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A Loan Against Property or LAP helps you to purchase or maintain a home, land, or other types of real estate. Being secured in nature, LAP demands collateral against the loaned amount.
LAP offerings against your commercial or residential property put you in a position to use the value locked up in your property to meet any expenses of any nature.
You may select a high-value loan depending on the value of your property collateral for your borrowing.
| Low-Interest Rates | Low EMIs |
| Faster Approvals | Minimal or Low Prepayment Charges |
| Funds for Multiple Uses | No End-Usage Restrictions |
| Residential and Commercial accepted as Collateral | Own your Mortgaged Property |
RK Loan Finance along with significant 100+ partner Banks across India spread over 1000+ locations extend Loan Against Property to all eligible individuals across India.
At RK Loan Finance, Aadhaar based e-KYC speeds up the documentation process by eliminating physical paperwork. You can obtain a LAP as soon as the inspection is done and approved.
You can think about loan costs, offers, and online services on our digital platform. Our online resources will direct you to settle on the right decision, and pick the right bank for your advance according to your financial plan and assumptions.
Experts at RK Loan Finance know the ins and outs of the business. Our committed group of individual specialists will guide you to pick the right lender.
We esteem our clients and are consistently on our toes to give them advantages of our abilities. Applying for Loan Against Property through us gives you an opportunity to benefit from the best offers and agreements our Partner Banks and NBFCs have on offer.
| Photo Identity Proof | Voter ID Passport Aadhaar Card Driving License |
| Age Proof | Voter ID Passport, Driving License, Aadhaar Card , Birth Certificate, Secondary School Leaving Certificate, Pension Payment Order or Receipt, LIC Policy |
| Residence or Address Proof | Electricity Bill, Telephone Bill, Post-Paid Mobile Phone Bill, Water Tax Receipt, Property Tax Receipt, LIC Policy Receipt, Recognized Public Authority Verification Letter |
| Address Proof | Rent Agreement, Ration card, Passport, Driving License, Electricity Bill, Property Tax Receipt, Water Bill, Telephone Bill, Credit Card Bill |
| Income Proof | 3 Months Salary Statement, 6 Months Bank Statements |
| Income Tax | Form 16 |
| Employment Proof | Employers Letter, Identification Card |
| Mortgage Property Documents | Sale Deed, Allotment Possession Letter, Society NOC, Occupancy Certificate, Form 7/12, Form 8A, Sale Deed, Stamped Agreement of Sale, Allotment Letter, No Objection Certificate or NOC, Housing Society Builder, Possession Certificate, Land Tax Receipt |
You can select a Loan Against Property Plan from a range of options at attractive interest rates offered by our well-known Partner Banks and NBFCs. Smart fees and charges structures that assist you to lower your EMIs considerably.
Apart from factors such as loan tenure, credit score, type of property, and your profile, factors such as types of interest, benchmark lending rates, and LTV Ratio affect your LAP rates of interest.
| Bank Name | Interest Rate | Processing Fee |
|---|---|---|
| DBS Bank | 8.25% | 1% |
| HDFC Home Loan | 8.5% | 0.50% |
| Standard Chartered Bank | 8.55% | 0.75% |
| Axis Bank | 8.6% | 0.50% |
| Kotak Bank | 8.7% | 0.50% |
| IDFC First Bank | 8.75% | 1% |
| HSBC Bank | 8.75% | 0.50% |
| Federal Bank | 8.9% | 0.75% |
| Yes Bank | 9% | 0.75% |
| L & T Housing | 9.05% | 1% |
| RBL Bank | 9.1% | 0.75% |
| PNB Housing Finance | 9.25% | 1% |
| Bajaj Home Finance | 9.25% | 1% |
| DCB Bank | 9.85% | 1% |
| Tata Housing Finance | 10.5% | 1% |
| Indiabulls | 10.9% | 1.50% |
| Hero Housing | 11% | 1% |
| ICICI HFC | 11% | 1% |
| Priamal Housing Finance | 11.5% | 1% |
| Fullerton Grahshakti | 12.5% | 1.20% |
| Aditya Birla Housing | 12.5% | 1% |
| DMI Housing | 13% | 1.50% |
| Capri Housing | 13% | 1.50% |
| Shriram Housing | 13.1% | 2% |
| Adhar Housing Finance | 13.5% | 2% |
| Ujjivan Housing | 13.8% | 2% |
| Vastu Housing Finance | 14% | 1.50% |
A salaried applicant of any public or private firm or MNC can avail a LAP at a nominal LAP rate of interest provided they fulfil eligibility conditions laid down by the lender. The rates of interest differ from lender to lender depending on the capacity of the individual to pay back the loan.
A Self Employed individual who owns a business is offered higher-value loans at good rates of interest provided they fulfil the eligibility conditions. Should you be a self-employed person with a healthy income, within the age bracket of repaying the loan in time, and you have a good credit history, you will be offered better rates of interest, nominal processing fees and charges.
Loan Against Property offerings against your residential, or commercial property enables you to employ the locked-up value in your property to meet the expenditure of any kind. Unlocking this value for multi-purpose use will need you to prove your eligibility for a LAP.
Certain generic and common factors that decide eligibility for a LAP are listed below.
You need to be a Citizen of India with documents to prove your claim.
Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.
Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.
Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.
Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.
Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
A Loan Against Property may be termed as a loan availed from a bank, housing finance company, or NBFC against property. The collateral property may be a piece of land, house, or a commercial or industrial property. Your asset remains as security with the lender concerned until you pay back the entire amount of the loan. Lenders generally offer such unsecured loans at lower rates of interest for a reasonable period.
Loans against property may be availed by salaried as well as self-employed people. Self-Employed persons or businesspersons take such a loan to meet cash flow needs, since such a collateral helps raised a large sum of money for lower rates. Salaried individuals may use such a loan to meet large expenses such as a wedding in the family, or education of a child. Being a secured loan, such an arrangement may unlock the value of your property to put to use the money for various personal as well as business purposes, which could vary from expanding business to sudden and emergency expenses. Easy availability makes this product popular, as some lenders are ready lend you up to 70 percent of your property value. The terms and conditions offered in terms of interest and repayment are also better compared to other loans. Additionally, you can avail tax benefits on this type of loan, and if you plan to pay back the loan earlier than the loan tenure, some lenders don’t even charge you a prepayment penalty.
Loans against Property feature benefits such as below Any type of Property accepted as Collateral You may avail a LAP against any type property. The property may be a house, a piece of land, a commercial property, or an industrial property. Low Rates of Interest Rates of Interest are comparatively low on LAPs as such loans are secured loans against property. Transfer of Existing Loan Most lenders offer you a facility to transfer your existing loan against your property, and such offers allow you to save money. Quick and Transparent Process The LAP process happens to be a streamlined and transparent process, which gives you the benefit of quick approval.
The following are the stages involved in taking a loan against property Application Document Verification Background Check Payment of Processing Fee Loan Approval Property Documents Processing Loan Disbursal
The following are the general eligibility criteria for a Loan against Property Age Salaried: 21 to 60 years Self Employed: 25 to 65 years Nature of work Salaried employee in an MNC, a Private Company, or Public Sector Self-Employed individual with a steady source of income Nationality Resident citizen of India Credit Score 700+ For more details check Loan Against Property Eligibility Criteria & Calculator
The eligibility criteria for your to be kept as collateral with the Bank or NBFC are as follow Property should not be involved in any legal tangles. The registration of the property should be in the name of the applicant with clear titles. Market value should be higher than the loan amount. Property must not be mortgaged with any other financial institution.
There are options from financial institutions for co-applications for Personal loans. However, just about anyone cannot become a co-borrower. Depending on your lender, you can co-apply jointly with your spouse, parents, or siblings.
Your mortgage Loan EMI depends on three factors. Loan Amount or Loan Value Rate of Interest Loan Tenure or Period of Loan Use the following mathematical formula to calculate you EMI. EMI = P x r x ( 1 + r ) n / [ ( 1 + r ) n – 1 ] Where, P = Loan Amount R = Rate of Interest N = Loan Tenure in Months
Lenders calculate a Loan against Property based on the following criteria Age Age plays an important role in determining the calculation of a LAP; an applicant should be maximum 65 years of age at the time of maturity of the loan. Income Income reflects the applicant’s income stability and repayment capacity of a loan. Value of Property A lender decides the value of a LAP, generally a percentage of the value of the property mortgaged. The maximum value can be 90% of the property value. Credit score Credit score reflect your creditworthiness in terms of repayment capacity based on past records. Work Experience The job stability of a salaried or self-employed applicant plays an important role in determining the calculation of a LAP.
The possibility of getting personal loans from banks depends on eligibility criteria, and your creditworthiness as decided by your lending banks. Should you prove your eligibility in accordance with the terms and conditions of the bank, and should the bank find you worthy of credit, you will not be denied a loan in the shortest period.
The Rk Loan Finance Loan Against Property EMI Calculator specalizes in computing you equated monthly instalment without effort and with ease. The following form fields are marked into the calculator. Loan Against Property Amount Interest Rate Loan Tenure (In Months) The slider method does not need you to key in the preferred numerical figures. Moving the slider to the required range from a given range gives you results simultaneously. The results are displayed as follows. Loan EMI Total Interest Payable Total Payment (Principal + Interest) For more details check Loan Against Property EMI Calculator
When you decide to opt for a fixed rate of interest on your loan against property, the interest rate remains constant throughout the period of the loan. Depending on your lender, you may be charged an interest rate of 8.50% to 12% per year. On the other hand, when you opt for a variable rate of interest, you pay an interest charge that varies according to market conditions.
To prove your eligibility for a Loan Against Property, you will have to furnish documents with regards each eligibility criteria. Documents required are listed below Filled Application Form 3 Passport Size Photograph Photo Identity Proof Proof of Age Address Proof Income Proof Income Tax Employment Proof Mortgage Property Documents Existing Loans Documents For more details also check additional documents required for Self-Employed, Non-Salaried, MSMEs, and SMEs [linl]
A Loan Against Property Balance Transfer allows you to transfer your outstanding principal on your existing loan against property to another Bank or NBFC at lower interest rates. A well-planned loan balance transfer helps you reduce your EMIs, save on interest outgoings, and reduce your debt burden.
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