loan against property EMI Calculator
|Interest %||9.5 %|
|Emi (monthly)||₹ 8,768|
|Total Interest||₹ 5,220|
|Loan Amount + Interest||₹ 105,220|
|Year||Total Principal |
( A )
|Total Interest |
( B )
( A + B)
|Total Payment||Loan Paid Till Date (%)|
|₹ 48,814||₹ 3,794||₹ 52,608||₹ 51,186||48.81 %|
|₹ 51,181||₹ 1,427||₹ 52,608||₹ 5||100.00 %|
|Bank/NBFC Name||Rate of Interest||Processing Fee||Tenure||Loan Amount||Apply for Loan|
|IIFL Loan Against Property||10.45% p.a.||Up to 2%||15 Years||Up to Rs. 10 crores||Apply Now|
|Motilal Oswal Home Finance||14.75% to 17.25%||Up to 5000||5 years to 15 years||5 lakh to 25 lakh||Apply Now|
|Tata Housing||10.10% p.a.||Nil||30 Years||Max: Rs.5 Cr||Apply Now|
|HDFC Bank Loan Against Property||4% - 4.95%||Max: Rs.7,500||Nil||Nil||Apply Now|
|DBS Bank Loan Against Property||8.15% p.a.||1%||Salaried- 25 Year Self Employed- 20 Year||Max: Rs.10 Cr||Apply Now|
|Indian Bank Loan Against Property||9.50% p.a||Nil||3 Years||Rs.10 Lakh - Rs.5 Cr||Apply Now|
|Bank of Baroda Loan Against Property||9.65% - 15.30%||Nil||15 Years||Rs.2 Lakh - Rs.10 Cr||Apply Now|
|ICICI Bank Loan Against Property||8.35% p.a.||8.35% p.a.||15 Years||Rs.10 Lakh - Rs.5 Lakh||Apply Now|
|Karnataka Bank Loan Against Property||11.28% - 12.48% p.a.||Nil||15 Years||Up to Rs. 1 crore||Apply Now|
|Hero Housing Loan Against Property||8.00% p.a. onwards||1% - 3%||15 Years||Nil||Apply Now|
|India Shelter Housing Finance Loan Against Property||15.00% p.a. - 24.50% p.a||4%||10 Years||Rs.5 Lakh - Rs.50 Lakh||Apply Now|
|Satin Housing Loan Against Property||8.0% - 12.0% p.a||1%||20 Years||Nil||Apply Now|
|Indiabulls Finance Loan Against Property||13% - 13%||1.5%||20 Years||Nil||Apply Now|
|DMI Loan Against Property||15% - 18%||1 to 1.5% of the total amount||15 years - 25 years||Rs.5 Lakh - Rs.75 Lakh||Apply Now|
|Federal Bank Loan Against Property||9.75% - 11.00% p.a.||Low - 0.50%||Nil||Rs.1 Lakh - Rs.15 Lakh||Apply Now|
|Axis Finance Loan Against Property||11%||1%||20 Years||Rs.5 Lakh - Rs.5 Cr||Apply Now|
|L&T FINANCIALS SERVICES Bank Loan Against Property||9.40% - 12.50% p.a.||2%||15 Years||Rs.10 Lakh - Rs.10 Cr||Apply Now|
|Aditya Birla Loan Against Property||7% - 11% p.a.||2%||20 Years||Rs.1 Lakh - Rs.75 Lakh||Apply Now|
|Aavas Loan Against Property||8.50% p.a.%||2%||30 Years||Rs.1 Lakh p.a.||Apply Now|
|Bajaj Housing Finance Loan Against Property||8.60%* to 15.00%*||7%||18 Years||Up to Rs.5 Cr||Apply Now|
|Bank of India Loan Against Property||11%||1%||15 Years||Rs.10 Lakh - Rs.5 Cr||Apply Now|
|Kotak Bank Loan Against Property||9.15% Onwards||Up to 1 % of loan amount||15 Years||70% of market value of the property||Apply Now|
|Axis Bank Loan Against Property||11%||1%||20 Years||Rs5 Lakh onwards||Apply Now|
|CSB Bank Loan Against Property||12.02%||2%||To be discussed at the time of sourcing||70% of market value of the property||Apply Now|
|Piramal Finance Loan Against Property||11.5%||4%||15 Years||Up to Rs 2 crores||Apply Now|
|Union Bank Of India Loan Against Property||9.30%||0.5%||15 Years||50% of the fair market value of the property||Apply Now|
|Clix Capital Loan Against Property||To be discussed at the time of sourcing||Up to 4%||15 Years||Up to Rs 50 Lakhs||Apply Now|
|Shriram Housing Finance Loan against Property||12.5%||Up to 2.5%||25 Years||Up to 70% of Market Value||Apply Now|
|RBL Bank Loan against Property||9.50%||Up to 1.5%||15 Years||Up to 80% of Market Value||Apply Now|
|Central Bank of India Loan against Property||12.25%||Up to 0.5%||Up to 120 Months||Up to Rs 5 crores||Apply Now|
|Yes Bank Loan Against Property||10.75%||1%||15 Years||Up to Rs25 crores||Apply Now|
|Shubham Housing Finance Loan Against Property||13.90% Onwards||Up to 3%||10 Years||Up to Rs 15 Lakhs||Apply Now|
|Fullerton Loan Against Property||9.00%||3%||15 Years||Up to Rs5 crores||Apply Now|
|Credset Loan Against Property||To be discussed at the time of sourcing||To be discussed at the time of sourcing||5 Years||Up to Rs 50Lakhs||Apply Now|
Getting a Loan Against Your Property Has Never Been So Easy!
The needs and requirements of loans vary from one individual to another. Therefore, at ReferLoan we offer a wide range of Loan Against Property to serve every individual and their financial needs.
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will have your loan amount disbursed to your bank account.
Flexible End Use
Like a personal loan, a loan against property can be used for both personal and business purposes other than any speculative use
High Quantum of Loan
A mortgage loan is secured against a high-value asset, which gives you access to a high loan amount, helping you meet your high-end expenses with ease
Balance Transfer Facility
A mortgage loan also comes with the feature of balance transfer, allowing you to refinance your existing mortgage loan to another lender giving lower interest rate or better loan terms
Interest paid for the loan against property provides tax benefits under Section 37 (1) of the Income Tax Act, 1961. If the loan amount is used for financing a new house purchase, the interest paid on the loan will get you tax benefit of up to Rs. 2 lakh under Section 24 of the Income Tax Act
The interest rate on a secured loan is lower than the interest rate on an unsecured loan. This makes loan against property a cheaper and a better alternative to personal loans
The tenure of loan against property usually extends to 20 years, giving you the benefit of lower EMIs and greater flexibility in repayment
Lenders need a list of documents when you apply for a mortgage loan in order to analyze your loan repayment capacity and confirm that any information you provide is accurate. This list of documentation will vary from one lender to the next. It may also differ depending on your scheme, kind of resident, and type of job. However, the following are the most frequent documents needed to apply for a loan against property:
Duly filled loan against property application form
Passport size photographs
Proof of Identity (Passport Copy /Voter ID card /Driving License /PAN Card)Proof of Residence (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving License)Proof of Age (PAN Card /Passport /any other certificate from a statutory authority)
Bank Statements (Bank statement /Bank Passbook for the last 6 months) OR Last 6 months salary slips.
Income Tax Returns for the last 3 years
Processing Fee Cheque
Documentation related to the property offered as collateral
Rate of interest for loan against property
The interest rate is a major determinant of the entire cost of your property loan. Because a loan against property is of greater value and has a longer-term, the interest rate can have long-term financial consequences for borrowers. Taking advantage of low-interest rates on a loan secured by real estate will lower the EMI as well as the total interest paid. As a result, potential borrowers should seek a mortgage loan with the lowest available interest rate. Citibank now has the lowest rate on a loan against property, starting at 8.20 percent per annum. The exact rate of interest on your property loan will, however, be determined by your lender, credit profile, and loan size.
Additional Documents Required for Mortgage Loan:
- For Self Employed: Income statements and other financials for the past 2 years attested by a CA
- For SMEs: Audited financials for the last 2 years
Some Advantages of loan against property prepayments are:
- Loan terms are shorter: Prepayment of the loan reduces the outstanding balance. This option can be used to shorten the loan term so that you can pay off the debt as quickly as feasible.
- Savings on EMIs: Once you’ve paid off your loan, the amount you owe is reduced, and your monthly payments are reduced as well.
- Interest costs are lower: When you pay off a loan early, you pay off the principal first, which lowers your interest rate. This aids in the reduction of interest costs
- Loan repayment is easier within the time frame set: It would be simpler to repay your loan secured by the property.
Use of loan against property EMI Calculator
It is a good idea to plan for payments before applying for a loan against property. This will help you prevent financial difficulties in the future. ReferLoan offers a loan against property EMI calculator to assist you to organize your finances ahead of time. It’s essentially an online calculator that determines the EMI amount due on your loan. On the basis of a few fundamental loan-related details such as loan amount, interest rate, and tenure, the LAP EMI Calculator provides accurate and quick results.
Prepayment of loan against property
The ability to prepay the outstanding loan amount at any point during the loan term is a unique feature of LAP. Individual borrowers with a fluctuating rate of interest on their loan against property are not charged a prepayment penalty, according to the current RBI rules. Corporate businesses, on the other hand, are still charged a small cost for prepayment. Prepaying your loan helps to reduce the amount owed on the principal.
Eligibility Criteria for loan against property
To prove yourself qualified for a loan against property, the applicant will have to match a set of eligibility. Losing to match any eligibility can become a reason for your loan application rejection.
Residential Status: Resident Indian and Non-resident Indian
Minimum Age Limit: 18 years
Maximum Age Limit: 70 years
Employment Type: Salaried, Self-employed Professional, and Self-employed Non-professional
Minimum Salary: At least Rs. 12,000 per month
Net Annual Income: At least Rs. 1.5 lakh per annum
Work Experience: At least 1 year in the current organization
Eligible Loan Amount: Up to Rs. 25 crore
Loan to Value: Up to 75% of property value
Credit Score: Preferably 750 and above
Property Type: Residential, Commercial, and Industrial
FREQUENTLY ASKED QUESTIONS
A loan against property, whether residential or commercial, may be used for both private and professional reasons. You can actually utilize it for anything besides speculative or lawful actions.
Typically, the bank or the lending organization considers your ability to repay. Your income, age, qualifications, number of dependents, spouse's income, assets, liabilities, stability, continuity of employment, and savings history are considered when determining the loan amount. However, the maximum loan amount that is often lent is not greater than 60% of the property's market value.
You can add your spouse as a co-applicant, which can help you get a loan of a high amount. However, each co-owner must submit a joint application if the property is co-owned.
The daily reducing balance is used to compute interest. In comparison to the interest on the annual reducing balance, your monthly outlay (or EMI, or equated monthly installment) is significantly less.
As long as you are not above retirement age, a loan against property has a maximum term of 15 years. This stipulation, however, may be flexible in some circumstances.
Equated Monthly Installments (EMIs), which include both principal and interest, are used to repay the loan. The first month of EMI repayment follows the month in which you get the complete disbursement.
Yes, you can do so without paying a prepayment fee only if you repay the loan after six months of receiving it and pay with your own money rather than transferring it.