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.
♦ 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 No||Bank||Rate Of Interest||Processing Fee||Action|
|1||Citibank||8.50%||Book an appointment|
|2||IDFC Bank||9.35%||1.00% (Min Rs. 5,000)||Book an appointment|
|3||ICICI Bank||9.50%||0.50% (Min Rs. 5,000 - Max Rs. 10,000)||Book an appointment|
|4||Standard Chartered Bank||9.50%||1.00% (Min Rs. 10,000)||Book an appointment|
|5||Kotak Bank||9.50%||Book an appointment|
|6||HDFC||9.60%||Book an appointment|
|7||HSBC Bank||9.60%||1.00% (Min Rs. 10,000)||Book an appointment|
|8||IndusInd Bank||9.65%||Book an appointment|
|9||Axis Bank||9.75%||0.50% (Min Rs. 5,000 - Max Rs. 10,000)||Book an appointment|
|10||IDBI Bank||9.60%||Book an appointment|
|11||PNB||9.90%||0.90% (Max Rs. 45,000)||Book an appointment|
|12||SBI||10.00%||1.00% (Max Rs. 50,000)||Book an appointment|
|13||Yes Bank||10.00%||Book an appointment|
|14||Dena Bank||10.10%||Book an appointment|
|15||South Indian Bank||10.25%||Book an appointment|
|16||Indiabulls||10.50%||1.00% (Min Rs. 5,000)||Book an appointment|
|17||Bank of India||10.50%||1.00% (Min Rs. 5,000 - Max Rs. 50,000)||Book an appointment|
|18||DCB Bank||10.50%||Book an appointment|
|19||Indian Overseas Bank||10.60%||0.62% (Min Rs. 890 - Max Rs. 8,900)||Book an appointment|
|20||Andhra Bank||10.60%||Book an appointment|
|21||United Bank of India||10.60%||Book an appointment|
|22||UCO Bank||10.70%||Book an appointment|
|23||OBC||10.90%||Book an appointment|
|24||Central Bank of India||10.95%||0.50% (Max Rs. 20,000)||Book an appointment|
|25||Punjab and Sind Bank||11.00%||1.00% (Min Rs. 2,000 - Max Rs. 50,000)||Book an appointment|
|26||Corporation Bank||11.20%||Book an appointment|
|27||Union Bank of India||11.35%||Book an appointment|
|28||Syndicate Bank||11.40%||0.50% (Min Rs. 500)||Book an appointment|
|29||Lakshmi Vilas Bank||11.45%||Book an appointment|
|30||Canara Bank||11.45%||1.00% (Min Rs. 5,000 - Max Rs. 50,000)||Book an appointment|
|31||Dhan Laxmi Bank||11.48%||1.50% (Min Rs. 10,000)||Book an appointment|
|32||Karur Vysya Bank||11.60%||Book an appointment|
|33||DBS Bank||11.65%||0.50% (Max Rs. 10,000)||Book an appointment|
|34||Federal Bank||11.65%||0.50% (Min Rs. 3,000 - Max Rs. 7,500)||Book an appointment|
|35||Vijaya Bank||11.90%||Book an appointment|
|36||Indian Bank||11.90%||Book an appointment|
|37||Edelweiss||12.00%||Book an appointment|
|38||DHFL||12.00%||2.00% (Min Rs. 15,000)||Book an appointment|
|39||Jammu And Kashmir Bank||12.15%||Book an appointment|
|40||RBL Bank||12.90%||1.25% (Min Rs. 7,500)||Book an appointment|
|41||Karnataka Bank||13.10%||Book an appointment|
|42||Allahabad Bank||13.85%||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.