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Loan Against Property/ Mortgage Loan Approval

Get instant soft approval from the loan against the property by mortgaging your residential or marketable commercial property. Get up to 100% loan amount on your property’s value within seven working days. Interest rate starts from 8.50% from over 40 Banks & NBFCs.

We provide Loan against property on residential, commercial & Industrial Property.

The loan which is provided against any collateral mortgage property is called Property Mortgage Loan or Loan Against Property. Normally all the private sector and public sector banks are aggressively providing property loans in India. Apart from banks, lots of NBFC are also providing mortgage loans in Pune. Due to high competition in these products, there are lots of advantages to loan customers. They get low-interest rates with higher tenure.

In case of loan against property, the approval takes time of 6 to 10 days. Banks take the charge of property at the time of loan disbursal. Key players like HDFC bank, ICICI Bank, ING Vysya Bank, Kotak Mahindra, Axis Bank etc. are the major stake holder from private sector banks in India. Banks interest rates are normally 8.50 % to 16.00 % in reducing the balance.

Property Loans/ Mortgage Loan

• Property Loans start from Rs 2 Lacs onward depending on your property valuation and your individual eligibility.

• Loan against property can be borrowed up to 100% of market value of the same property.

• Easiest and Flexible for taking option between an EMI based loan or overdraft facilities.

• Property loan is available with the option of high tenure loans for the low burden of repayment.

• Property loan is available with the option of high tenure loans for the low burden of repayment.

• Low MCLR rate and maximum tenure with low-interest rates as the comparison with a Personal loan or Business loan.

• Simple documentation and speedy processing.

• Property Loan avail for salaried & self-employed individuals or company also.

Features of Loan Against Property

• It is the second cheapest loan in the market after Home Loan. It works out to be much cheaper than the Business loan which is usually issued at interest rates in the range of 8.50% – 16.00%.

• On the basis of security, they provide longer tenure. The tenure for a Loan Against Property is usually longer than a personal loan. Generally, based on a secured loan tenure goes up to 15 years.

• Due to a secured nature of loan the another quality of LAP is the lower rate of interest which makes this product lowest EMI product.

• LAP requires normal documentation like the personal loan or business loan. Only property documents added for the collateral purpose..

Mortgage Loan Interest Rates 2020

Banks Name Interest rate Processing fees
ICICI LAP 10.00% to 12.00% 1% + GST
IDFC Bank Ltd 8.75% to 10.75% 1% + GST
RBL Bank Limited 10.50% to 12.75% 1% + GST
L & T Finance Ltd 10.75% to 12.50% 1% + GST
India bulls 09.00% to 11.75% 1% + GST
Deutsche Bank 9.00% to 10.00% 0.75% +GST
DCB Bank 10.00% to 12.75% 1% + GST
Cholamandalam 10.00% to 12.75% 1% + GST
Capri Global 12.00% to 13.75% 1% + GST
Reliance Capital 11.00% to 12.75% 1% + GST
DHFL 10.00% to 12.75% 1% + GST
Shriram Housing 12.00% to 18.00% 1% + GST
Aadhaar Housing 13.00% to 15.00% 1% + GST
Capital First 13.00% to 18.00% 1.5% + GST
Aditya Birla Home Finance 10.00% to 12.00% 1% + GST
Magma Housing 12.00% to 15.00% Upto 2% + GST
Yes Bank 10% to 11% 1% + GST

Process

The loan against property goes through the following stages.

• Application for Loan.
• Processing of Application.
• Loan Documentation.
• Initiation for Verification / Valuation of property.
• Credit Sanctioning of the Loan.
• Disbursement of Loan.

Documents Required

• Identity Proof
• Residence Address Proof
• 6 month Bank Statement
• 3 month salary slips
• Previous or current job experience proof
• Form 16 for previous employment / ITR for self employed
• Property Document

Frequently Ask Questions

For salaried customers:

Applicant and Co applicants signed application form with cross signed photograph
Proper Identity and Address Proof with age proof
Latest three month Salary Slips
Last two years Form 16
Updated Bank Statements (Last 6 months)
Initial Processing fee cheque

For Self-Employed customers:

Complete filled application form with signed photograph
Updated Identity and address Proof of applicant and co applicant
Business stability existence proof & Education Qualifications.
Last 3 years complete ITR
Last 3 years updated P&L and Balance Sheet along with audit report
Updated Bank Statements (Last one year)
Initial Processing fee cheque

Any salaried as well as Self-Employed person can avail Loan against property (LAP) in India, irrespective of the monthly or annual income.

Banks process any of loan application on the basis of below mentioned factor:

Proper KYC documentations set.
Application age criteria for LAP (Minimum age 21 Years and maximum 65 years)
Actual and proper property valuation as per legal and technical report.
Obligating of existing loan liabilities (if any)
Work experience in current profession.
Proper set of financial documents of the customer.
Number of owners of the property.

You can get a property loan up to 65% of market value of your property depending on the finance policy of the issuing bank.

The market value of the property would be determined by a valuation conducted by legal and technical team of the Loan Provider.

The basic difference is the end use of loan between a Home Loan and a Loan against property. Home loan is taken for the purpose of purchasing a residential property whereas a property loan can be taken for any other purpose like business or any other requirements.

Application for Loan.
Processing of Application.
Loan Documentation.
Initiation for Verification / Valuation of property.
Credit Sanctioning of the Loan.
Disbursement of Loan.

Yes, there are some fees and other legal charges to be paid to the bank depending on their respective terms and conditions.

The normal processing of the loans takes 6 to 12 working days once all the documents are submitted. It also depends upon your income profile and documentation.

Yes. The property has to be completely insured against fire, flood, earthquakes and other appropriate hazards during the tenure of the property loan.

The repayment of the property loan is done through EMI or it can be paid through Post Dated Cheques (PDC) or Electronic Clearance System (ECS).

The loan can be pre-paid along with the pre-payment charges. Usually the bank charges 2% to 4 % of the principal pre-paid.

EMI Calculator

Loan Amount is 100000
No. of Month is 12
Rate of Interest [ROI] is 10
Monthly EMI

Total Interest

Payable Amount

Interest Percentage

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