Loan Against Property
Big on dreams. Small on EMIs.
Starting at 8.00% p.a.
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Low EMIs
Interest on Loans Against Property is calculated on a reducing balance method. Hence, resulting in low EMIs.
Flexible Repayment Tenure
Get Loans against Property with repayment tenures extending up to 15 years.
Overdraft Facility
Avail loan against property along along DOD and save maximum interest.
Apnapaisa
Advantage
125+
Banks and NBFC Network
1000+
Branches
100+
Cities
Loan Amount
₹
10K
100CR
Interest Rate
%
5%
17%
Tenure (Years)
Years
1YR
20YR
Equated Monthly Installment (EMI)
₹
Loan Against Property EMI Calculator
Principal Amount
0
Monthly EMI
Total interest payable
Total amount payable
Loan Against Property Rates
The following is a comparison of loan feature of banks across key categories
10.55% per annum onwards
Interest Rate
0.75% of the total amount of loan up to a maximum of Rs 1 lakh
Processing Fees
EMI
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10.55% per annum onwards
Interest Rate
–
EMI
0.75% of the total amount of loan up to a maximum of Rs 1 lakh
Processing Fees
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11.10% onwards
Interest Rate
Up to 1.50%
Processing Fees
Rs. 970/Lakh
EMI
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11.10% onwards
Interest Rate
Rs. 970/Lakh
EMI
Up to 1.50%
Processing Fees
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8.35% onwards
Interest Rate
Up to 1.00%
Processing Fees
Rs. 1,014/Lakh
EMI
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8.35% onwards
Interest Rate
Rs. 1,014/Lakh
EMI
Up to 1.00%
Processing Fees
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8.35% onwards
Interest Rate
Up to 1.00%
Processing Fees
Rs. 1,044/Lakh
EMI
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8.35% onwards
Interest Rate
Rs. 1,044/Lakh
EMI
Up to 1.00%
Processing Fees
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8.25% onwards
Interest Rate
Up to 1.00%
Processing Fees
Rs. 956/Lakh
EMI
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8.25% onwards
Interest Rate
Rs. 956/Lakh
EMI
Up to 1.00%
Processing Fees
**The above figures are subject to change and GST may be applicable.
8.10% onwards
Interest Rate
Up to 1%
Processing Fees
Rs. 672/Lakh
EMI
7.99% onwards
Interest Rate
Up to 2.0%
Processing Fees
Rs. 672/Lakh
EMI
7.95% onwards
Interest Rate
Upto 1%
Processing Fees
Rs. 672/Lakh
EMI
**The above figures are subject to change and GST may be applicable.
Loan Against Property Details
- What is a Loan Against Property?
- Eligibility Factors
- Documents Required
- How To Apply
- Loan Verification Process
- Rate of Interest
- Other Details
A loan against property (LAP) is a loan disbursed against the security of one’s property, residential or commercial, to meet their financial needs. The property placed as security must be free of any encumbrance and the funds so borrowed, must not be used to carry out anything illegal.
The total value of the loan disbursed is usually 40%-65% of the market value of the property provided as security. These kinds of loans are cost-effective, easy to avail and come with low mortgage interest rates.
Eligibility:
Anyone who owns a property can apply for a loan against it. However, whether they are eligible for it or not depends on the following
Age:
18/21 – 60/65 years.
Nationality:
- Indian Residents / Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs).
Credit Score
- 650 and above.
Work Experience:
- Salaried Professionals must have been employed at their current workplace for at least 6 to 12 months.
- Self-employed Individuals should have had a business tenure of at least 3 years (continuous).
Note:
All/any of the Eligibility Factors listed above are subject to change on a case by case basis, left to the discretion of the bank/NBFC you are applying for a Personal Loan from.
The actual list of documents varies from one bank/NBFC to another. That said, here’s a checklist of the most common documents that are expected from all of them.
Proof of Identity:
-
PAN Card / Voter ID / Aadhaar Card / Passport / Driving
License
Proof of Address:
- Bank Account Statement / Aadhaar Card / Lease Documents / Property Purchase Agreement / Utility Bill / Passport / Driving License
Proof of Income:
-
For Salaried Professionals:
Salary Slip / Bank Account Statement / Form 16 -
For Self Employed Individuals:
ITR / P&L Statement and Balance Sheet / Bank Account Statement
Proof of Ownership/Property-related Documents:
- NOC from Society & Builder / Detailed Estimate of the Cost of Construction of the House / Registered Sale Deed / Allotment Letter / An Approved Copy of the Building Plan
Apnapaisa.com not only gives you the best deals on loans against property, but also makes applying for one easy and hassle free.
- Fill up your personal details such as occupation, city, phone number, etc. Then, click Proceed.
- Browse through the various offers on loans against property and select the one that’s best suited to your needs.
- Fill out any additional details that may be required.
- Your selected lender will send you an instant e-approval. Following which, a representative from your selected lender will get in touch with you to guide you through the documentation process.
Loan against property (LAP) is a loan disbursed against the security of one’s property, residential or commercial, to meet their financial needs. The Loan Against Property Verification Process involves all but 5 tiny steps.
- Start by selecting a Bank/NBFC that’s providing you with a loan against property that’s best-suited to your needs.
- Submit an online application for a loan against property on Apnapaisa.com. Your application will be transferred by us to your preferred lender.
- Having received your loan against property application, a representative from your chosen Bank/NBFC will call you to verify its details. A pick-up for the documents required will then be subsequently arranged by them at a place and time of your convenience.
- As soon as your documents are collected and successfully verified, your loan against property application will be approved by the said lender.
- Sign the loan agreement and the requested amount will be disbursed to your account.
Most banks/NBFCs provide loans against property only under a Floating Rate of Interest. I.e. the rate changes during the loan tenure based on the market scenario. A few provide under Fixed Rate of Interest as well. It’s imperative that the borrowers enquire about the rate and type of interest being provided by the lender before finalising.
Check the list below to know the current rate of interest on loans against property, offered by some of India’s leading banks and NBFCs.
In addition to the interest rates offered by various banks/NBFCs, there are many other factors that determine the Rate of Interest on loans against property.
-
Tenure of Loan:
The longer the tenure, the lower the EMI. This is because lenders usually charge high interest rates in case of shorter tenures.
-
Credit Score:
The higher the Credit Score, the lower the rate of interest. A high Credit Score indicates to the lender that the borrower is trustworthy and less likely to default on their payments.
-
Property Mortgaged:
The age of the property mortgaged, its condition and present market valuation also determine the rate of interest for Loan Against Property.
Business expansion in your mind?
Avail a loan against property at most lucrative interests rates.
Starting at 8.00% p.a.
Frequently Asked Questions