Unlocking your property’s potential for financial needs is much easier with a Loan Against Property. Meet your financial needs without having to sell your property.
Loan Against Property involves a mortgage on your property, followed by monthly instalments. With LoanDekho Loan, get Loan Against Property rates that are affordable without having to dispose of your property. Making financial independence more accessible.
Loan Against Property interest rates can vary based on different factors and different banks. We curated a set of competitive interest rates that are available for you. Go to the bank-wise interest rates now.
| Bank | Interest Rate (p.a.) |
|---|---|
| State Bank of India (SBI) | 8.35% p.a. onwards |
| HDFC Bank | 9.00% - 10.75% p.a. |
| ICICI Bank | 9.50% p.a. onwards (12-35 months) |
| Axis Bank | 8.75% - 12.00% p.a. |
| RBL Bank | 11.00% - 14.00% p.a. |
| Canara Bank | 9.30% p.a. onwards |
| Federal Bank | 10.50% p.a. onwards |
| Bank of Baroda | 8.85% p.a. onwards |
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The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.Loan Against Property fees and charges are important considerations to settle. They include processing fees, documentation charges, prepayment penalties, and late payment fees. They prove to be of great benefit as it is crucial for effective budgeting.
The rates below provided are a compilation of the various charges and rates that are applicable while applying for a Loan Against Property:
| Features | Residential Property | Commercial Property |
|---|---|---|
| Interest rates | 8.35% p.a. onwards | 8.50% p.a. onwards |
| Loan Amount | Up to 70% of the property value | Up to 60% of the property value |
| Loan Processing Fees | Starting from 0.50% of the loan amount | Up to 1% of the loan amount |
| Loan Tenure | Up to 15 years | Up to 10 years |
Prepayment/Foreclosure Charges
0.5% - 3% on the outstanding principal or interest for the remaining term of the loan, whichever is lower.
A Property Against Loan EMI calculator helps you estimate monthly repayment & gain clarity on the financial hedges. Plan your Property Against Loan interest rate, and determine their eligibility and affordability for the loan.
Input the loan amount, interest rate, and loan tenure, the calculator provides an estimate of the Equated Monthly Instalment (EMI) that needs to be paid towards the Property Against Loan.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
It is important to check your Property Against Loan eligibility factor to qualify before opting for a Property Against Loan. Check your eligibility here,
| Criteria | Requirement |
|---|---|
| Type of car | Used Property Against Loan/ New Property Against Loan |
| Residence | Urban/Rural/Semi-rural |
| Age | 18 yrs - 75 yrs |
| Employment type | Salaried/Self |
| Salary | Depends on the bank |
To apply for a Property Against Loan, provide some basic documents as proof of identity and income. Hence, here’s a list of Property Against Loan documents required:
Besides meeting basic eligibility getting a Property Against Loan requires specific guidelines for approval.
| Do's | Don'ts |
|---|---|
| Maintain a good credit score | Don't miss or make late payments on existing debts. |
| Pay off existing debts and reduce outstanding balances. | Don't apply for multiple loans simultaneously. |
| Save for a down payment. | Don't exceed your budget for the car purchase. |
| Research and compare lenders and loan terms. | Don't provide false information on your loan application. |
| Keep a stable employment history. | Don't change jobs frequently before applying. |
| Gather necessary documents in advance. | Don't ignore your credit report and credit history. |
| Provide accurate and complete information. | Don't co-sign a loan for someone with a poor credit history. |
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Personal loans for purchasing a car and Property Against Loans serve differently. It is subjective to your purpose of availing a loan. Since personal loans are unsecured loans it is possible to to buy a car, while on the other hand Property Against Loans specifically cater to purchasing a vehicle. But there are other criteria that make them different, here are some of them-
| Aspect | Personal Loans for Car Purchase | Property Against Loans |
|---|---|---|
| Purpose | Can be used for various personal expenses. | Specifically designed for purchasing a vehicle. |
| Collateral | Typically unsecured loans. | The car itself acts as collateral. |
| Loan Amount | Generally lower loan amounts. | Higher loan amounts depending on the vehicle's value. |
| Interest Rates | Interest rates may be higher. | Lower interest rates due to the collateral. |
| Loan Term | Loan terms can vary from a few months to years. | Loan terms are usually shorter, often up to 7 years. |
| Repayment | Fixed monthly instalments. | Fixed monthly instalments. |
| Flexibility | Funds can be used for various car re-purposes. | Funds are dedicated to car purchase only. |
| Eligibility | Based on credit history, income, and other factors. | Creditworthiness, income, and vehicle details are considered. |
| Ownership | No impact on ownership of assets. | Ownership of the car upon successful loan repayment. |
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Property Against Loans offer flexible amounts and tenure options, competitive rates based on credit history, quick approval, and financing for various car models, with convenient repayment through EMIs.
Get your loan approved
within minimum
documention
Starting at 11.99% p. a.
Get the financialassets without risk.
Financing available forvarious car modles and brands.
Avail the loan amount youneed to upscale your business.
Get the loan amount yourbusiness scales for the type of project
Here’s the step-by-step process that you can follow to apply for a Property Against Loan on LoanDekho Loan:
Property Against Loan foreclosure allows early repayment of the outstanding amount, saving on interest and eliminating debt.
Property Against Loan refinancing replaces an existing loan with a new one from a different lender, offering improved terms, lower rates, and potential savings on payments and interest. Evaluate options, compare lenders, and consider fees for a beneficial refinancing decision.
Here are some reasons to refinance Property Against Loan
With the highest loan approval rate in the industry, Loan Dekho offers a solution to each of your financial nuances at your fingertip.
