Leverage Your Assets for Financial Empowerment with Loan Against Property!

  • Maximize Asset Value

  • Low-Interest Rates

  • Versatile Usage

Loan Against Property

Loan Against Property (LAP) doesn't have to be complicated. Discover your residential or commercial property’s hidden potential to fulfil your financial needs with Urban Money. Get quick approvals, attractive LAP interest rates with minimal paperwork.

Apply for Loan Against Property(LAP)

+91
Choose City

Best Loan Against Property Interest Rates Available from India's Top Banks

  • Interest Rate

    24%

  • Loan Amount

    ₹50K - ₹12Cr

  • EMI Per Lakh

    ₹2,877

  • Processing Fees

    nil
  • Pre-Payment Charges

    • Within 6 months from the Agreement Date - 5%.
  • Interest Rate

    17.5% - 23.5%

  • Loan Amount

    Up to ₹50L

  • EMI Per Lakh

    ₹2,512 - ₹2,848

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    14.99% - 24.99%

  • Loan Amount

    Up to ₹2Cr

  • EMI Per Lakh

    ₹2,378 - ₹2,935

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    14.5% - 16.5%

  • Loan Amount

    ₹2L - ₹35L

  • EMI Per Lakh

    ₹2,353 - ₹2,458

  • Processing Fees

    2.50% plus GST
  • Pre-Payment Charges

    Foreclosure/Part prepayment within 1 year of disbursement: 5% of loan amount plus prepaid taxes
  • Interest Rate

    13.75% - 15.75%

  • Loan Amount

    ₹3L - ₹10L

  • EMI Per Lakh

    ₹2,314 - ₹2,419

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    12.8% - 18.5%

  • Loan Amount

    ₹1L - ₹25L

  • EMI Per Lakh

    ₹2,265 - ₹2,567

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    12.6%

  • Loan Amount

    ₹50L - ₹3Cr

  • EMI Per Lakh

    ₹2,255

  • Processing Fees

    1% of the limit sanctioned with a minimum of Rs.3000/-
  • Pre-Payment Charges

    NIL
  • Interest Rate

    11.75% - 17%

  • Loan Amount

    ₹25L - ₹1Cr

  • EMI Per Lakh

    ₹2,212 - ₹2,485

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    11.5%

  • Loan Amount

    Up to ₹5Cr

  • EMI Per Lakh

    ₹2,199

  • Processing Fees

    Up to 1% of the loan amount
  • Pre-Payment Charges

    • 2% of the principal amount of Loan being prepaid + applicable taxes.
  • Interest Rate

    11.5%

  • Loan Amount

    Up to ₹10Cr

  • EMI Per Lakh

    ₹2,199

  • Processing Fees

    NIL
  • Pre-Payment Charges

    Up to 3% is levied on outstanding loan amount and it can be done only after six months of taking the loan.
  • Interest Rate

    11.05% - 14.05%

  • Loan Amount

    ₹1L - ₹20L

  • EMI Per Lakh

    ₹2,177 - ₹2,329

  • Processing Fees

    NIL
  • Pre-Payment Charges

    NIL
  • Interest Rate

    11% - 24%

  • Loan Amount

    ₹75K - ₹15L

  • EMI Per Lakh

    ₹2,174 - ₹2,877

  • Processing Fees

    upto 5% of loan amount.
  • Pre-Payment Charges

    • Upto 4%+GST.
  • Interest Rate

    10.85% - 12.5%

  • Loan Amount

    ₹10L - ₹5Cr

  • EMI Per Lakh

    ₹2,167 - ₹2,250

  • Processing Fees

    Up to 1% of loan amount
  • Pre-Payment Charges

    Pre-payment charges-4%
  • Interest Rate

    10.85% - 16.5%

  • Loan Amount

    ₹2L - ₹25Cr

  • EMI Per Lakh

    ₹2,167 - ₹2,458

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    10.65%

  • Loan Amount

    ₹1L - ₹2Cr

  • EMI Per Lakh

    ₹2,157

  • Processing Fees

    Up to 2% of the loan amount
  • Pre-Payment Charges

    • 5% of prepaid amount plus taxes (within 12 months of 1st disbursement).
  • Interest Rate

    10.5% - 10.95%

  • Loan Amount

    ₹5L - ₹5Cr

  • EMI Per Lakh

    ₹2,149 - ₹2,172

  • Processing Fees

    1% or Rs 10,000, whichever is higher
  • Pre-Payment Charges

    • Upto 25% of the principal outstanding repaid in the quarter – NIL Charges
    • More than 25% of principal outstanding repaid in a quarter.
    • 3% charges on excess amount repaid.
    • For non-individuals: 3% part prepayment charge on outstanding principal.
    • For individuals with end use as business: 3% on outstanding principal.
    • For individuals with end use other than business: NIL.
    • For non-individuals: 3% foreclosure charge on outstanding principal is applicable.
    • For individuals with end use as business: 3% foreclosure charge on outstanding principal.
    • For individuals with end use other than business: NIL
    ... more
  • Interest Rate

    10.5%

  • Loan Amount

    ₹3L - ₹5Cr

  • EMI Per Lakh

    ₹2,149

  • Processing Fees

    Up to 2% of the sanctioned loan amount (subject to minimum of Rs 10,000)
  • Pre-Payment Charges

    Nil (if both primary & co-applicants for the loan are individuals)
  • Interest Rate

    10.5% - 13.15%

  • Loan Amount

    ₹25L - ₹75L

  • EMI Per Lakh

    ₹2,149 - ₹2,283

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    10.49% - 26%

  • Loan Amount

    ₹30K - ₹50L

  • EMI Per Lakh

    ₹2,149 - ₹2,994

  • Processing Fees

    Up to 3% of the sanctioned loan amount
  • Pre-Payment Charges

    4% of outstanding principal (after repayment of 12 EMIs)
  • Interest Rate

    10.45% - 11.7%

  • Loan Amount

    Up to ₹10Cr

  • EMI Per Lakh

    ₹2,147 - ₹2,209

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    10.4% - 12.75%

  • Loan Amount

    ₹2L - ₹5Cr

  • EMI Per Lakh

    ₹2,144 - ₹2,263

  • Processing Fees

    0.75% of loan amount (Max. Rs 1 lakh)
  • Pre-Payment Charges

    • For loan upto Rs 50 lakh – Rs 2500/-
  • Interest Rate

    10.3% - 12.8%

  • Loan Amount

    Up to ₹10Cr

  • EMI Per Lakh

    ₹2,139 - ₹2,265

  • Processing Fees

    Up to 75% of applicable charges
  • Pre-Payment Charges

    1% of the loan amount
  • Interest Rate

    10.25%

  • Loan Amount

    ₹10L - ₹1.5Cr

  • EMI Per Lakh

    ₹2,137

  • Processing Fees

    Up to 2% of the disbursed loan amount
  • Pre-Payment Charges

    • NIL , for individual borrowers for purposes other than business.
  • Interest Rate

    10.1%

  • Loan Amount

    ₹10L - ₹3Cr

  • EMI Per Lakh

    ₹2,130

  • Processing Fees

    Up to 1.25% of the finance amount
  • Pre-Payment Charges

    • Lock-in period - 12 months
  • Interest Rate

    10% - 16.5%

  • Loan Amount

    Up to ₹75Cr

  • EMI Per Lakh

    ₹2,125 - ₹2,458

  • Processing Fees

    2% of the loan applied for + GST
  • Pre-Payment Charges

    Lock in period is 24 months (No foreclosure allowed)
  • Interest Rate

    10% - 20%

  • Loan Amount

    ₹10L - ₹5Cr

  • EMI Per Lakh

    ₹2,125 - ₹2,649

  • Processing Fees

    Rs 10,000 plus GST (per property)
  • Pre-Payment Charges

    • Up to 4% plus GST.
  • Interest Rate

    10% - 15%

  • Loan Amount

    -

  • EMI Per Lakh

    ₹2,125 - ₹2,379

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    9.98% - 18.2%

  • Loan Amount

    ₹1L - ₹2Cr

  • EMI Per Lakh

    ₹2,124 - ₹2,550

  • Processing Fees

    Up to 2% of Loan Amount plus applicable taxes
  • Pre-Payment Charges

    • Nil with variable interest rates after 12 months.
  • Interest Rate

    9.85%

  • Loan Amount

    ₹10L - ₹3Cr

  • EMI Per Lakh

    ₹2,117

  • Processing Fees

    Up to 1.25% of the finance amount
  • Pre-Payment Charges

    • Lock-in period -12 months
  • Interest Rate

    9.85% - 18%

  • Loan Amount

    Up to ₹5Cr

  • EMI Per Lakh

    ₹2,117 - ₹2,539

  • Processing Fees

    Up to 3.54%
  • Pre-Payment Charges

    4.72%
  • Interest Rate

    9.75%

  • Loan Amount

    ₹30L - ₹5Cr

  • EMI Per Lakh

    ₹2,112

  • Processing Fees

    1% onwards
  • Pre-Payment Charges

    • For prepayments up to 25% of principal outstanding.
  • Interest Rate

    9.75%

  • Loan Amount

    ₹5L - ₹2Cr

  • EMI Per Lakh

    ₹2,112

  • Processing Fees

    Up to 3% of loan amount
  • Pre-Payment Charges

    NIL
  • Interest Rate

    9.75%

  • Loan Amount

    ₹3L - ₹30Cr

  • EMI Per Lakh

    ₹2,112

  • Processing Fees

    1% of the loan amount sanctioned or INR10,000
  • Pre-Payment Charges

    • Up to 25% of the loan amount sanctioned in every financial year.
  • Interest Rate

    9.7%

  • Loan Amount

    ₹10L - ₹10Cr

  • EMI Per Lakh

    ₹2,110

  • Processing Fees

    0.75% of loan amount subject to minimum of Rs 5000 + GST.
  • Pre-Payment Charges

    up to 12 months, it can be renewed under certain guidelines.
  • Interest Rate

    9.6%

  • Loan Amount

    Up to ₹20Cr

  • EMI Per Lakh

    ₹2,105

  • Processing Fees

    Up to 2% of loan amount
  • Pre-Payment Charges

    NIL
  • Interest Rate

    9.5% - 11%

  • Loan Amount

    ₹49L - ₹5Cr

  • EMI Per Lakh

    ₹2,100 - ₹2,174

  • Processing Fees

    Up to 1% of loan amount (minimum Rs 75,000)
  • Pre-Payment Charges

    • NIL, if the prepaid amount does not exceed 25% of the principal amount
    • 2.5%, if the prepaid amount exceeds 25% of the principal amount.
    ... more
  • Interest Rate

    9.5% - 12.25%

  • Loan Amount

    ₹8L - ₹1.5Cr

  • EMI Per Lakh

    ₹2,100 - ₹2,237

  • Processing Fees

    Up to 1% of loan amount (minimum Rs 75,000)
  • Pre-Payment Charges

    NIL, if the prepaid amount does not exceed 25% of the principal amount 2.5%
  • Interest Rate

    9.5%

  • Loan Amount

    ₹3L - ₹10Cr

  • EMI Per Lakh

    ₹2,100

  • Processing Fees

    1.25% of loan amount + GST
  • Pre-Payment Charges

    • 5% on principal amount, if paid within 12 months.
  • Interest Rate

    9.25% - 16.72%

  • Loan Amount

    ₹2L - ₹5Cr

  • EMI Per Lakh

    ₹2,088 - ₹2,470

  • Processing Fees

    2% of the loan applied for + GST
  • Pre-Payment Charges

    • NIL – In case property is in the name of Individual & loan.
  • Interest Rate

    9.15%

  • Loan Amount

    ₹10L

  • EMI Per Lakh

    ₹2,083

  • Processing Fees

    Up to 1%
  • Pre-Payment Charges

    NIL for Term Loans given to Individual Borrowers for non-business end use.

Quick Approval

  • Interest Rate

    9.13%

  • Loan Amount

    ₹5L - ₹5Cr

  • EMI Per Lakh

    ₹2,082

  • Processing Fees

    Up to 0.75% of the loan sanctioned
  • Pre-Payment Charges

    For individual borrowers: NIL
  • Interest Rate

    9% - 20%

  • Loan Amount

    ₹10L - ₹7Cr

  • EMI Per Lakh

    ₹2,076 - ₹2,649

  • Processing Fees

    Up to 3% of loan amount
  • Pre-Payment Charges

    NIL
  • Interest Rate

    9%

  • Loan Amount

    ₹2L - ₹5Cr

  • EMI Per Lakh

    ₹2,076

  • Processing Fees

    A processing fee of 0.50% on your sanctioned loan amount plus GST is applicable.
  • Pre-Payment Charges

    Zero charges are applied when you choose to foreclosure or prepay your loan availed for any purpose other than business end usage.
    ... more
  • Interest Rate

    8.75% - 20%

  • Loan Amount

    ₹15L - ₹1Cr

  • EMI Per Lakh

    ₹2,064 - ₹2,649

  • Processing Fees

    Up to 1.25% of the finance amount
  • Pre-Payment Charges

    Lock-in period: 12 months After 12 months, part prepayments of up to 25% of the principal outstanding
  • Interest Rate

    8.5% - 20.6%

  • Loan Amount

    ₹2L - ₹10Cr

  • EMI Per Lakh

    ₹2,052 - ₹2,683

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    8.25% - 11.2%

  • Loan Amount

    -

  • EMI Per Lakh

    ₹2,040 - ₹2,184

  • Processing Fees

    Up to 1% of loan amount (minimum Rs 75,000)
  • Pre-Payment Charges

    • NIL, if the prepaid amount does not exceed 25% of the principal amount
  • Interest Rate

    8% - 18%

  • Loan Amount

    ₹10L

  • EMI Per Lakh

    ₹2,028 - ₹2,539

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    7.99% - 16.75%

  • Loan Amount

    ₹10L - ₹50L

  • EMI Per Lakh

    ₹2,027 - ₹2,472

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    Up to 17%

  • Loan Amount

    ₹10L - ₹5Cr

  • EMI Per Lakh

    ₹2,485

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    Up to 9.5%

  • Loan Amount

    ₹1L - ₹50L

  • EMI Per Lakh

    ₹2,100

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    Up to 18.25%

  • Loan Amount

    ₹3L - ₹25L

  • EMI Per Lakh

    ₹2,553

  • Processing Fees

    Up to 2%
  • Pre-Payment Charges

    • Prepayment charge is not applicable to Individual applicant with individual co-applicant.
  • Interest Rate

    Up to 11%

  • Loan Amount

    ₹1L - ₹10Cr

  • EMI Per Lakh

    ₹2,174

  • Processing Fees

    --
  • Pre-Payment Charges

    --

Compare Loan Against Property

At Urban Money, we understand your urgent need for finances. Tailoring the best loan against property options from premium banking and non-banking institutions, we ensure fast LAP approval with minimal documentation. Offering a robust response to your immediate needs of consolidating debts or paying extensive medical bills, we even help you avail a loan against property without income proof and ensure competitive LAP interest rates between 8%-25% p.a. Guiding you to the right financial path, we at Urban Money furnish flexible repayment options via a comprehensive and comparative EMI analysis.

Loan Against Property: Features and Benefits

Following are the key features and benefits of a loan against property:

  • A loan of up to 70% of the property's market value is offered.
  • Flexible repayment terms make the loan against property rates competitive.
  • Facilitates easy repayments through small monthly instalments.
  • Quick processing, usually 3 to 4 days with minimal documentation.
  • The applicant's age must be between 21 years to 65 years old.
  • Flexible repayment tenure up to 20 years.
  • Is available on plots, residential property and commercial property.
  • Lower interest rates, starting from 11 percent.
  • A loan amount of INR 5 lacs to INR 7.5 crores can be offered based on the property's market value.
  • No additional collateral is required. 
  • Availability of balance transfer on the existing loan.
  • Minimal prepayment penalties may vary from one bank to another.

Loan Against Property Overview

A Loan Against Property (LAP) empowers you to use the funds tied with the property to satisfy any expenses you may have. While the LAP amount offered on the property is determined by its valuation, you have complete discretion over how you spend the funds. Your property serves as collateral for the loan, but you can use it as usual. 

In short, LAP is a secured loan provided by banks and financial institutions in exchange for a property pledged as security. The pledged asset can be the applicant's land, house or commercial property. The property stays as collateral with the credit provider unless the borrower repays the debt amount. 

However, the sanctioned funds are relatively higher, as the borrower can acquire a loan against property for up to 70 percent of the property costs. The loan against property interest rates are also lower than other loans, and its repayment terms are flexible.

Factors Affecting Loan Against Property Eligibility Criteria

Below are depicted the factors that affect the loan against property eligibility:

1) Credit History

Credit history is one of the most vital factors to evaluate a Loan Against Property application. The credit score of the borrower represents the repayment capabilities and credibility. A credit score reflects whether or not a borrower will be able to repay their loan on time. As a result, maintaining a strong credit history is essential.

2) Incomplete Property Documents

You must pay close attention to the documentation pertaining to the mortgaged property. Before applying for a Loan Against Property, ensure all of your documentation is in order. Documents such as title deeds, building blueprints, appropriate authority permissions, and property registration should be readily available. Keeping the documents required for a loan against property ready escalates the loan procedure and increases the approval chances.

3) Loan Tenure

A longer loan term allows you to get a loan faster and pay lesser EMIs. If you have a low income, you can always choose lengthier terms because these loans have a shorter term than a traditional home loan. You can count on a loan against property calculator to determine the repayment tenure that best suits you.

4) Borrower's Age

The age of the borrower is crucial in establishing the debtor's ability to repay the debt. The loan must be repaid before the borrower reaches the age of 65. If the debtor has already reached the mid-60s, there are chances of loan application denial. In this case, you may choose to look for loans with a shorter term, which will result in higher EMIs.

5) Regular Income Flow

One of the most important considerations is that the application must have a continuous and constant source of income, ensuring that the borrower has the financial means to repay the loan EMIs.

6) Property Insurance

Mortgage insurance takes care of the loan repayment, alleviating the financial strain on your family. It also reduces the borrower's risk in the event of unforeseen occurrences. As a result, it's always a good idea to get mortgage insurance to protect your financial interests.

Interest Rates and Other Charges

The loan amount and the repayment tenure determine the loan against property interest rate. Because a loan against property is a secured finance product, it is feasible to negotiate a lower interest rate based on a variety of circumstances. 

If you take out a loan for a longer period of time, the interest rate will drop even more. The majority of banks have interest rates that range from 9 percent to 12 percent. To compute approximate values in advance, one can count on loan against property EMI calculator. 

In addition to interest rates, you have to pay some nominal charges. The below-depicted table provides a better understanding of the applicable charges: 

Processing Charges Around 1 percent of the loan amount
Prepayment Charges Prepayment charges may vary from one bank to another. Usually, banks charge 2.5 percent of the outstanding amount as prepayment charges.
Late Payment Charges 1 to 2 percent of the due monthly instalment
Bounce cheque Charges May vary from INR 250 to INR 550

Documents Required for Loan Against Property

Following are the documents required for a loan against property:

  • Bank account statement (last three months)
  • PAN card and Aadhaar card
  • Residence and identity proof
  • Salary Proof (for salaried applicants)
  • Scanned copy of property documents
  • Income tax returns (last two years)
  • Form 16

FAQs

From refinancing to reducing your interest, we have the answers right here.

Will I get a loan against my property?

Yes, you can get a loan against property if the property is registered in your name and you have the required set of documents. Additionally, you must be eligible to secure a loan against property.

Is it possible to apply for a loan against property if it is a joint property?

Yes, it is possible to apply for a loan against property in the case of joint property. The co-owner of the property will become the co-applicant in the loan application. Additionally, the chances of securing a higher loan amount also increase.

What is eligibility for a loan against property?

The loan against property eligibility criteria is quite simple. You must be between the ages of 21 and 65, have a yearly income of INR35,000, a good credit history, and the property must be registered in your name.

What is the maximum term for which I can avail of a loan against property (LAP)?

You can avail of a loan against property (LAP) for a maximum of 20 years.

Is there an application fee for a loan against property?

Yes, to avail of a loan against property, you need to pay an application fee of 1 percent of the loan amount plus applicable service tax.

How will I know if my Loan Against Property application is approved?

On the approval of your loan application, the designated bank executive will get in touch with you for further processing. Additionally, you can check your loan status by visiting the bank’s official website.

Is the interest rate for the loan against property standards between lenders?

No, interest rates vary from one lender to another based upon certain factors, such as credit history, loan tenure, income stability, location of the property, and much more.

What is the maximum loan amount that I can avail of against the property?

You can borrow up to INR 7 crores against a property. However, the loan amount depends upon the market value of the property.

Can I get a loan against a plot?

Yes, you can get a loan against a plot, residential property and commercial property.

Can a loan against property be availed without income proof?

Yes, you can get a loan against property without income proof, but you will have to submit other required documents.

Can a loan against property be availed without CIBIL?

Banks take the CIBIL score into consideration for evaluating a loan application. If you have bad credit, either your loan application will be rejected, or you will have to pay higher loan interest rates for it.

Get your latest Credit Score, FREE

Loan Against Property Guide

Get in-depth knowledge about all things related to loans and your finances

Unlock Your Property’s Value with Loan Against Property in 2023
Vimal VijayanFeb 27, 2023

Unlock Your Property’s Value with Loan Against Property in 2023

Loan Against Property or a property loan is a financial assistance tool available with an immovable asset or real estate as collateral. This secured loan can be used for myriad reasons instrumental in

Complete Details Loan Against Property Balance Transfer
Vimal VijayanJan 05, 2023

Complete Details Loan Against Property Balance Transfer

A balance transfer is a facility that allows a customer to switch their lender for an improved or lower interest rate and services. Consequently, the new bank will be liable to pay the outstanding loa

How to Get Loan Against Property Without Income Proof?
Tushar GautamJul 25, 2022

How to Get Loan Against Property Without Income Proof?

When you pledge your residential or commercial property as collateral to the lender and borrow a specific amount in return, it is known as a loan against property or LAP. Simply put, it is a loan you

Urban Money