Loan against property or Property Loan as it is often referred to is a loan taken by pledging your existing property as a security. Loans against property can come in handy when other sources of funding get exhausted.
Compare Loan Against Property (LAP) Rate of Interest of Standard Chartered Bank , HSBC Bank , Indiabulls Housing Finance , Hdfc Ltd. , Barclays , Deutsche Bank , Dhanlaxmi Bank , Bajaj Finvest Ltd.
It is important to understand that a loan against property is different from a mortgage. While a mortgage is a bank loan taken to buy a property, a loan against property is a loan secured from the bank by putting up your existing property as a security against the loan.
Depending upon the existing market conditions, the paid up value of the property and other factors, the value of the loan against property can be anywhere between 40-60 % of the property value. Cash in on your smart investments of the past and build a safe future. Take a property loan today and use it for any kind of requirement
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Compare Loan Against property rate of interest
|| RATE OF INTEREST
|Standard Chartered Bank
|Dhanlaxmi Bank Ltd.
||12% - 14.50%
|Bajaj Finvest ltd.
||13% - 16%
Q When can I avail a Loan against my property?
You can avail a loan against your property to fulfill your financial requirements such as business expansion, your childs higher education, marriage of your child, any unforeseen medical emergency or even for holidaying abroad
Q How do Banks / NBFCs determine eligibility for availing this loan?
The Banks / NBFCs generally take into account the following factors to determine the eligibility for a loan against property:
• Co-applicant's income (if applied jointly)
• Financial documents
• Property valuation
• Number of dependants
• Stability/Continuity of employment/Business
Q. What is the maximum amount of loan that I can get against my property?
You can get a loan against property up to 70% of the property value depending on the Bank / NBFCs policy and the property type and valuation
Q. Can I apply jointly?
Yes, you can apply jointly with a co-applicant. The co-applicant must be from your immediate family (viz. Spouse, Father, Mother or Brother). By applying jointly, you can increase the loan amount required
Q.What is the security that I need to furnish to avail this loan?
The property should have a clear title, it should be marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation on the property. In case your property qualifies the mentioned criteria, the following documents are required to create a mortgage:
• Title deeds of the property.
• Other property related documents, if any
Q.Can I prepay my loan?
You can choose to repay the loan even before loan tenure is expired but for this you will be charged with a foreclosure fee depending on the Bank / NBFCs policy
Q.How much time do the Bank / NBFC take to disburse the loan?
The disbursement of loan depends on your profile and documentation. It generally takes between 7 to 10 days for the loan to be disbursed once all the documents are submitted.
Q.Can I transfer my already running Loan against property?
Yes, it is possible. There are various schemes available from different Banks / NBFCs for the same
Q. How can I repay my loan?
The repayment of loan is done through EMI (Equated Monthly Installments). It can be paid through Post Dated Cheques (PDCs) or Electronic Clearance System (ECS) from any account approved by Reserve Bank of India
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