We have "Loans Against Properties" for you
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Everyone wants a home to live happily with family. Most people can’t afford a house and they have to live in other houses or apartments by paying the rents. If a person has good earning but he/she also can’t get enough to make a house with that income. So, for that issue, many banks provide loans for property to lend you a helping hand so that you can have your dream home where you can live happily with your family. The loan is called loan against property or LAP.
A Loan against Property is a type of secured loan availed against a residential or commercial property kept as collateral with the lender. In this loan, you get as much amount you want and can be payback with easy monthly installments. From this loan, you can buy any property or can make your own home or residence.
You can mortgage both commercial and residential property for availing LAP. However, there should be no other charges on the property i.e. No other loan running on the property offered as a security for Loan against property. Not only personal you can avail of the commercial property too.
More often this loan is usually taken for expanding business, acquiring assets, education needs, marriage, etc. The LAP is granted against the mortgage of the commercial/ residential/industrial property. The last use of the loan should be from the uses permitted by the bank. The borrower is needed to announce the end use of the loan in its application form.
Loan against Property (LAP) can be availed by both self-employed and salaried individuals for personal and professional needs. Various banks provide LAP with different interest rates. For LAP one must be eligible. Along with eligibility, some crucial documents needed too.
A person must be Salaried and Self Employed Professionals
5 years’ work experience (for salaried individuals)
Minimum 2 years in business with a positive net worth (for Self-employed)
At the time of taking the loan, minimum age requirements are 23 years and maximum of 70 years
Good credit rating score
No pending or overdue loan remaining
For salaried
Id proof (Aadhar card, pan card, voter id or driving license)
Property related documents
For new home: Buyers agreement/Receipt of payment
For Resale Homes: Receipt of Initial payment by seller/copy of the agreement to sell
Proof of Income: Latest salary slip, last 3-month bank statement, and it return
Address Proof(electricity bill)
2. For Self- Employed
Id Proof (Aadhar card, Pan card, voter id, and driving license)
Property related documents
For new home: Buyers agreement/Receipt of payment
For Resale Homes: Receipt of Initial payment by seller/copy of the agreement to sell
Proof of Income: Bank account statements of the previous 6 months.
Address Proof
|
BANK |
LAC Rate |
Processing Fee(% of Loan Amount) |
|
|
9.20% |
1% max. 50,000 |
||
|
HDFC BANK |
8.95% |
0.25% |
|
|
10.50% |
1.0% max 10,000 |
||
|
ICICI BANK |
10.15% |
1.0% max. 10,000 |
|
|
CITIBANK |
8.70% |
1.0% |
|
|
INDIABULLS |
10.50% |
1.0% min 5000 |
|
|
Punjab National Bank |
10.25% |
1.0% |
|
|
Standard Charted Bank |
10.10% |
1.0% min. 10,000 |
|
|
DBS Bank |
11.90% |
0.50% max 10,000 |
|
|
10.20% |
1.0% |
||
|
Central Bank of India |
11.10% |
0.50% |
|
|
10.50% |
1.0% |
||
|
Andhra Bank |
10.75% |
1.0% |
|
|
Union Bank Of India |
11.50% |
0.50% |
|
|
OBC |
10.95% |
0.50% |
|
|
9.50% |
2.00% |
||
|
9.80% |
1.0% Min 10,000 |
||
|
DHFL |
12.0% |
2.0% min 10,000 |
|
|
LIC Housing Finance |
11.30% |
0.25% max 25,000 |
|
|
Corporation Bank |
11.35% |
1.0% |
|
|
IDFC First Bank |
11.80% |
1.0% min 5000 |
|
|
Canara Bank |
11.70% |
1.0% min 5000 |
|
|
Allahabad Bank |
14.15% |
0.53% min 2,670 |
|
|
13.05% |
1.25% min 7500 |
||
|
UCO Bank |
10.80% |
1.00% |
|
|
Federal Bank |
11.90% |
0.50% min 3000 |
|
|
Bank of India |
10.65% |
1.00% min 5000 |
|
|
Bajaj Finserv |
10.20% |
1.50% |
|
|
Indian Overseas Bank |
10.85% |
0.62% min 890Rs |
|
|
United Bank of India |
10.75% |
1.00% |
|
|
Syndicate Bank |
11.50% |
0.50% min 500Rs |
|
|
Punjab and Sind Bank |
11.30% |
1.00% min 2000RS |
|
|
Kotak Bank |
9.60% |
1.00% |
|
|
Jammu and Kashmir Bank |
12.20% |
0.20% |
|
Firstly visit lenders website from which you want to get a loan
Fill the application form and read all the term and conditions
Attach all required documents with an application form
After submitting form lenders will let you know that you eligible or not for the loan
calculate LAP monthly EMI with Banksathi Loan against property EMI Calculator
Last Updated on : 07/Jun/2020Know More How To Apply ??
Know More About
You're eligible for a Loans Against Properties if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Loans Against Properties is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Loans Against Properties Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 8.15% - 14.25% |
| Processing Fees | Varies with bank |
| Loan Tenure | 1 year to 9 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Properties EMI Calculator