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Loan Against Property Apply Online

Online Mortgage Loan

Last Updated 16th Apr 2021

  • Loans taken against properties are termed as mortgaged loans.
  • The lowest mortgage rate is 7.20% and the rate can go up to 15.15%.
  • The mortgage loan tenure ranges from 1 to 1 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.
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About Loan Against Property

Loan against property simply means availing a loan by keeping any residential or commercial property as collateral. Over the past few decades loan against property has become a popular choice among the loan providers due to its secure nature and among the loan borrowers as well, since they can obtain a huge amount of loan easily. One must keep in mind that the borrowed loan amount does not depend only on the property. The loan provider may consider the income details, employment status and other details of the loan borrowers. One can avail a loan of up to 60% to 65% of the current market value of the registered property. Loan against property or mortgage loan can be used for any financial need.

One can avail a mortgage loan against these following properties.

  • Self-owned land
  • Self-owned residential property
  • Self-owned residential but rented property
  • Self-owned commercial property
  • Self-owned commercial but rented property.

How to Apply for Loan Against Property Online?

The first step of availing any loan will be to get a quote and select the loan provider. MyLoanCare will assist in every step of acquiring a mortgage loan. To get the quote, follow these steps.

  • Visit the website of My Loan Care or simply click here.
  • On the website, you will be required to provide the following details.
    • Select ‘Occupation’ (Salaried, Professional or Businessman)
    • Select ‘Nature of Loan’ (New Loan or Business Transfer)
    • Enter your ‘Full Name as per PAN Card’
    • Enter your ‘Mobile Number’
    • Enter your ‘Net Monthly Income’
    • Enter ‘Place of Current Residence or Pincode’
    • Enter the Loan Amount Needed.
  • Once you have provided the said details, ‘Type of Property’ field will appear.
  • Select the ‘Type of Property’ from the drop-down menu.
  • Click on ‘Get Quote’.
  • An OTP will be sent to your mobile number. Complete the OTP verification.
  • After OTP verification, a detailed form will appear where some additional information has to be provided.
  • Once you have completed the said steps, you will get the quotes.
  • Compare the quotes and select the provider.
  • After this, you will get a call from MyLoanCare’s representative to confirm your details and check your eligibility.

You can calculate your EMIs by using the online EMI calculator of MyLoanCare. The website provides maximum assistance via its personalized loan advisors to help one in availing a mortgage loan best suited to your requirement at the lowest interest rate. The best aspect of getting a mortgage loan with the help of MyLoanCare is no additional fees.

Why should you apply for a Mortgage Loan Online?

  • Easy processing: The first reason why 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 the process of availing mortgage loans, does not charge any fees.

Benefits and Features of Loan Against Property

Availing a loan against property comes with a wide range of features and benefits that can attract the loan borrowers.

  • Easily accessible: Loan against property is among the safest loans for the loan providers. If a borrower fails to repay the borrowed amount, the provider can recover the loaned amount by selling the property. Due to the secure nature of mortgage loans, there are plenty of providers willing to provide mortgage loans at a low-interest rate.
  • Lower interest rates: The interest rates of loan against property are lower than most of the personal loans. Whereas the interest rate of loans against property ranges from 7.20% to 15.15%, the interest rate of personal loans can go up to 25%.
  • Longer tenure and lower EMI: The inverse relationship between tenure and EMIs plays a crucial role in attracting individuals towards loan against property. Longer tenure results in lower EMI and vice versa. The tenure of loan against property can go up to 15 years and up to 20 years for some selected providers. The longer tenures result in lower EMIs, minimizing the financial burden.
  • Tax benefits: Loan borrowers can enjoy tax benefits on the interest paid for mortgage loans under section 37 (1) of the Income Tax Act, 1961. Furthermore, borrowers can avail tax benefits on the paid interest, up to Rs. 2 lakh, under section 24 of the Income Tax Act, 1961 if the loaned amount is used for funding a house.
  • Maximum utilization of the property: Mortgage loans allow borrowers to avail a huge amount of loans at low-interest rates. Hence, by using a property as collateral, one can ensure the maximum utilization of the property.
  • Continuous ownership of property: The scope of continuous ownership makes loans against property an inviting loan option. One can continue using the property even after keeping it as collateral. It also allows the owner to sell the property if he fails to repay the loan or any other financial emergency arises.

Top Loan Against Property Providers

Bank Loan Against Property Rate Processing Fee
SBI 8.80% 1.00%, Max ₹ 50,000
HDFC 8.35% 0.25%
ICICI Bank 8.35% 0.50%
Axis Bank 10.50% 1.00%, Min ₹ 10,000, Max ₹ 10,000
Citibank 7.20% NIL
PNB Housing Finance 9.50% 1.00%
LIC Housing Finance 11.30% 0.25%, Max ₹ 25,000
Kotak Bank 9.60% 1.00%
Yes Bank 10.50% 1.00%
Bajaj Finserv 10.50% 1.50%
Bajaj Home Finance 10.50% 1.50%
IDFC First Bank 11.80% 1.00%, Min ₹ 5,000
RBL Bank 13.05% 1.25%, Min ₹ 7,500
Syndicate Bank 11.50% 0.50%, Min ₹ 500
IDBI Bank 10.20% 1.00%

Loan Against Property Eligibility

  • Age: The age criteria can differ from banks to banks. Most banks require a Minimum age of 21 years and maximum age of 65 years. Fewer banks offer an age limit of 18 to 70 years.
  • Loan Tenure: The loan tenure may vary from one provider to another. Some banks offer tenure of upto 15 years while some banks offer tenure up to 20 years.
  • Net Monthly Income: The minimum income criteria to get loan loan against property is Rs. 40,000 for salaried individuals. However, it may vary from bank to bank. Rs. 3 lakhs per annum for self-employed individuals.
  • FOIR: The Fixed Obligation to Income Ratio for loan against property ranges from 60- 65%. This includes current EMI, proposed EMIs and rents.
  • Employment Type and History: To get a loan against property, minimum 3 years of work experience is required for salaried individuals and upto 5 years of business existence for self-employed.
  • Loan to Value Ratio: The loan to value ratio varies on the type of property. However, you can get a loan upto 75% of the value of the property.
  • Credit Score: A credit score of 650 and above is considered as a good score to be eligible for mortgage loan.

Keep in mind that the above-mentioned criteria and interest rates may be different based on the type of property and loan providers. You are advised, to study the eligibility criteria of the provider you have selected before making the application.

Documents Required for Property Loan

The documents required for property loans are as followed.

  • Duly filled application form
  • Identity proof (PAN card, Passport, Aadhaar Card, driving license, Voter id and Govt. Issued i-card)
  • Address proof (varies based on individual, firm and partnership loans)
  • Age proof (PAN card, Passport, Birth certificate, driving license, school or college leaving certificate, Government or PSU issued employee i-card)
  • Form 16
  • Bank statement (last six months)
  • Income proof (differs based on individual, firm and partnership loans)
  • ITR (last 2 years)
  • Salary slips of the last six months (only for salaried individuals).

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 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 comparing them. You can easily select the provider as per your requirement and avail the loan. You can 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.

Is a Loan Against Property available for a holiday or travel purposes?

Yes, you can opt for a Loan Against Property for a holiday or travel purposes.

What can a Loan Against Property be used for?

A Loan Against Property can be used for funding a house, renovation, wedding, medical emergency, education, travel, expansion of business or any other purpose.


Loan Against Property News - Apr 2021
  • 2021-04-13 : Bank credit rise 5.56%; deposits 11.4% in FY21
    RBI reported that the Bank credit which includes retail loans like home, personal, business, car, two-wheeler, education and doctor loan along with business and mudra loans grew 5.56% to Rs 109.51 lakh crore in the financial year ending March 31, 2021. Further, the deposits include fixed and recurring deposits and rose 11.4% to Rs 151.13 lakh crore.
  • 2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
    Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
    Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
*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. Read More
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