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Mortgage Loan

Apply For Mortgage Loan

Last Updated 24th Jun 2021

Interest Rate7.20% onwards
Loan TenureUp to 20 years
Processing FeeUpto 1% of loan amount
Loan Amount As % of Property ValueUp to 75%
Top Lenders SBI, HDFC, ICICI Bank, Citibank, and LIC Housing Finance
  • Mortgage loans are secured loans which can be taken against both residential and commercial property.
  • Compare best online mortgage loan offers from top banks and NBFCs in India.
  • Use the Mortgage Loan Eligibility Calculator to estimate the eligibility to get a loan
Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback

Mortgage Loan Interest Rates Offered By Banks

Bank Interest Rate Lowest EMI Per Lakh
Citibank 7.20% ₹ 910
Jammu And Kashmir Bank 7.40% ₹ 1,529
Karnataka Bank 7.50% ₹ 927
HDFC Loan Against Property 8.00% ₹ 956
SBI Loan Against Property 8.05% ₹ 959
DBS Bank 8.15% ₹ 1,221
IDBI Bank 8.25% ₹ 970
ICICI Bank Loan Against Property 8.35% ₹ 976
DCB Bank 8.50% ₹ 985
HDFC Bank 8.50% ₹ 985
LIC Housing Finance 8.50% ₹ 985
IndusInd Bank 8.65% ₹ 994
Bank of India 8.85% ₹ 1,130
Yes Bank 8.95% ₹ 1,011
Bajaj Home Finance 9.00% ₹ 900
Karur Vysya Bank 9.25% ₹ 1,368
Punjab and Sind Bank 9.35% ₹ 1,158
UCO Bank 9.45% ₹ 1,164
Kotak Bank 9.50% ₹ 1,166
PNB 9.50% ₹ 1,294
PNB Housing Finance 9.50% ₹ 932
South Indian Bank 9.60% ₹ 1,172
Indian Overseas Bank 9.75% ₹ 1,647
HSBC Bank 9.80% ₹ 1,062
Union Bank of India 9.80% ₹ 1,184
Central Bank of India 9.90% ₹ 1,316
Canara Bank 9.95% ₹ 1,658
Syndicate Bank 9.95% ₹ 1,319
Indiabulls 9.99% ₹ 1,321
Cholamandalam 10.00% ₹ 1,075
Federal Bank 10.10% ₹ 1,327
Standard Chartered Bank 10.10% ₹ 1,081
Axis Bank 10.50% ₹ 1,105
Edelweiss 10.50% ₹ 1,105
Indian Bank 10.50% ₹ 1,686
Dhan Laxmi Bank 10.60% ₹ 1,112
Andhra Bank 10.75% ₹ 1,363
United Bank of India 10.75% ₹ 1,699
OBC 10.95% ₹ 1,375
Lakshmi Vilas Bank 11.00% ₹ 1,378
Corporation Bank 11.35% ₹ 1,397
Piramal Housing Finance 11.50% ₹ 1,066
IDFC First Bank 11.80% ₹ 1,187
RBL Bank 13.05% ₹ 1,269
Allahabad Bank 14.15% ₹ 1,642
India Shelters 15.00% ₹ 1,613

Mortgage Loan Overview

A mortgage loan is a secured loan provided by the banks and NBFCs that allow borrowers to put their immovable property as a mortgage. Most of the banks and NBFCs finance mortgage loans up to 75% of the property’s value where the funds are provided against the security of your property. You can take a mortgage loan against both your residential and commercial property at low-interest rates.

Mortgage Loan - Features & Benefits

Some of the feature and benefits of Mortgage loan are as follow:

  • Mortgage Loans are secured loans that can be obtained against both commercial and residential property. Applicants can put up a commercial, residential, or even an empty plot as collateral for a loan against property.
  • The interest on mortgage loans is lower than an unsecured personal loan and starts at 7.20%.
  • A mortgage loan can be availed by salaried with a regular source of income, self-employed and businessman with business stability of minimum 3 years.
  • The loan amount enerally ranges from ₹ 10 Lakh to ₹ 10 Cr. Usually, the loan disbursed is around 75% of the market value of the property.
  • A mortgage loan can be used for a child’s education, the medical emergency wedding of your child, travelling business expansion and many other purposes.
  • The prepayment charges on the Mortgage loan are Nil under floating rate option.
  • You can get a mortgage loan with a CIBIL score of 650 and above.
  • A Mortgage loan can be repaid over a longer tenure as compared to other loans for as long as years.

Mortgage loan Eligibility

The eligibility criterion of Mortgage Loan differs from one bank to another. However, some common eligibility criteria are:

  • The individual should be Indian/NRI/PIO.
  • Minimum age of the applicant should be 18 years.
  • Maximum age of the applicant should be 70 years.
  • The applicant Should have a good credit score.
  • Applicants should have a regular source of income.

Mortgage loan Document

Some of the documents required to avail the mortgage loans are listed as follows:

  • Mortgage loan application form
  • Photographs
  • Age proof such as PAN Card, Passport, Aadhar Card
  • Address proof such as Passport, Driving License, Telephone Bill, electricity bill, and Election Card
  • Income proofs such as latest salary-slips for 3 months for salaried and proof of business existence for self employed
  • Income Tax related document like Form 16 for last 2 years for salaried and Income Tax Returns of the last 3 years (self and business) with Profit and Loss Account and Balance Sheets
  • Bank Statements of the last 12 months for salary account in case of salaried and for self and business account in case of self employed
  • Property documents such as NOC, registration papers and municipality certificates among others.

FAQs

What is the meaning of mortgage loan?

Mortgage loans refer to those loans in which a borrower secures the credit by pledging security. Generally, the amount of loan is around 60% to 74% of the value of the security pledged as collateral.

Which bank is best for a mortgage loan?

The top banks for Mortgage loans are Citibank, Jammu And Kashmir Bank, Karnataka Bank, HDFC, SBI. Individuals can apply for mortgage loans of these banks through MyLoanCare.

How long is a mortgage loan?

The maximum tenure of the mortgage loan is 25 years. This however may vary across lenders and may be dependent on their terms and conditions, and on other factors such as the borrower’s age, loan amount requirement and financial capabilities.


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Loan Against Property News - Jun 2021
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*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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