home loan application can be turned off.
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FAQs

Why should you take a Loan Against Property?

You should take a Loan Against Property as it provides a lower interest rate, longer tenure and lower EMIs. Hence, there will be a less financial burden on you. Moreover, by opting for a loan against property, you can make optimum utilization of the property.

Do I need to provide any security to apply for a Loan Against Property?

Your property, title deeds and other relevant documents work as security for a private Loan Against Property. No other security is needed. The loan is considered secure as the provider can sell the property if you fail to repay the loan.

How can I get a Loan Against Property instantly?

You can get a Loan Against Property instantly online. Visit the website of MyLoanCare and provide the necessary details. The website will then generate quotes and help in making comparisons amongst top lenders. You can easily select the bank as per your requirement and avail the loan. You can also visit the website of any bank or Non-banking financial companies and follow the steps as mentioned on the website to avail a Loan Against Property.

What can a Loan Against Property be used for?

You can use a Loan Against Property for funding a house, renovation, wedding, medical emergency, education, travel, expansion of business or any other purpose as per you requirement.

What type of property can I mortgage for LAP?

You can mortgage any of the property mentioned below for LAP:

  • Self Occupied Residential House
  • Rented Property- Residential or Commercial
  • Shared Property

How can I get a loan against property online?

You can apply for a loan against property online through a bank’s website or an online marketplace like MyLoanCare. At MyLoanCare you can also use the LAP eligibility calculator and EMI calculator to check your eligbility and to estimate your LAP EMI. Apart, you can directly apply for a loan against your property with the bank or NBFCs by visting their official website.

Which is the best bank for loan against property online?

As per the current rates, Punjab and Sind Bank offers the lowest rates starting at 9.35% and is the best bank for loan against property online. It also charges a processing fee of upto 1.00%, Min ₹ 2,000, Max ₹ 50,000.


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Loan Against Property News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    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.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 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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