Loan Against Property

Loan Against Property Interest Rates

Bank	Rate	Processing Fee
SBI	8.05%	0.50% 2k - ₹ 50k
HDFC	8.00%	0.75%
ICICI	8.35%	0.50%
Axis	10.50%	1.00%
Kotak Bank	9.60%	1.00%
Bajaj Home Finance	9.00%	1.00%
IDFC First Bank	11.80%	From ₹ 5,000
IDBI Bank	8.25%	1.00%
HDFC Bank	8.50%	0.75%

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RATES AS LOW AS

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Long Term Loan

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Amount of Credit Given

Mortgage Loan

Loan against property is another name of mortgage loan and is available for both salaried and self-employed borrowers to help them fulfil their business and personal needs by mortgaging their property.

Purpose

Some of the basic purposes for which you can avail this loan are expanding business, acquiring assets, education needs, marriage, etc. The loan is granted against the mortgage of the residential/commercial/industrial property. As a borrower you are required to declare the end use of the loan in its application form.

Points to remember are:

Loans for home construction or purchase are available at a lower rate of interest under a home loan as against a mortgage loan.
Banks will take an end use undertaking on the loan against property and will also check the actual usage of the loan on a regular basis.
Top up loans taken on existing loans against property can be used for purposes such as business expansion, education, medical expenses etc.

Mortgage Loan (Loan Against Property) Process

Once you have done complete research on the loan offers available in the market and have shortlisted the bank from where you want to take loan, you go through the following steps to complete your loan process and get a loan sanction.

Firstly, fill the online loan application form or visit the branch where you will have to fill a loan application. The bank will ask for your basic loan requirements (loan amount, tenure, income level etc) and ask you to fill personal, occupation and income details in the application form.
On the basis of information provided by you, the lender will calculate your loan eligibility like mortgage loan interest rates, processing charges, required documents, lock in period etc. In case your eligibility does not match as per the bank, you are asked to either submit some additional documents or to add a co-applicant to increase your eligibility.
Further, the bank will arrange a meeting with you to collect a photocopy of your documents which include KYC, income documents and property documents and will also discuss the about property approval process. A bank representative will come and collect the documents from the address specified by you. At this stage the bank may also collect the processing fees and other legal and technical charges from you.
Bankers will visit the site for property verification and come out with a property evaluation report which gives an estimated market value of the property as well as feedback that the property has a clear title, complete set of documents and has no technical deviations. The bank will confirm your loan amount eligibility based on the above assessment.
Once the bank gets satisfactory results from the above checks, it will approve your loan, issue a sanction letter and proceed towards initiating the disbursement process. At the time of disbursement, you have to submit original property documents as well mortgage registry documents duly signed and registered to the bank. Mortgage registry process can take 4 to 5 working days.

Types of Loan Against Property

Regular Loan against property: This is the most common loan taken by a borrower to fulfill any kind of business and personal needs which may include loans for:

Business expansion
Acquiring assets
For marriage or any medical emergency

Lowest interest charged on Loan against property is 7.20%. All banks and NBFCs provide property loans for these purposes. Various banks offer loans against residential property, while only selected banks offer loans against commercial or industrial property. Financing companies are typically more open to extend loans against residential property.

Loan against property Overdraft: Overdraft facility is availed by the borrowers who expect to have surplus income or fluctuating income during the year. This facility allows you to deposit the available surplus amount for any period which can be as short as a few days in your Loan against property account and reduce your interest liability. This option is highly suitable for self employed businessmen or professionals who have fluctuating funds requirements throughout the year.

Loan against property Top Up: Top up loan is an additional loan amount that you can avail on your existing Loan against property. Top up can be taken either from the existing bank or can be availed at the time of transferring your outstanding property loan amount from one bank to another bank to avail low interest rates. The LTV cap on Loan against property is applied to calculate your eligibility on a loan amount. This means that the amount of the top up loan plus your existing mortgage loan outstanding should be less than or equal to 70% of the market value of the property. Top up amount eligibility may vary from bank to bank based on your income and value of the property and needs a thorough comparison.

Home Loan

Personal Loan

Loan Against Property

Business Loan

Basic Eligibility Criteria

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PARTNERS

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LOAN PROCESS

Step 1

Fill Out The Form in the Website

Step 2

Submit The Required Documents

Step 3

Documents & Credit Score Verification

Step 4

Loan is Credited To Your Account

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What our clients say

All the services provided by eMax at the time of applying for a loan against property were fantastic. Be its quick turnaround time, fast processing, excellent guidance, etc. The entire… Read more “1”

Mr Aaditya

The team of professionals that I interacted with during my loan application at eMaxloans had superb product knowledge and were very considerate of clarifying all my confusions and doubts instead… Read more “2”

Mr Udit

I sincerely appreciate all the efficiency and efficacy with which the team of financial experts at eMaxloans handled my case. From start to the very end, my loan application went… Read more “3”

Mr. Rahul

I would like to thanks the entire team of eMaxloans for the wonderful service experience accorded to me during my loan application procedures. I am incredibly pleased with the quick… Read more “4”

Mr. Gouri

Hiccups are part of every business and when they get linked to the crunching finances, finding a quick resolve becomes a necessity. There was a time when our organisation was… Read more “5”

Mr Razdan

I got the credit for my loan amount as requested for within the time promised by the team. Kudos to Avdesh and his entire team off financial experts at eMaxloans… Read more “6”

Mr. Bhushan

Loan Against Property Interest Rates

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