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Loan Against Property scheme is a secured personal loan which you can avail by pledging your property as a security or a collateral. These personal loan schemes are also known as mortgage loans. Loan Against Property interest rates range between 8.45% p.a. to 16.75% p.a. You can avail loans of up to Rs.25 crore for a tenure of up to 20 years with LAP.
Interest Rate | 8.45% p.a. onwards |
Loan Amount | Up to Rs.25 crore |
Loan Tenure | Up to 20 years |
Processing Fee | 1% – 3% of the loan amount + GST |
|
Banks
|
Interest Rate
|
Loan Amount
|
Tenure
|
|---|---|---|---|
|
State Bank of India |
9.50% p.a.- 10.50% p.a. |
Up to 100 Cr
|
5-15 years |
|
HDFC Bank Limited
|
9.00% to 10.00%
|
Up to 100 Cr |
5-15 yr
|
|
AXIS Bank Limited
|
9.00% to 10.00% |
Up to 100 Cr |
5-15 yr |
|
ICICI Bank Limited |
9.35% to 10.35% |
Up to 100 Cr |
5-15 yr
|
|
Kotak Mahindra Bank Limited |
9.00% to 10.00%
|
Up to 100 Cr
|
5-15 yr
|
|
Federal Bank Limited
|
10.85% to 11.85%
|
Up to 10 Cr
|
5-15 yr
|
|
HSBC Bank Limited
|
9.35% to 10.35%
|
Up to 100 Cr
|
5-15 yr
|
|
Deutsche Bank
|
9.35% to 10.35%
|
Up to 100 Cr
|
5-15 yr
|
|
IDFC FIRST Bank
|
9.00% to 10.00%
|
Up to 25 Cr
|
5-15 yr
|
|
Induslnd Bank Limited
|
9.00% to 10.00%
|
Up to 100 Cr
|
5-15 yr
|
|
DCB Bank Limited
|
9.35% to 10.35%
|
Up to 100 Cr
|
5-15 yr
|
|
Yes Bank
|
9.50% to 10.50%
|
Up to 10 Cr
|
5-15 yr
|
|
IDBI Bank Limited
|
10.45% to 11.45%
|
Up to 100 Cr
|
5-15 yr
|
|
Canara Bank
|
9.25% to 10.25%
|
Up to 100 Cr
|
5-15 yr
|
|
Bank of Baroda
|
10.85% to 11.85%
|
Up to 100 Cr
|
5-15 yr
|
|
Union Bank of India
|
9.35% to 10.35%
|
Up to 100 Cr
|
5-15 yr
|
|
Indian Bank
|
10.00% to 11.00%
|
Up to 100 Cr
|
5-15 yr
|
|
Punjab National Bank
|
9.65% to 10.65%
|
Up to 100 Cr
|
5-15 yr
|
|
Karnataka Bank Ltd
|
9.25% to 10.25%
|
Up to 25 Cr
|
5-15 yr
|
|
Bank of India
|
10.25% to 11.25%
|
Up to 100 Cr
|
5-15 yr
|
|
Bajaj Finserv Limited
|
9.00% to 10.00%
|
Up to 10 Cr
|
5-15 yr
|
|
IIFL Finance Limited
|
11.25% to 12.25%
|
Up to 5 Cr |
5-15 yr
|
|
Punjab National Bank Housing Finance LAP
|
9.00% to 10.00%
|
Up to 10 Cr
|
5-15 yr
|
|
Godrej Capital Limited
|
9.75% to 10.75%
|
Up to 10 Cr
|
5-15 yr
|
|
L&T Finance Limited
|
9.60% to 10.60%
|
Up to 10 Cr
|
5-15 yr
|
|
Piramal Housing Finance Limited
|
11.00% to 12.00%
|
Up to 10 Cr
|
5-15 yr
|
|
Aditya Birla Finance Limited
|
11.50% to 12.50%
|
Up to 10 Cr
|
5-15 yr
|
|
Tata Capital Limited
|
10.25% to 11.25%
|
Up to 10 Cr
|
5-15 yr
|
|
Indiabulls Housing Finance Limited
|
10.45% to 11.45%
|
Up to 10 Cr
|
5-15 yr
|
|
Fullerton India Credit Co. Ltd
|
9.00% to 10.00%
|
Up to 10 Cr
|
5-15 yr
|
|
Capri Global Capital Limited
|
10.25% to 11.25%
|
Up to 2 Cr
|
5-15 yr
|
|
Edelwise
|
9.25% to 10.25%
|
Up to 5 Cr
|
5-15 yr
|
|
Cholamandalam Investment & Finance Co. Ltd
|
11.50% to 12.50%
|
Up to 5 Cr
|
5-15 yr
|
|
Aadhar Housing Finance Limited
|
11.75% to 12.75%
|
Up to 5 Cr
|
5-15 yr
|
|
Vastu Housing Finance co.Ltd
|
17.50% to 18.50%
|
Up to 5 Cr
|
5-15 yr
|
|
Anand Rathi Global Finance Ltd
|
10.30% to 11.30%
|
Up to 10 Cr
|
5-15 yr
|
|
Hero Fincorp
|
12.70% to 13.70%
|
Up to 10 Cr
|
5-15 yr
|
Eligibility Criteria | Age: At least 21 years |
Salaried Individuals | Must have been employed by the current employer for at least a year |
Self-Employed Individuals | Must have been in the same business for a specific number of years |
Salaried |
|
For Self Employed |
|
Identity proof (any of the following) |
|
Address proof (any of the following) |
|
Age proof (any of the following) |
|
Different Charges Payable |
|
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
For sole ownership properties, there need not be a Co-Applicant. However, in case of properties with multiple owners, all need to be Co-Applicants while availing a loan against that property.However, having a Co-Applicant, like a spouse raises the total income and repayment credibility for borrowers.
In case of selling off a property in its prevailing conditions, the money it could raise is considered its market value.
Usually lenders accept any kind of residential, commercial or industrial property. However, the age and condition of the property might play a part in eligibility.
The repayment tenure is largely dependent on the lender. However, a maximum of 15 years can be availed for LAP, provided it does not exceed the borrower’s retirement age.
Yes, a number of lenders grant LAP to NRIS.
No, usually an uninsured property cannot be used to avail a LAP from lenders.
Yes, a LAP can be used for any purpose so long as it is not of speculative or non-prohibitive in nature.
A lender takes the following factors into consideration that might affect the repayment capacity, while determining the maximum LAP amount that can be provided to a borrower:
In any case, the total loan amount does not exceed 60% of the market value of the property.
The processing fees vary from lender to lender, starting from 1% of the total loan amount, for most lenders.
Yes, repaying the loan ahead of tenure, also known as foreclosure, is an option for borrowers. It does not usually have extra charges, given it is done after at least 6 months of availing the same, if done from borrower’s own funds, without transferring the loan.
If the Resident status of the borrower changes mid-tenure, their repayment capacity is reassessed by lender and a revised repayment schedule is established. The interest rate charged on the outstanding amount is as per the prevailing rates at the time in the India. The revised status and rates are communicated to the borrower via a letter.
As the name suggests, a Loan against Property is a secured loan, where the property serves as the collateral. It is also called a mortgage loan.
