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Best Options in India to take Loan Against Property Loan Against Property (LAP) is a secured loan and generally, comes at a lower rate of interest and longer tenure in comparison to an unsecured loan. Anyone who has a property to ​mortgage Loan​(residential or commercial property) can avail this loan. Loan against property helps in meeting both personal and financial needs. There are many banks and NBFCs offering loan against property. Some of the best options to take LAP in India are as follow:

SBI Loan Against Property ● Interest is calculated on daily reducing method. ● There is complete transparency in account operation. ● No hidden fees or administrative charges. ● NIL prepayment charges for floating rate loan. Eligibility criteria: ● Age: The applicant should be at least 18 years old and not more than 70 years of age. ● Income: The applicants are required to have a net monthly income of Rs. 25,000 or more if they are salaried. ● Business Stability: A business existence for a minimum of 5 years is required, during which the business should be profitable. ● CIBIL score: A CIBIL score of 650 and above is required to apply for SBI loan against property. ● Property Value: SBI gives an LTV of up to 65%, which implies you can get a maximum loan amount of 65% of property value. ● Property approval and documents: The property against which you are taking the loan should be approved by the bank. LTV is calculated based on the estimated fair market value or registered value, whichever is lower. HDFC Loan Against Property HDFC is offering loan against property at an interest rate starting from 9.55%. Benefits of HDFC loan against property are: ● PAN India presence. ● HDFC offers multiple repayment options to pay your EMI. ● Nil prepayment charges for individual non-business borrowers.


Eligibility criteria: ● Age: The age of the applicant should be between 24 years to 60 years. ● Income: A net monthly income of Rs. 25,000 or more is required in case of salaried individuals. ● Business Stability: A self-employed person should be in business for a minimum of 5 years during which the business should be profitable. ● CIBIL score: CIBIL score helps in measuring the creditworthiness of an individual. HDFC grants the loan to borrowers with a CIBIL score of 650 and above. ● Property Value: HDFC gives an LTV of up to 50 % depending on the type of property, which implies you can get a maximum loan amount of 50% of property value. Axis Bank Loan Against Property Availing a loan against property from Axis Bank is also a good option, as it's interest rate starts at 11%. Benefits of availing loan against property from Axis are as follows: ● Nil prepayment charges for individual non-business borrowers. ● Additional benefit of lease rental discounting. ● You earn EDGE loyalty reward points on disbursal of your loan. ● An overdraft facility available on loan. Eligibility criteria: ● Age: Applicant should be aged between 24 years to 60 years. ● Income: A net monthly income of Rs. 25,000 or more is required in case of salaried individuals. ● Business Stability: A self-employed person should be in business for a minimum of 5 years during which the business should be profitable. ● CIBIL score: CIBIL score helps lenders in assessing the creditworthiness of an individual. Axis Bank gives loan to borrowers with a CIBIL score of 650 and above. ● Property Value: The value of property is used to calculate the maximum loan amount eligibility. You can get up to 60% of the value of the property as a loan. ICICI Bank Loan Against Property ICICI Bank is one of the leading names when we talk about top 10 loan against property providers India. ICICI bank loan against property is a multi-purpose loan that can be used for your business or personal needs. The interest rates on ICICI loan against property starts at 9.50%. Eligibility criteria: ● Age: Applicant should be aged between 21 years to 60 years. ● Income: A net monthly home take income of Rs. 40,000 and above is required in case of salaried individuals. ● Business Stability: A business existence of 5 years in case of self-employed is required. During this period, the business should be profitable.


● CIBIL score: A good CIBIL score indicates your good repayment track. It implies lower chances of you to default on your loan repayments. ICICI grants the loan to borrowers with a CIBIL score of 650 and above. ● Property Value: ICICI gives an LTV of up to 60% depending on the type of property you want to mortgage as a loan. Documents required for to get Loan Against Property includes KYC Documents- Identity/ Age Proof (Passport/ Driving License/ Voter ID/ PAN). Residential Address Proof (Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport). Property documents Registered Sale Deed/ Conveyance/ Lease Deed Past Sale Deeds Chain (each transaction in respect of this property since the first allotment Latest House Tax Return/ Receipt Approved Building Plan from Municipal Corporation For Self-Employed ITR of last 3 years Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile For Salaried employee ITR of last 2 years Income Documents – Last 6 months payslip, 2 years Form 16, latest 6 months bank statement showing salary credit and any EMI debit. With the help of online aggregators, you can compare eligibility criteria and other additional features by sitting at home. After comparative analysis, you can apply for loan against property online as well as offline.

Also Read: ​All you want to know about HDFC Loan Against Property

Best Options in India to take Loan Against Property  

Loan Against Property (LAP) is a secured loan and generally, comes at a lower rate of interest and longer tenure in comparison to an unsecur...

Best Options in India to take Loan Against Property  

Loan Against Property (LAP) is a secured loan and generally, comes at a lower rate of interest and longer tenure in comparison to an unsecur...

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