Loan Against Property Interest Rates Comparison in India
| Bank | Home Loan Rate | Processing Fee |
|---|---|---|
| HDFC BANK | 9.9% To 10.50% | 0.75% +Gst |
| LIC HFL | 10.00% To 10.50% | 0.25% of loan amt subject to max. fees of rs.1 lac |
| ICICI HFC | 11.50% To 12.00% | 1% + Gst |
| ICICI BANK | 10.10% To 10.30% | 1% + Gst |
| PNB Housing Finance Limited. | 10.5% To 11.50% | 1% + Gst |
| Piramal H.F. | 10.05% | 50% of statndard grid |
| YES BANK | 10.50% To 12% | 1% + Gst |
| AXIS BANK | 10% To 11% | 0.5% To 1% |
| IIFL | 9.5% | 0.25% min of Rs. 2500/- |
| IDBI BANK | 10.30% To 10.70% | 0.50% + Gst |
| Bajaj Finance | 10.50% To 11% | 1% |
| Fullerton India H.F. | 13% | 1.50% + GST |
| HDFC (LTD) BANK | 8.75% To 9.80% | 0.5% + Gst 0% |
| Hero Fincorp | 10.25% To 14.00% | 1% + Gst |
| Edelweiss H.F. | 11.15% To 12.00% | 0.5% To 1% |
| Hinduja H.F. | 14% | 1% + Gst |
| The South Indian Bank | 10.25% To 11.75% | 1% + Gst |
| Bank Of Baroda | 8.65% - 9.50% | 8850/- |
| KOTAK MAHINDRA BANK | 9.85% To 10.25% | 0.75% |
| IDFC FIRST BANK | 10% | 0.20% To 1% Gst |
| SBI BANK | 8.55% To 9.10% | 4910 /- |
| RBL | 10.40% TO 11% | 1% + GST |
| ADHAR HOUSUING FINANCE LTD (GP PROPERTYS LOAN) | 15.50% To 18% | 2% PF |
| UJJIVAN SMALL FINANACE BANK LTD | 12% TO 15% | 1.25% To 2% + gst |
| AAVAS FINANCIERS LIMITED | 9.5% % TO 10% | 1% To 2% |
Loan against property Eligibility Check
You may be eligible for property loan in India from one or more banks if you meet the following eligibility conditions:
| Parameters | Eligibility Criteria |
|---|---|
| Minimum and Maximum Age | Individuals with minimum age of 21 years and maximum upto 75 years Note: However, there are few banks which also give loans to individuals of 18 years and /or individuals up to 70 years of age. |
| Loan Tenure | Banks give loan upto a period of 15 years depending upon your age Note: However, some banks may not offer a loan against property for more than 7 years or 9 years. Only selected banks offer mortgage loan up to 25 years. |
| Net Monthly Income |
|
| Employment Type and History |
Note: Eligibility conditions for self employed may be different from that of salaried customers Also, note that mortgage loan rates may be higher for a salaried customer as compared to a self employed or a business men. The reason is that salaried customer tend to take a loan for personal purposes while self employed borrower are more likely to take a this type of loan for business purposes. |
| LTV |
Banks typically give mortgage loan for a LTV of 60-70%.
|
| CIBIL Score for Loan against property |
Banks gives loan based on market value or registered value of the property, whichever is lower.
Note: In case of low CIBIL score, you can be eligible for few banks or NBFCs with some additional conditions like higher interest rate and higher margin |
Documents for Loan Against Property Application
| Documents Required | Individuals | Firms, Partnerships |
|---|---|---|
| Identity Proof | PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card | PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card |
| Certificate and Proof of Business Existence | PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI | |
| Address Proof | Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old) | Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter |
| Age Proof | PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate | PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate |