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A Loan Against Property (LAP) is a secured personal loan where you pledge your property as collateral. Also referred to as mortgage loans, these schemes offer interest rates ranging from 8.50% p.a. to 18% p.a. You can borrow up to Rs.25 crore with a repayment tenure extending up to 20 years. Apply now to learn more.
| Loan against Property Details | |
|---|---|
|
Interest Rate |
8.50% p.a. to 18% p.a. |
|
Loan Amount |
Up to Rs.25 crore |
|
Loan Tenure |
Up to 20 years |
|
Processing Fee |
1% – 3% of the loan amount + GST |
– On This Page –
| Bank | Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| State Bank of India | 10.60% p.a. - 11.30% p.a. | Up to 7.5 crore | 5-15 years |
| HDFC Bank | 8.95% p.a. - 10.25% p.a. | Up to 60% of the value of the property | Up to 15 years |
| IDFC First | 9.00% p.a. - 16.50% p.a. | Up to Rs.7 crore | Up to 20 years |
| Tata Capital | 10.10% p.a. onwards | Rs.5 lakh – Rs.5 crore | Up to 20 years |
| Axis Bank | 9.90% p.a. -10.35% p.a. | Rs.5 lakh – Rs.5 crore | Up to 20 years |
| Kotak Mahindra Bank | 9.15% p.a. onwards | Rs.10 lakh – Rs.5 crore | Up to 15 years |
| IIFL | 10.75% p.a. onwards | Up to Rs.10 crore | Up to 10 years |
| Edelweiss Financial Services Ltd | As per the terms and conditions | Up to Rs.25 crore | Up to 15 years |
| Bank of India | 11.25% p.a. onwards | Up to Rs.7.5 crore | Up to 15 years |
| L&T Housing Finance | 9.50% p.a. onwards | Rs.2 lakh onwards | Up to 18 years |
| Union Bank of India | 10.50% p.a. - 13.15% p.a. | Up to Rs.10 crore | Up to 15 years |
| Indian Bank | 10.00% p.a. - 12.60% p.a. | Up to Rs.5 crore | Up to 15 years |
| LIC Housing Finance | 9.50% p.a. - 11.55% p.a. | Up to Rs.7.5 crore | Up to 15 years |
| Bank of Maharashtra | 10.45% p.a. - 11.95% p.a. | Up to Rs.10 crore | Up to 10 years |
| PNB Housing Finance | 10.40% p.a. - 12.75% p.a. | Up to Rs.5 crore | Up to 10 years |
| ICICI Bank | 10.85% p.a. - 12.50% p.a. | Up to Rs.5 crore | Up to 15 years |
| Bajaj Housing Finance | 8.50% p.a. - 18.00% p.a. | Up to Rs.5 crore | Up to 30 years |
| UCO Bank | 10.95% p.a. - 12.10% p.a. | Up to Rs.5 crore | Up to 12 years |
| Indiabulls Housing Finance | 9.75% p.a. onwards | Based on customer’s profile, repayment capacity and the LTV ratio. | Up to 15 years |
| Bank of Baroda | 10.85% p.a. - 16.50% p.a. | Up to Rs.25 crore | Up to 15 years |
| Federal Bank | 12.60% p.a. onwards | Up to Rs.5 crore | Up to 15 years |
The interest rate is influenced by several factors, including the loan amount, the specific loan scheme, and the terms and conditions set by the lender.
| Bank/Lender | Processing Fee | Pre-closure Charges | Age Criteria |
|---|---|---|---|
| State Bank of India | Flat Rs.10,000 | Nil | The loan should be liquidated before the eldest borrower reaches 70 years of age. |
| HDFC Bank | Up to 1.50% of loan amount or Rs.4,500, whichever is higher | NIL | Contact bank for information |
| IDFC First | Up to 3% of the loan amount | As per the terms and conditions | As per the terms and conditions |
| Tata Capital | Up to 1.25% of the loan amount | 4% + GST | 25 years to 60 years |
| Axis Bank | 1% of the loan amount or Rs.10,000, whichever is higher | At the discretion of the bank | Contact bank for details |
| IIFL | Up to 2% of the loan amount | NIL | Contact the bank for more information |
| Kotak Mahindra Bank | Maximum 1% of the loan amount + GST | Contact the bank for more information | Between 21 years and 65 years |
| Edelweiss Financial Services Ltd. | 1% of the loan amount | At the discretion of the bank | As per the terms and conditions set by Edelweiss Financial Services Ltd. |
You can check the status of your loan application using your application reference number on the lender’s website. If your loan is approved, you will receive a notification on your registered mobile number, and the loan amount will be credited to your account shortly.
To find the best loan against property scheme, compare various loan offers from different lenders, focusing on factors such as tenure, interest rates, processing fees, and other terms and conditions to align with your financial goals.
Yes, you can apply for a loan against property for joint properties, provided the co-applicant is the joint owner of the property. Joint ownership can often result in a higher loan amount.
Yes, lenders typically charge an application fee that covers property evaluation and legal verification processes.
Some lenders provide Loan Against Property schemes for Non-resident Indians (NRIs), depending on the lender’s terms and conditions.
Loan Against Property can be used for various purposes, including business, personal reasons, or debt consolidation.
No, interest rates vary among lenders. It’s essential to compare rates to find the most favorable terms.
Yes, as per RBI guidelines, banks in India offered a moratorium on EMIs due between June 1, 2020, to August 31, 2020. While no late payment charges were applied during this period, interest continued to accrue, increasing the total loan cost. The moratorium should only be opted for in cases of severe financial distress.
