Property Loan

Loan Tenure - The repayment tenure determines the interest rate charged by the bank. Shorter the repayment tenure, higher will be the rate of interest charged.Credit Score - You must have a credit score of 700 and above if you wish to avail a loan against property at lower rates of interest.Type of property - The market value and the type of property determines the interest rate charged by the lender.Profile of the applicant - The age, occupation, income, etc. also determines the interest rate charged by the bank.

SBI Bank Loan Against PropertyKey Features:Offered to customers with residential and commercial properties.The minimum loan amount that can be availed is Rs.10 lakh and the maximum loan amount is Rs.7.5 crore.Processing fee is set at 1% of the loan amount plus service tax, subject to a maximum of Rs.50,000 plus service tax.To be eligible for the SBI Loan Against Property, the applicant should have a minimum monthly income of Rs.25,000 or Rs.3 lakh p.a.No prepayment penalties with the SBI Loan Against Property.Bank/LenderProcessing FeePre-closure ChargesAge CriteriaSBI1%NilThe loan should be liquidated before the eldest borrower reaches 70 years of age.HDFC Bank Loan Against PropertyKey Features:Resident Indians who are salaried or self-employed are eligible for this loan scheme.Flexible loan tenures up to 15 years.Quick and hassle-free documentation process.The borrower can use his/her residential or commercial property as collateral to avail the loan.Simple monthly installments repayment options.Bank/LenderProcessing FeePre-closure ChargesAge CriteriaHDFC Bank1% of the loan amountNILContact bank for informationIDFC First Bank Loan Against PropertyKey Features:Loans of up to Rs.7 crore.Avail up to 80% of the value of your property as loan.Flexible loan tenures up to 20 years.Loans offered to borrowers with commercial properties, small and medium enterprises (SMEs), residential plots, or those with a rental income.Salaried and self-employed individuals are eligible for this loan scheme.Bank/LenderProcessing FeePre-closure ChargesAge CriteriaIDFC FirstUp to 3% of the loan amountAs per the terms and conditionsAs per the terms and conditionsTata Capital Loan Against PropertyKey Features:Quick and hassle-free documentation and approval process.Wide range of collaterals – residential, commercial properties, etc.Pre-qualified loan top-up.Availability of the overdraft facility.Competitive interest rates and flexible repayment plans.Bank/LenderProcessing FeePre-closure ChargesAge CriteriaTata Capital1.25%-2% + GST of the loan amount4% + GST25 years to 60 yearsAxis Bank Loan Against PropertyKey Features:Loans starting at Rs.5 lakh.Overdraft facility available.Transfer existing loan to Axis Bank.Flexible tenure options with attractive interest rates.Loans offered for as low as Rs.5 lakh.Bank/LenderProcessing FeePre-closure ChargesAge CriteriaAxis Bank1% of the loan amount or Rs.10,000 whichever is higherAt the discretion of the bankContact bank for detailsIIFL Loan Against PropertyKey Features:Minimum documentation required during the application process.Quick loan approval.Flexible repayment options.Doorstep banking available.Bank/LenderProcessing FeePre-closure ChargesAge CriteriaIIFLContact the bank for more informationNILContact the bank for more informationKotak Mahindra Bank Loan Against PropertyKey Features:The Kotak Mahindra Bank Loan Against Property can be availed for purposes such as education, travel, and other personal expenses.Applicants can use their residential property, commercial or industrial properties as collateral.Flexible Eligibility .Interest rates are lower than usual personal loan products.Hassle-free online application process.Bank/LenderProcessing FeePre-closure ChargesAge CriteriaKotak Mahindra BankMaximum 1% of the loan amount + GSTContact the bank for more informationBetween 21 years and 65 yearsEdelweiss Loan Against PropertyKey Features:Quick online application process.Loan amount you can avail will be at the discretion of the bankMinimum documentation required to avail the loan.Flexible tenure options. Tenure will depend on factors such as loan amount, interest rate, etc.Competitive interest rates on the borrowed sum.Bank/LenderProcessing FeePre-closure ChargesAge CriteriaEdelweiss Financial Services Ltd.1% of the loan amountAt the discretion of the bankAs per the terms and conditions set by Edelweiss Financial Services Ltd.

Type of propertyThe property should be in India, be it a residential or commercial property.Minimum and maximum age25 to 65 yearsEmployment typeSalaried or Self-employedNet monthly incomeRs.25,000 minimum monthly incomeOthersLegal property documents authorized by the Government of India - Registration Certificate, Property Tax Receipts, Sales Deed, etc.

Proof of IdentityAadhar card ,PAN card, Passport, Driving License, Voter IDs etc.Proof of AddressAadhar card,driving licence,ration card, etc.Income ProofForm 16 salary slip bank statement of 6 monthsProof of propertySale deed Registration certificate Property tax receipt

The customer has to visit the website of the financial lender and apply for the loan online.The customer support team of the lender will get in touch with the applicant and request for the submission of relevant documents.The lender will then verify the documents submitted and then inspect the property of the applicant.If the application is approved, then the loan amount will be credited in the bank account of the customer.

The bank offers an EMI calculator for users' help. With this facility, users can know how much payment to repay monthly to the bank. You have to review aspects such as the loan amount availed, the interest rate applicable, the processing charges, and the tenure for repayment.

Choose a loan against property according to your finances.Then, go to the website and fill out the form.Also, add on the personal information, income proof, and property proof.Enter the amount you wish to take a loan and tenure. After that, the lender will calculate your Eligibility .The lender starts your verification process with the needs document that you submitted before. Then, carry out the property elevation process.Previous to the loan distribution, you will have to submit the authentic papers of the property.