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Loan Against Property Apply Online

Online Mortgage Loan

Last Updated 26th Jan 2022

  • Loans taken against properties are termed as mortgaged loans.
  • The lowest mortgage rate is 6.90% 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 @ 6.90%* 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, Indian Bank offers the lowest rates starting at 10.50% and is the best bank for loan against property online. It also charges a processing fee of upto 1.17%.


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Loan Against Property News - Jan 2022
  • 2022-01-24 : Axis Bank Net Profit Jumps 224 Percent to Rs 3,614 crore.
    Axis Bank has reported a 224 per cent year-on-year rise in its net profit at Rs 3,614 crore for the quarter ended December, which was sharply above analysts expectations of Rs 3,046 crore. The bank also witnessed a 17 per cent on-year growth in net interest income to Rs 8,653 crore for the December quarter.
  • 2022-01-20 : Union Lenders Approves Reimbursement Amount of ₹974 cr for Pandemic Loan Moratorium.
    The Union Cabinet has approved a sanction of ₹973.74 crores for lenders to reimburse the loan moratorium. Earlier, on March 27, 2020, the Reserve Bank of India (RBI) had announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic, which was extended to August 31.
  • 2022-01-19 : Bajaj Finance Q3 Net up 84% on Income Growth.
    Bajaj Finance Ltd (BFL) has reported an 84 per cent year-on-year (YoY) jump in third-quarter standalone net profit. The growth has been seen on the back of healthy growth in net interest income, fees and commission income and other operating income.
  • 2022-01-14 : Equitas Small Finance Bank Profit Grows by 13% in Gross Loan Portfolio
    Equitas Small Finance Bank has seen a 13 per cent year-on-year rise in gross loan portfolio to Rs 19,642 crore. The growth is in line with the recovery in economic activities in the informal sector.
  • 2022-01-07 : Tata Capital Launches Flexi Plus Loans for Different Categories
    Tata Capital has launched Flexi Plus loans across different products including, personal, business, loan Against Property, two-Wheeler and home Loans. The loan comes with longer tenure, overdraft facility and a step-up plan.
*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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