(Updated on 02.01.17) Loan Against Property Interest Rates JAN 2017 – Compare Loan Against Property (LAP) on the basis of ☛ Eligibility ☛ Rate of Interest (ROI) ☛ Loan Tenure ☛ Processing Fee ☛ Prepayment Charges from top PSU & Private Banks such like ✓ SBI ✓ HDFC ✓ ICICI ✓ LIC ✓ Axis ✓ Kotak & more.
LOAN AGAINST PROPERTY – INSTANT QUOTES ONLINE
What is Loan Against Property: Higher Loan amount with Lower EMI
Loan Against Property can get you a higher loan amount for your business or individual needs with the advantage of lower EMI. The loan is given as a certain percentage of the property’s reasonable worth, generally around 40 % – 60 %. This is one of the inexpensive retail loans after Home Loans. Banks and financial companies offer this loan against a property, which can either be a residential/commercial building or a land.
A minimum eligibility for opting a Loan Against Property loan applicants should be salaried, self-employed, government employed, professional (doctor, engineer, architect, chartered accountant, etc), age should be in between 25 years to 65 years, net income should be Rs. 3 lakh to Rs. 5 lakhs.
Documents required for opting a Loan Against Property is residence proof, identity proof, for salaried employee last 6 months salary slips, updated bank statement, latest passport size photo, all property related documents, xerox copy of all existing loans.
For self-employed filing income tax returns, same business for a minimum number of years – generally between 3 to 5 years, 6 months updated bank statement, proof of existence of their business and the business profile, educational qualification, processing fee cheque etc.
STATE BANK OF INDIA (SBI)
State Bank of India (SBI) offers loan amount on Loan Against Property up to ₹ 1 crore with attractive interest rate @ 12.60% to 13.10% (Base Rate 09.70% w.e.f. 08.06.2015), processing fee 1.01% of the loan amount. Maximum Rs. 50933/- with nil prepayment charges, margin 40% of the market value of property & more.
Loan against Mortgage of Immovable Property
|Size of Credit Limit (Term Loan)||Rate of Interest*|
|For Loans upto ₹ 1 Cr||2.90% above Base Rate, currently 12.60% p.a.|
|For Loans above ₹ 1 Cr||3.15% above Base Rate, currently 12.85% p.a.|
Rent Plus Scheme
|Loan Amount||Rate of Interest*|
|For Loans upto ₹ 7.50 Cr in Metro Center and ₹5.00 Cr in Non- Metro Center||3.25% above Base Rate, currently 12.95% p.a.|
|In all other cases (In case of deviation)||3.40% above Base Rate, currently 13.10% p.a.|
Axis Bank offers loan against property from ₹ 2 lakhs to 5 crore with attractive interest rate @ 11.75% to 13.05%, processing fee 1% + Service tax as applicable with pre-prepayment/ foreclosure facility, balance transfer facility, doorstep services & more.
|Type of Loan||Base Rate + Markup||Effective ROI (floating)|
|Loan Against Self-Occupied Residential Property (Standard Product)||Base Rate + 2.25%||11.75%|
|Loan Against Property -Residential (other than Self-occupied) & Commercial(Standard Product)||Base Rate + 3.25%||12.75%|
|Purchase Of Commercial Property (Standard Product)||Base Rate + 3.25%||12.75%|
|Reverse Mortgage Loan||Base Rate + 3.25%||12.75%|
|Lease Rental Discounting||Base Rate + 3.25%||12.75%|
|Overdraft Facility Against Property||Base Rate + 4.00%||13.50%|
HDFC Bank offers Loan Against Property up to ₹1 crore with competitive interest rate @ 11.30% – 13.30%, processing charges 1% + service Tax with flexible repayment option, Dropline Overdraft Facility and EMI facility, easy documentation, doorstep service & more.
|Charges||Loan Against Property / Loan for Commercial Property||Loan Against Rent Receivables||Dropline Overdraft Against Property / Commercial OD against Property|
|Rack Interest Rate Range||Base rate + 2%
Base rate + 3.5%
|Base rate + 2%
Base rate + 3.5%
|Base rate + 2.75%
Base rate + 4%
|11.30% to 12.80%||11.30% to 12.80%||12.05% to 13.30%|
ICICI Bank offers Loan Against Property up to ₹1 crore with competitive interest rate @ 11.5%, faster processing, loan tenure up to 15 years, repayment options & more.
If a customer opting for Loan Against Property amount ₹30,00,000 interest rate given by ICICI Bank is 11.5%. Now customer should have to check monthly emi, total interest amount & total outstanding including (principal amount + interest amount).
Now here you will find loan details for tenure 5 years, 10 years, 12 years & 15 years as per loan against property calculator. These values calculated on January 25, 2016.
|Loan Amount||Loan Tenure||Monthly EMI||Total Interest Amount||Total Outstanding|
KOTAK MAHINDRA BANK
Kotak Mahindra Bank offers Loan Against Property from ₹10 lakhs to ₹3 crores with attractive interest rate @ 12.75% to 15.5%, lowest processing charges, overdraft facility or EMI based option avail, repayment facility & more.
A person can apply for Loan Against Property at Kotak Bank, either solely or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants.
HSBC Bank offer Loan Against Property up to ₹ 10 crores with a very attractive interest rate @ 10.60% for regular & 11.10% for Smart, processing charges 1% of the loan amount sanctioned or Rs. 10,000 with nil pre-payment charges, repayment option, loan tenure up to 15 years, balance transfer facility, top up & more.
Below example highlights how the interest on your loan is calculated
Note: Calculations for Rs 27 lakh at an interest rate of 10.60% p.a. for 15 years. EMI is Rs 30,013 which consists of interest and principal components as mentioned below.
|Month||Outstanding Balance||Monthly EMI||Interest Amount||Principal Amount|
Loan Against Property User Queries December 2016