Bank | Loan Amount Eligibility for Max Tenure | Age of Eligible Borrower | Maximum Loan on Property Value |
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SBI Loan Against Property | Rs. 7.50 Cr for 15 years | 18 to 70 years | Upto 65% |
HDFC Loan Against Property | Rs. 5 Cr for 15 years | 24 to 60 years | Upto 50% |
ICICI Bank Loan Against Property | Rs. 7 Cr for 15 years | 21 to 60 years | Upto 60% |
Axis Bank | Rs. 7 Cr for 15 years | 24 to 60 years | Upto 60% |
Citibank | Rs. 5 Cr for 15 years | 23 to 60 years | Upto 70% |
Indiabulls | Rs. 3 Cr for 10 years | 23 to 65 years | Upto 65% |
PNB Housing Finance | Rs. 5 Cr for 20 years | 21 to 60 years | Upto 60% |
Standard Chartered Bank | Rs. 5 Cr for 15 years | 21 to 60 years | Upto 70% |
DBS Bank | Rs. 3 Cr for 10 years | 21 to 60 years | Upto 65% |
IDBI Bank | Rs. 10 Cr for 15 years | 22 to 60 years | Upto 65% |
LIC Housing Finance | Rs. 5 Cr for 15 years | 21 to 60 years | Upto 70% |
Corporation Bank | Rs. 5 Cr for 10 years | 18 to 65 years | Upto 50% |
Indian Overseas Bank | Rs. 1 Cr for 7 years | 21 to 60 years | Upto 50% |
Karnataka Bank | Rs. 1 Cr for 15 years | 21 to 60 years | Upto 50% |
Edelweiss | Rs. 5 Cr for 15 years | 21 to 60 years | Upto 60% |
IDFC First Bank | Rs. 5 Cr for 15 years | 21 to 60 years | Upto 60% |
Canara Bank | Rs. 10 Cr for 7 years | 21 to 60 years | Upto 50% |
United Bank of India | Rs. 5 Cr for 7 years | 21 to 60 years | Upto 60% |
OBC | Rs. 10 Cr for 10 years | 21 to 60 years | Upto 60% |
Indian Bank | Rs. 2 Cr for 7 years | 18 to 60 years | Upto 50% |
Allahabad Bank | Rs. 2 Cr for 9 years | 21 to 70 years | Upto 50% |
Syndicate Bank | Rs. 5 Cr for 10 years | 21 to 60 years | Upto 60% |
Karur Vysya Bank | Rs. 5 Cr for 9 years | 21 to 60 years | Upto 40% |
Federal Bank | Rs. 5 Cr for 10 years | 21 to 60 years | Upto 50% |
Piramal Housing Finance | Rs. 5 Cr for 20 years | 23 to 60 years | Upto 75% |
Central Bank of India | Rs. 10 Cr for 10 years | 21 to 60 years | Upto 50% |
HDFC Bank | Rs. 5 Cr for 15 years | 21 to 60 years | Upto 65% |
RBL Bank | Rs. 10 Cr for 15 years | 23 to 60 years | Upto 65% |
Punjab and Sind Bank | Rs. 5 Cr for 12 years | 21 to 60 years | Upto 50% |
IndusInd Bank | Rs. 5 Cr for 15 years | 21 to 60 years | Upto 65% |
Dhan Laxmi Bank | Rs. 5 Cr for 15 years | 21 to 60 years | Upto 65% |
Yes Bank | Rs. 5 Cr for 15 years | 21 to 60 years | Upto 70% |
Andhra Bank | Rs. 2 Cr for 10 years | 21 to 65 years | Upto 50% |
UCO Bank | Rs. 5 Cr for 12 years | 21 to 60 years | Upto 50% |
Kotak Bank | Rs. 3 Cr for 12 years | 21 to 65 years | Upto 55% |
HSBC Bank | Rs. 10 Cr for 15 years | 21 to 58 years | Upto 65% |
Cholamandalam | Rs. 5 Cr for 15 years | 21 to 65 years | Upto 70% |
PNB | Rs. 5 Cr for 10 years | 21 to 60 years | Upto 50% |
DCB Bank | Rs. 10 Cr for 15 years | 21 to 60 years | Upto 70% |
South Indian Bank | Rs. 15 Cr for 12 years | 21 to 60 years | Upto 70% |
Jammu And Kashmir Bank | Rs. 1 Cr for 7 years | 21 to 60 years | Upto 60% |
DHFL | Rs. 10 Cr for 15 years | 21 to 60 years | Upto 60% |
Bajaj Finserv | Rs. 4 Cr for 20 years | 33 to 58 years | Upto 75% |
Bank of India | Rs. 5 Cr for 12 years | 21 to 60 years | Upto 40% |
Union Bank of India | Rs. 10 Cr for 12 years | 18 to 60 years | Upto 50% |
Lakshmi Vilas Bank | Rs. 5 Cr for 10 years | 21 to 60 years | Upto 60% |
The following factors are considered by banks to estimate your mortgage loan eligibility:
Eligibility Criteria
Minimum and Maximum Age | 18 to 70 years However, some banks also give mortgage loan at the age of 18 years to self employed and salaried customers |
Net Monthly Income |
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Loan Tenure | Maximum loan tenure up to 20 years |
Interest Rate |
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Employment history |
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LTV | Banks typically give mortgage loan at LTV of 40% to 75% The LTV ratio– differs by type of property
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CIBIL score | CIBIL score of 650 and above is considered as a minimum cut off score to be eligible for a CIBIL Score |
Property approval and documents |
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Apply for longer loan tenure: Your Loan against property EMI depends upon the tenure of the loan. Higher the loan tenure, higher will be your loan amount eligibility. If your loan eligibility for a 10 year loan is Rs 15 lakh, you may evaluate the option of taking 15 years loan to increase your loan amount eligibility. You can also check your loan eligibility with MyLoanCare Property Loan Calculator.
Prepay your existing loan completely: If you have an existing loan near to closure, it might help to pay back the loan to increase your monthly savings and enhance your loan eligibility.
Add any co-applicant (Spouse or parents): If you include your spouse or parents as loan co- applicant, then your overall loan eligibility will go up as more income is available to support loan repayment. Please ensure that the applicant is earning, has a strong credit track record and can produce credit and income proofs, as required.
Add Rental Income: Some banks are also open to consider your rental income as a part of your net income to calculate your loan eligibility. Hence, it is advisable to disclose and report your rental income if you want the highest loan amount.
Maintain good credit score: Before applying for loan against property, check out your CIBIL score. Look for errors, if any. Do not apply for a loan with various lenders to get a loan quickly. Pay all your credit card bills and loan EMI on time or you can also do advance payment to improve your CIBIL score and your eligibility for a loan.
Choose the property to be mortgaged wisely: Banks view residential property as the safest and hence, offer the highest LTV on such properties. If you have an option, always try to avail a loan against a residential property to get highest loan and lowest interest rate. Commercial property mortgage tend to get you lower loan amount eligibility and higher interest rate, as perceived risk is high. Only a few banks offer loan against industrial property and that too at lower LTV and higher interest rate.
Illustration – Mr. A is 30 years old and needs a loan to wants to expand his business. He is willing to mortgage his commercial property with a market value of Rs. 60 lakh. His net income is Rs. 50,000 per month and he has no other fixed obligations. Banks will calculate Mr. A’s loan amount eligibility based on his age, net income and his fixed expenses obligations as a per cent of his net income. Based on his eligibility calculation, various banks can offer different interest rates to Mr. A with different EMIs. He should choose the bank which offers the highest loan amount eligibility with lowest interest rate and lowest EMI.
Bank | Loan Amount Eligibility | Interest Rate | EMI |
SBI | Rs. 42.39 Lakh for 15 years | 9.20% | Rs. 43,502 |
HDFC | Rs. 44.57 Lakh for 15 years | 8.75% | Rs. 44,547 |
ICICI Bank | Rs. 38.42 Lakh for 15 years | 10.15% | Rs. 41,644 |
Axis Bank | Rs. 37.14 Lakh for 15 years | 10.50% | Rs. 41,058 |
PNB Housing Finance | Rs. 39.80 Lakh for 20 years | 9.80% | Rs. 37,878 |
DBS Bank | Rs. 32.77 Lakh for 10 years | 11.90% | Rs. 46,831 |
DHFL | Rs. 32.50 Lakh for 15 years | 12.00% | Rs. 39,005 |
IDBI Bank | Rs. 38.24 Lakh for 15 years | 10.20% | Rs. 41,557 |
IDFC Bank | Rs. 33.05 Lakh for 15 years | 11.80% | Rs. 39,242 |
Indiabulls | Rs. 31.43 Lakh for 10 years | 10.50% | Rs. 42,408 |
Salaried | Self Employed | |
---|---|---|
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 | Case To Case |
What types of property can be accepted as security for getting loan against property?
✅ Why does loan against property eligibility depend upon income?
✅ Is CIBIL score required for loan against property?
Loan against property is a secured loan, as you submit your property as collateral. In case of a secured loan, credit score has a lower role to play as compared to its role in an unsecured loan. However, the credit score is still an important parameter that is required to get your loan application accepted.
✅ What types of property are not eligible as security for loan against property?
✅ How do banks value the property when deciding eligibility for loan against it?
✅ How does eligibility calculator calculate eligibility in case of businessmen?
✅ What are the various types of income that can be added to calculate loan against property eligibility?