Key Highlights
Loan Against Property to fulfill your personal or business needs.
Mortgage Residential or Commercial Properties for taking a loan.
Easy and hassle-free documentation
Simple repayment options with EMIs
Attractive Interest Rates
High-Value Loans made affordable
Get options from 25+ Banks/NBFCs for your Business Loan requirement.
What is a Loan Against Property (LAP)?
A Loan Against Property, commonly called mortgage loan, is a type of secured loan offered by Banks/NBFCs against a Residential or a Commercial property owned by the borrower. The Banks/NBFCs keep the property as collateral security to extend the loan at a relatively low mortgage interest rate.
The Loan Amount availed by an individual under Loan Against Property can be used by them for various purposes viz. funding a child's education, meeting medical expenses, starting a business, paying back a debt, expanding business, etc. The maximum loan amount provided by Banks/NBFCs under Mortgage Loan can go up to 70% of the property value.
Are you Eligible for Loan Against Property?
Banks and NBFCs (Non-Banking Finance Companies) offer Mortgage Loans to Salaried and Self-Employed individuals, and Businessperson depending upon their Monthly Income, Property Value, Credit Score, etc. These eligibility criteria differ from Bank to Bank.
How does the Loan Against Property (Mortgage Loan) work?
Mortgage Loans or Loan Against Property is usually taken for a Personal or Business need. It is extended by Banks / NBFCs against a property kept as collateral security. The loan tenure can range from 1 Year to a maximum of 20 years depending upon the terms of the agreement. A short tenure usually has a higher EMI amount.
Loan Against Property interest rates
Loan Against Property Interest Rates varies from Bank to Bank. They are calculated based on the Credit Rating of the Individual, Business Viability, Loan Amount, Tenure, etc. Here are the interest rates of some of the leading Banks and NBFCs.
Loan Against Property Eligibility Criteria with Top Banks/NBFCs
| Age | 
Minimum 21 Years at the time of Loan Application & Maximum 65 Years at the time of maturity |
| Citizenship |
Indian National with no criminal background |
| Employment Type and History |
Both Salaried and Self-Employed Individuals should be in Business / Profession for at least 3 Years |
| Credit Score |
Applicants must have a good credit score with a demonstration of good repayment history |
| Banks | Interest Rates |
|---|---|
| HDFC Bank | 9.50% |
| LIC Housing Finance Ltd. | 9.50% |
| State Bank of India | 9.60% |
| Kotak Mahindra Bank Ltd. | 9.60% |
| PNB Housing Finance Ltd. | 9.80% |
| Aditya Birla Housing Finance Ltd. | 10.75% |
| Apply |
Documents required for Loan Against Property
Banks/NBFCs demand the documents for Loan Against Property depending on the nature of the occupation of an applicant. The 2 categories of occupation are salaried and self employed.
| Salaried Individuals | Self Employed |
|---|---|
| Duly signed application form with photograph(s) | Duly signed application form with photograph(s) |
| Identity proof, address proof and age proof | Identity proof, address proof and age proof |
| Salary slips of last 3 months | Financial Statements, including Balance Sheet, Profit and Loss Account and Cash Flow Statements |
| Bank statements for the last 12 months | Bank statements for the last 12 months |
| Latest Form-16 and Income Tax Return (ITR) details | Income Tax Return (ITR) details of last 3 years |
| Title documents of property | Title documents of property |
| Proof of total work experience i.e. a minimum of 2 Years of Certificate of Practice, Salary Slips etc | Business Existence Proof i.e. Business Registration, GST Certificate, Trade License etc. |
How to apply for Loan Against Property at Loankidukaan?
LoanKiDukaan is dedicated to helping you fulfill your personal or business finance needs by aggregating loans in a quick and easy process. After you log in to the website, click on the 'Loan Against Property' button, and follow the steps:
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Your Personal Details
Enter Your Details like Name, Business/Profession, Turnover / Yearly Sales, Mobile Number, etc., along with the expected / required loan amount, etc., and fill in / Upload the additional details required.
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Connect and Evaluate
A list of Offers from the best of Banks/NBFCs suited for your profile will be displayed after verification. Select the best offer as per your requirements.
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Apply for Loan
Apply for the loan online and get connected to a lender's representative for loan estimation, property value and other requirements.
How is your Loan Against Property EMI calculated?
A Loan Against Property can be availed by an individual to pay-off an existing debt, funding a child's education, planning a wedding, etc. It isn't just about mortgaging a property but also includes additional costs to be borne by the borrower.
It is always better to understand your Mortgage Loan EMI amounts before applying for the Loan – it helps make valuable decisions easily.
Loan Ki Dukaan has a Loan Against Property EMI Calculator to help you calculate the EMI amount instantly as per your Loan Amount, Tenure, Interest Rate, etc. This helps in informed decision making and selecting the best mortgage loan offer.
Look at the table below to understand how Loan Against property EMIs is calculated.
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Loan Amount
10 Lakhs
30 Lakhs -
Interest rate
16%
16% -
EMI for 5 Years
INR 24,318
INR 72,954 -
EMI for 10 Years
INR 16,751
INR 50,253
Loan Verification Process
Loan Verification for Loan Against Property/Mortgage Loans involves key steps:
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Applying for the Loan
Once you make a Loan Against Property Online Application on Loan Ki Dukaan, your chosen lender receives your loan application.
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Document Pickup And Verification
Lender's representative contacts you for verification of the e-application, and arrange for pickup of documents required for the loan application. The lender's representative may contact for Property Valuation, documents, and added details.
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E-Approval of Loan
Once the application and documents are collected and verified, the Balance Transfer Loan is approved. Verification takes place after eligibility criteria are met.
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Loan Disbursal
Loan is disbursed upon confirmation and signing of the loan agreement.
How is your Loan Against Property/Mortgage Loan disbursed?
Once the Mortgage Loan is approved and sanctioned, the disbursal takes 2-3 days. Banks or NBFCs usually disburse loans through Direct Transfer of Funds. The Loan Amount is directly transferred to the Savings/Current Bank Account of the specified Individual or Business.
FAQs
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Which properties do lenders consider for a mortgage loan?
Most banks/NBFCs accept various Loan Against property types as collateral to extend funds. These include:
- Self-occupied residential property i.e. house, flats, apartments, etc
- Commercial Property i.e. office, complexes, malls, shops, etc
- A plot of land under the applicant's ownership for Home Mortgage Loan
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What are the other charges of mortgage Loan, besides interest rates?
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For what purposes can I use my Loan Against Property?
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What happens if I miss an EMI payment?
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What advantages does a co-applicant bring for Loan Against Property?
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How does the bank assess the loan amount of Loan Against Property (LAP)?
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I already have a mortgage loan on my property, can I avail another loan?
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Why should I apply for Loan Against Property at loankidukaan.com?