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Loan Against Property

Compare Loan Against Property Interest Rates All Banks

Bank Loan Against Property Rate Processing Fee
SBI Loan Against Property 9.20% 1.00%
Max Rs. 50,000
HDFC Loan Against Property 8.75% 0.25%
ICICI Bank Loan Against Property 10.15% 1.00%
Min Rs. 5,000 - Max Rs. 10,000
Axis Bank 10.50% 1.00%
Min Rs. 10,000 - Max Rs. 10,000
Citibank 8.15%  
Indiabulls 10.50% 1.00%
Min Rs. 5,000
PNB Housing Finance 9.80% 1.00%
Standard Chartered Bank 10.10% 1.00%
Min Rs. 10,000
DBS Bank 11.90% 0.50%
Max Rs. 10,000
Cholamandalam 11.50% 1.00%
Bank of India 10.65% 1.00%
Min Rs. 5,000 - Max Rs. 50,000
Bajaj Finserv 10.20% 1.50%
Indian Overseas Bank 10.85% 0.62%
Min Rs. 890 - Max Rs. 8,900
United Bank of India 10.75% 1.00%
Syndicate Bank 11.50% 0.50%
Min Rs. 500
Punjab and Sind Bank 11.30% 1.00%
Min Rs. 2,000 - Max Rs. 50,000
Kotak Bank 9.60% 1.00%
Jammu And Kashmir Bank 12.20% 0.20%
IDBI Bank 10.20% 1.00%
Edelweiss 12.00% 1.00%
Central Bank of India 11.10% 0.50%
Max Rs. 20,000
Piramal Housing Finance 10.10% 0.50%
Andhra Bank 10.75%  
Yes Bank 10.50% 1.00%
PNB 10.20% 0.90%
Max Rs. 45,000
DCB Bank 12.72% 1.00%
Union Bank of India 11.50% 0.50%
OBC 10.95% 0.50%
Karur Vysya Bank 12.15% 0.50%
IndusInd Bank 9.50% 2.00%
HSBC Bank 9.80% 1.00%
Min Rs. 10,000
DHFL 12.00% 2.00%
Min Rs. 15,000
Corporation Bank 11.35% 1.00%
LIC Housing Finance 11.30% 0.25%
Max Rs. 25,000
Canara Bank 11.70% 1.00%
Min Rs. 5,000 - Max Rs. 50,000
IDFC First Bank 11.80% 1.00%
Min Rs. 5,000
Allahabad Bank 14.15% 0.53%
Min Rs. 2,670 - Max Rs. 80,100
HDFC Bank 9.75% 1.25%
Max Rs. 10,000
RBL Bank 13.05% 1.25%
Min Rs. 7,500
UCO Bank 9.20% 1.00%
South Indian Bank 10.70% 0.50%
Lakshmi Vilas Bank 11.65% 1.20%
Karnataka Bank 10.90%  
Indian Bank 12.25% 1.17%
Federal Bank 11.90% 0.50%
Min Rs. 3,000 - Max Rs. 7,500
Dhan Laxmi Bank 11.55% 1.50%
Min Rs. 10,000

RBI Monetary Policy Highlights

From 1st October 2019, loan against property has been linked to external benchmarking which is based on repo rate. Most of the banks have already linked their mortgage loans to Repo Linked Lending Rate i.e. RLLR.

RBI has also brought NBFC’s under the purview of the RBI’s Banking Ombudsman scheme. This will help speedy resolution of disputes between customers and NBFC’s and give a window to the customers to submit their grievances.

LAP Loan

Loan against property is another name of mortgage loan and is available for both salaried and self-employed borrowers to help them fulfil their business and personal needs by mortgaging their property.


Some of the basic purposes for which this loan is usually taken are expanding business, acquiring assets, education needs, marriage, etc. The loan is granted against the mortgage of the residential/commercial/industrial property. The end use of the loan should be from the uses allowed by the bank. The borrower is required to declare the end use of the loan in its application form.

Purposes for which loan against property is a good option Purposes for which loan against property is not a good option
Business expansion Home purchase
Child Education Home construction
Personal expenses such as wedding or vacation Home renovation
Medical emergency Plot purchase

Points to remember are:

  • Loans for home construction or purchase are available at lower rate of interest under home loan as against mortgage loan.
  • Banks will take an end use undertaking on the loan against property and will also check the actual usage of the loan on a regular basis.
  • Top up loan taken on existing loan against property customers can be used for purposes such as business expansion, education, medical expenses etc.

Loan Against Property Eligibility Check

You may be eligible for property loan in India from one or more banks if you meet the following eligibility conditions:

Parameters Eligibility Criteria
Minimum and Maximum Age Individuals with minimum age of 21 years and maximum upto 65 years
Note: However, there are few banks which also give loans to individuals of 18 years and /or individuals up to 70 years of age.
Loan Tenure Banks give loan upto a period of 15 years depending upon your age
Note: However, some banks may not offer a loan against property for more than 7 years or 9 years. Only selected banks offer mortgage loan up to 20 years.
Net Monthly Income
  • Banks prefer minimum income of Rs. 40,000 for salaried persons and Rs. 3 Lakh p.a for self employed
  • Minimum FOIR is 60%. FOIR is fixed obligations to income ratio. Fixed obligations include existing EMI on other loans, proposed EMI and rent.
  • In cases, where income is more than Rs. 40,000, banks offer loans up to a maximum FOIR of 65%
Employment Type and History
  • Loan against property rate of interest are typically in the range of 8.15% to 15.15% per annum
  • For salaried applicants, minimum work experience required is 3 years
  • For self employed, business existence of minimum 5 years and ITR of 3 years is required

Note: Eligibility conditions for self employed may be different from that of salaried customers Also, note that mortgage loan rates may be higher for a salaried customer as compared to a self employed or a business men. The reason is that salaried customer tend to take a loan for personal purposes while self employed borrower are more likely to take a this type of loan for business purposes.


Banks typically give mortgage loan for a LTV of 60-70%.
The LTV ratio differs by type of property. LTV ratio is highest for loans taken against residential property, while LTV ratio is lowest for loan against commercial property.

  • For industrial property – 50 - 55%
  • For residential property – 60 - 75%
  • For commercial property – 60 - 70%
CIBIL Score for Loan against property

Banks gives loan based on market value or registered value of the property, whichever is lower.

  • Bank consider 650 and above credit score to be eligible for mortgage loan

Note: In case of low CIBIL score, you can be eligible for few banks or NBFCs with some additional conditions like higher interest rate and higher margin

How to get best Mortgage loan?

It is easy to avail mortgage loan online by comparing loan against property interest rates, processing fees and other loan terms and conditions of all banks. It is advisable to follow the following steps to get a hassle free, lowest cost and most transparent property loan.

Step 1 : Check loan eligibility and EMI

Once you decide to take a property loan, estimate your loan amount eligibility to know the loan amount you will be eligible for and can apply for. Also, calculate the monthly EMI that you can easily repay based on your current net income and other existing fixed obligations including rent and EMIs on other existing loans, if any. Your loan eligibility is calculated based on your age, net income, existing obligations, property type, LTV ratio and other factors. EMI is dependent on the loan amount, interest rate and tenure.


Step 2 : Check property approval status and legal documents

The property against which loan is to be taken is required to have a clean title, all statutory and government approvals as well as complete set of property documents. Some of the property related documents that a lender will require are: Registered Sale Deed/ Conveyance/ Lease Deed, Past Sale Deeds Chain (each transaction in respect of this property since first allotment), Latest House Tax Return/ Receipt, Approved Building Plan from Municipal Corporation etc. Hence, choose the property with all records and clean title for taking a loan against. Also loans against residential properties are easy to get with a low rate of interest and should be first choice of property for this loan option.

Step 3 : Decide on type of mortgage loan interest rate offers

Once you have a sense of your eligibility and the property you can borrow against, you can proceed to check the various mortgage loan offers of different banks for different products. Key aspects of interest rate offers that need to be checked are:

  • Choice between fixed and floating rates. Fixed rates come at a slightly higher rate of interest compared to floating rate loans and interest rate remains constant during the tenure of property loan. In floating rate loan, interest rates are reset at periodic intervals in response to changes in repo rate and PLR rates. Majority of loan against property in India today are floating rate loans as it allows the interest rates on LAP to move in accordance with the current interest rates.
  • You can also evaluate the option of overdraft facility with property loan. The overdraft facility allows to you to deposit surplus amount in your Loan against property overdraft account when available and hence, reduce your overall interest amount outgo and also shorten your loan tenure. This loan is highly recommended to self employed businessmen who generally have surplus cash lying idle at home. The interest rates on overdraft loan is slightly higher than that of a regular mortgage loan interest rates.

Do mortgage loan interest rate comparison of the banks on various types of mortgage loan products and take an informed decision.

Step 4 : Compare other charges and loan parameters of the shortlisted banks

Banks also charge other additional fees on property loan in addition to LAP interest rates, so you should know all the additional fees and charges with a Loan against property which include prepayment charges, processing fee, insurance premium and other charges applied by the shortlisted banks.
You can take the help of loan advisors of online marketplaces like to be able to get complete details on loan against property rates, fees and charges of all banks and take an informed decision.

Step 5 : Select the bank based on other service related parameters

When you decide to take a loan you should also look after other services and transparency related parameters of the chosen banks. Some of these factors are turnaround time offered by the banks, quick loan delivery, doorstep services, transparency in the loan process. You also need to understand the trends and changes in repo rate over a period of time. Last but not the least, read reviews of existing customers on websites, about interest rates and transparency to make a firm decision of borrowing loan from a bank.

Mortgage Loan Process

Once you have done complete research on the loan offers available in the market and have shortlisted the bank from where you want to take loan, you go through the following steps to complete your loan process and get a loan sanction

  • Firstly, fill the online loan application form or visit the branch where you will have to fill a loan application. The bank representative will ask for your basic loan requirements (loan amount, tenure, income level etc) and ask you to fill personal, occupation and income details in the application form.
  • On the basis of information provided by you, lender will calculate your loan eligibility and give you loan options as per your requirements like interest rates, processing charges, required documents, lock in period etc. In case your eligibility does not match as per the bank, the lender advise you either to submit some additional documents or to add co-applicant to increase your eligibility.
  • Post filling application and the above discussion (which can be tele-discussion), lender will arrange a meeting with you to collect photocopy of your documents which include KYC, income documents and property documents and will also discuss about property approval process. A bank representative will come and collect the documents from the address specified by you. At this stage the bank may also collect the processing fees and other legal and technical charges from you.
  • Bankers will initiate the legal and technical verification. He can also give a call on your residence number for tele - verification and visit your residential address or office to check the information provided by you is authentic. Bankers will visit the site for property verification and come out with property evaluation report which gives an estimated market value of the property as well as feedback that the property has a clear title, complete set of documents and has no technical deviations. The bank will confirm your loan amount eligibility based on the above assessment.
  • Once the bank gets satisfactory results from the above checks, it will approve your loan, issue a sanction letter and proceed towards initiating the disbursement process. At the time of disbursement, you have to submit original property documents as well mortgage registry document duly signed and registered to the bank. Mortgage registry process can take 4 to 5 working days. Bank officials or MyLoanCare representatives will assist you at each step of the process.

Mortgage loan process can be cumbersome. However, with continuous assistance and doorstep services of the bank as well our representatives, we have managed to make the process of getting mortgage loan easy and customer friendly for our valued customers.

Types of Loan against property

Regular Loan against property: This is the most common loan taken by a borrower to fulfill any kind of business and personal needs which may include loans for:

  • Business expansion
  • Acquiring assets
  • For marriage or any medical emergency

Lowest interest charged on Loan against property is 8.15%. All banks and NBFCs provide property loan for these purposes: like for loan against residential property, while only selected banks offer loans against commercial property. Financing companies are typically more open to extend loans against residential property. Very few NBFCs and bank offer loans against industrial property.

Loan against property Overdraft: Overdraft facility is availed by the borrowers who expect to have surplus income or fluctuating income during the year. This facility allows you to deposit the available surplus amount for any period which can be as short as few days in your Loan against property account and reduce your interest liability. This option is highly suitable for self employed businessmen or professionals who have fluctuating funds requirements throughout the year.

Loan against property Top Up: Top up loan is an additional loan amount that you can avail on your existing Loan against property. Top up can be taken either from the existing bank or can be availed at the time of transferring your outstanding property loan amount from one bank to other bank to avail low interest rates. The LTV cap on Loan against property is applied to calculate your eligibility on a loan amount. This means that the amount of top up loan plus your existing mortgage loan outstanding should be less than or equal to 70% of the market value of the property. Top up amount eligibility may vary from bank to bank based on your income and value of the property and needs a thorough comparison.

Mortgage Loan Interest Rate & Charges applicable by Property Type

Interest rates, LTV and processing fee can differ by type of property. The following table compares the key terms of various types of property loan offers by type of property.

Type of properties and conditions Industrial Property Commercial Property Residential Property
Interest rate 10.85% - 13.35% 9.20% - 15.15% 8.15% - 15.15%
Loan to value (LTV) 40% - 65% 40% - 75% 40% - 75%
Processing fee 0.20% - 1.00% 0.20% - 2.00% 0.20% - 2.00%
Income Proof for Salaried 6 months payslip, ITR of last 2 years, 2 years Form 16, 6 months bank statement showing salary credit 6 months payslip, ITR of last 2 years, 2 years Form 16, 6 months bank statement showing salary credit 6 months payslip, ITR of last 2 years, 2 years Form 16, 6 months bank statement showing salary credit
Income proof for Self employed ITR of last 3 years, VAT/ service tax registration, business address proof, financial statements certified by CA, copy of partnership deed and proof of business existence and business profile ITR of last 3 years, VAT/ service tax registration, business address proof, financial statements certified by CA, copy of partnership deed and proof of business existence and business profile ITR of last 3 years, VAT/ service tax registration, business address proof, financial statements certified by CA, copy of partnership deed and proof of business existence and business profile
FOIR 0.65 0.65 0.55 - 0.65
CIBIL 650 and more 650 and more 650 and more

Mortgage loan EMI Calculator

Mortgage loan EMI is the monthly amount or instalment that you pay every month to the bank or financial institution in order to repay your loan. EMI is composed of principal amount and interest. Interest component in your EMI is higher in early months and gets reduced with each EMI. Similarly, principal repaid is a significantly small component in total EMI in early months and gets higher with each EMI. EMI Calculator helps you to calculate your monthly EMI at desired interest rate for a particular tenure.

EMI depends upon loan amount, interest rate and loan tenure

  • Loan amount – Higher the loan amount taken, higher will be the EMI
  • Interest rate - Higher interest rate on your loan leads to higher amount of EMI
  • Loan tenure – Longer the loan tenure, lower the EMI and vice versa

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