EMI Mantra

Loan Against Property 


As the name suggests - 'Loan against property (LAP)' is the loan given against the mortgage of property. Unlock the hidden potential of your property !!



♦ You should either be a salaried employee or a self-employed professional/ non-professional.
♦ Your age should not be more than 60 years if you are a salaried employee and not more than 65 years if you are a self-employed professional/ non-professional, at the time of loan maturity.
♦ Maximum loan amount would be decided based on the market value of the property as certified by approved valuer or repayment capacity (which further depends on your income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability and continuity of occupation etc) of the customer, whichever is lower.
♦ Loan eligibility shall be determined by taking into account income, age, qualification and occupation etc.
Income of borrower(s)/ co-borrower(s) may be clubbed together for calculation of loan eligibility.


Documentation Required

EMI Mantra

♦  Duly filled Application Form with Photograph
♦ Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
♦ Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
♦ Education Qualifications – Latest Degree (for salaried and professionals)
♦ Latest Salary-slips for 3 months (for salaried)
♦ Certificate & Proof of business existence along with Business Profile (for self employed and professionals)
♦ Form 16 for last 2 years (for Salaried)
♦ Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant (for self employed and professionals)
♦ Last 6 months Bank Statements (salaried)
Last 12 months Bank Account Statements (selfemployed and professionals)
♦ Photocopy of Title Documents of the Property, Approved Plan.

Spoil yourself with choice !!! Select the one which appeals you the most !!

Sr NoBankRate Of InterestProcessing FeeAction
1Citibank8.50%Book an appointment
2IDFC Bank9.35%1.00%  (Min Rs. 5,000)Book an appointment
3ICICI Bank9.50%0.50%  (Min Rs. 5,000 - Max Rs. 10,000)Book an appointment
4Standard Chartered Bank9.50%1.00%  (Min Rs. 10,000)Book an appointment
5Kotak Bank9.50%Book an appointment
6HDFC9.60%Book an appointment
7HSBC Bank9.60%1.00%  (Min Rs. 10,000)Book an appointment
8IndusInd Bank9.65%Book an appointment
9Axis Bank9.75%0.50%  (Min Rs. 5,000 - Max Rs. 10,000)Book an appointment
10IDBI Bank9.60%Book an appointment
11PNB9.90%0.90%  (Max Rs. 45,000)Book an appointment
12SBI10.00%1.00%  (Max Rs. 50,000)Book an appointment
13Yes Bank10.00%Book an appointment
14Dena Bank10.10%Book an appointment
15South Indian Bank10.25%Book an appointment
16Indiabulls10.50%1.00%  (Min Rs. 5,000)Book an appointment
17Bank of India10.50%1.00%  (Min Rs. 5,000 - Max Rs. 50,000)Book an appointment
18DCB Bank10.50%Book an appointment
19Indian Overseas Bank10.60%0.62%  (Min Rs. 890 - Max Rs. 8,900)Book an appointment
20Andhra Bank10.60%Book an appointment
21United Bank of India10.60%Book an appointment
22UCO Bank10.70%Book an appointment
23OBC10.90%Book an appointment
24Central Bank of India10.95%0.50%  (Max Rs. 20,000)Book an appointment
25Punjab and Sind Bank11.00%1.00%  (Min Rs. 2,000 - Max Rs. 50,000)Book an appointment
26Corporation Bank11.20%Book an appointment
27Union Bank of India11.35%Book an appointment
28Syndicate Bank11.40%0.50%  (Min Rs. 500)Book an appointment
29Lakshmi Vilas Bank11.45%Book an appointment
30Canara Bank11.45%1.00%  (Min Rs. 5,000 - Max Rs. 50,000)Book an appointment
31Dhan Laxmi Bank11.48%1.50%  (Min Rs. 10,000)Book an appointment
32Karur Vysya Bank11.60%Book an appointment
33DBS Bank11.65%0.50%  (Max Rs. 10,000)Book an appointment
34Federal Bank11.65%0.50%  (Min Rs. 3,000 - Max Rs. 7,500)Book an appointment
35Vijaya Bank11.90%Book an appointment
36Indian Bank11.90%Book an appointment
37Edelweiss12.00%Book an appointment
38DHFL12.00%2.00%  (Min Rs. 15,000)Book an appointment
39Jammu And Kashmir Bank12.15%Book an appointment
40RBL Bank12.90%1.25%  (Min Rs. 7,500)Book an appointment
41Karnataka Bank13.10%Book an appointment
42Allahabad Bank13.85%0.53%  (Min Rs. 2,670 - Max Rs. 80,100)Book an appointment

Know more about Loan Against property (LAP) ....

Loans against property has a maximum tenure of 15 years, subject to the condition it does not exceed your retirement age.

LAP is not eligible for any tax benefits or deductions. However,
1) A businessman however can claim tax deduction on the entire interest amount paid on the loan if he can prove that the loan funds were used to improve his business.
2) You can continue to claim the available tax exemptions if you have an existing home loan on the same property against which you have taken a LAP

Yes you can sell the property on which you have availed a loan. You need to get the List of documents held in custody by the bank and the foreclosure letter. Basis the above two documents you can transact on the property.

Loan against property can be used for any purpose, personal as well as commercial as long as the purpose is legitimate however, home loan has to be consumed for buying a residential property only.

You can avail LAP to buy another residential / commercial property. However most banks take a declaration from the customer during the processing of LAP which requires the customer to confirm that he will not use the funds for buying land.

Loan against property can be used for any purpose, personal as well as commercial as long as the purpose is legitimate.

Yes, repayment of loan ahead of the repayment schedule is very much possible. There is no prepayment charges if prepayment is done after 6 months of availing the loan and if the loan is prepaid from your own source without taking/ transfering additional loan.

Although both the loans can be utlised for any legitimate purpose, loan against property has certain benefits over personal loan - LAP has lower rate of interest and higher tenure. Also, in most of the cases, the processing fee for LAP is less than personal loan.

Yes, the property needs to be insured. The banks usually require that the property be insured against flood, fire, flood, earthquakes etc. during the loan tenure.

All the co-owners of the property will automatically become joint applicants of the Loan against Property.

Yes, banks do check your CIBIL score for checking your repayment history.


Fields marked with * are required

By clicking here, I authorize the website and its partners to call or SMS me in connection with my application & I agree to the Privacy Policy and Terms of Use.


Connect with your finance counselor NOW !!!!!


Call us on 9890013333 OR write to us at  admin@emimantra.com OR  Click here to leave your details for us to connect with you !!


EMI Mantra