loan against property EMI Calculator
|Interest %||8 %|
|Emi (monthly)||₹ 8,699|
|Total Interest||₹ 4,386|
|Loan Amount + Interest||₹ 104,386|
|Year||Total Principal |
( A )
|Total Interest |
( B )
( A + B)
|Total Payment||Loan Paid Till Date (%)|
|₹ 24,258||₹ 1,839||₹ 26,097||₹ 75,742||24.26 %|
|₹ 75,744||₹ 2,547||₹ 78,291||₹ 0||100.00 %|
|Bank/NBFC Name||Cibil||Rate of Interest||Processing Fee||Maximum Loan Amount||Apply for Loan|
|Aditya Birla Finance (SME Mid Segment)||650+||11.50%-14% (Reducing)||1% +GST||Upto 100 Cr||Apply Now|
|Aditya Birla Finance (SME Small Segment)||650+||(i) Cash Profit/Gross Profit Program- 11.50%-14% (Reducing) (ii) Banking/LIP Program-12.50%-14% (Reducing)||1% +GST||Upto 5 Cr||Apply Now|
|Aditya Birla Finance Ltd(Prime- Loan against Property)||650+||10.50%-12% (Reducing)||(i) Normal:1% (ii) LIP Program-1.25%||Upto 25 Cr||Apply Now|
|Aditya Birla Housing Loan Against Property||670+||10%-14% (Reducing)||(i) Normal:1% (ii) LIP Program-1.25%||Upto 50 Cr||Apply Now|
|Anand Rathi Loan Against Property||600+||12% to 14% (Reducing)||1.50% +GST||Upto 3 Cr||Apply Now|
|AU Bank Business Banking (LAP/DOD Upto 20Cr)||650+||9%-12% (Reducing)||0.50%-1.50%||Upto 20 Cr||Apply Now|
|Axis Bank SBG Vertical (Loan against Property+DOD Limit Turnover upto 30 Cr)||720+||9%-12% (Reducing)||0.50%-1.50%||Upto 30 Cr||Apply Now|
|Cholamandalam Loan Against Property (SME Division)||650+||12%-13% (Reducing)||1.50%-3%||Upto 20 Cr||Apply Now|
|Edelweiss Bank Loan Against Property||675+||10.50%-13.50% (Reducing)||1%-2%||Upto 10 Cr||Apply Now|
|Fullerton Loan against property (small vertical)||600+ & Minus 1 CIBIL Score||(i) Salaried:11% to 15% (ii)Self Employed: 12.50% to 16.50% (Reducing)||Upto 1.50%+GST||Upto 75 Lakh||Apply Now|
|Godrej Capital Loan Against Property||650+||9.50%-14% (Reducing)||1% +GST||Upto 25 Cr||Apply Now|
|HDB Finance Loan Against Property||650+||(i) Residential Property: 9.50%-11% (ii) Commercial Property-10% -11.50% (iii) Industrial Property-10.50% to 12% (iv) Other Special Property-11% to 13% (All reducing)||1% to 2% of loan amount||Upto 15 Cr||Apply Now|
|IIFL Loan Against Property||670+||13% to 18% (Reducing)||1.5% to 2%||Upto 2 Cr||Apply Now|
|Motilal Oswal Loan Against Property||650+||12.75% to 17% (Reducing)||1.50%+GST||Upto 25 Lakh||Apply Now|
|HDFC Bank (Business Banking Loan against Property Upto 200Cr)||650+||9% to 10.50% (Reducing)||0.20% - 0.50%||Upto 200 Cr||Apply Now|
|HDFC Bank (ERG Vertical Loan against Property upto 5000Cr)||650+||8.50% to 10.50% (Reducing)||0.20% - 0.50%||Upto 5000 Cr||Apply Now|
|Hero Fincorp Loan Against Property||650+||12%-15% (Reducing)||1.50% to 3% of loan amount||Upto 8 Cr||Apply Now|
|IDFC Bank Loan against Property||670+||9%-11% (Reducing)||0.5%-1%||Upto 20 Cr||Apply Now|
|Incred Loan Against Property||650+||13% to 17% (Reducing)||1.5% to 2%||Upto 1 Cr||Apply Now|
|PNB Housing Loan against Property||650+||1. Roshni- 11.50% to 15% (Salaried), 13% to 15% (Self Employed) 2. Prime 10.50% to 15% (Reducing)||Roshni-1.50%, Prime-1%||Upto 10 Cr||Apply Now|
|Poonewala Loan against Property||700+||9%-10% (Reducing)||Upto 1% of Loan amount||Upto 25 Cr||Apply Now|
|SMC Finance Loan against property||650+||11% to 18% (Reducing)||1.5% to 3%||Upto 5 Cr||Apply Now|
|UGRO Capital (Small Vertical)||650+||14% to 18% (Reducing)||1.5% to 2%||Upto 1 Cr||Apply Now|
|UGRO Capital Loan against Property (Large Vertical 50 lac 5 cr)||650+||14% to 18% (Reducing)||1.5% to 2%||Upto 5 Cr||Apply Now|
|We Rize Loan against Property||650+||11% to 16% (Reducing)||1% of Loan amount||Upto 75 Lac||Apply Now|
|Indian Bank Loan Against Property||675+||9.50% to 12% (Reducing)||Upto 1% of Loan amount||No Limit||Apply Now|
|ICICI Bank Loan Against Property||700+||9.25%-11% (Reducing)||0.50% +GST||No Limit||Apply Now|
|Hero Housing Loan Against Property||650+||14% to 18% (Reducing)||1.5% to 2%||Upto 1 Cr||Apply Now|
|India Shelter Housing Finance Loan Against Property||500+||14% to 20% (Reducing)||1.50% to 3%||Upto 50 Lakh||Apply Now|
|Satin Housing Loan Against Property||600+||13% to 21% (Reducing)||2% to 2.50%||Upto 30 Lakh||Apply Now|
|Indiabulls Finance Loan Against Property||675+||9.50%-13% (Reducing)||1%-1.50%||Upto 10 Cr||Apply Now|
|DMI Loan Against Property||670+||14% to 18% (Reducing)||1.5% to 2%||Upto 75 Lac||Apply Now|
|Federal Bank Loan Against Property||680+||9.50%-11% (Reducing)||0.5%-1%||Upto 15 Cr||Apply Now|
|Axis Finance Loan Against Property||650+||10% to 11% (Reducing)||Physical||Upto 10 Cr||Apply Now|
|Aavas Loan Against Property||600+ & Minus 1 CIBIL Score||14% to 18% (Reducing)||1.50%-3%||Upto 5 Cr||Apply Now|
|Bank of India Loan Against Property||675+||9.50% to 12% (Reducing)||Upto 1% of Loan amount||No Limit||Apply Now|
|Kotak Bank Loan Against Property||650+||9%-10.50% (Reducing)||0.5%-1%||Upto 50 Cr||Apply Now|
|Axis Bank Loan Against Property||680+||8.60%-11% (Reducing)||0.5%-1%||Upto 10 Cr||Apply Now|
|CSB Bank Loan Against Property||1650+||9.50%-13% (Reducing)||0.5%-1.50%||Upto 100 Cr||Apply Now|
|Piramal Finance Loan Against Property||650+||11.50% to 13.50% (Reducing)||Physical||Upto 4 Cr||Apply Now|
|Union Bank Of India Loan Against Property||675+||9.50% to 12% (Reducing)||Upto 1% of Loan amount||No Limit||Apply Now|
|Shriram Housing Finance Loan against Property||650+||12.50% to 14% (Reducing)||Physical||Upto 1 Cr||Apply Now|
|Central Bank of India Loan against Property||675+||9.50% to 12% (Reducing)||Upto 1% of Loan amount||No Limit||Apply Now|
|Yes Bank Loan Against Property||650+||9.75%-12% (Reducing)||0.50%-1%%||Upto 25 Cr||Apply Now|
|Shubham Housing Finance Loan Against Property||450+ & Minus 1 CIBIL applicant||12.50% to 14% (Reducing)||Physical||Upto 50 Lakh||Apply Now|
|Fullerton Loan Against Property||650+ & Minus 1 CIBIL Score||(i) Salaried:11% to 15% (ii)Self Employed: 11.50% to 16.50% (Reducing)||Upto 1.50%+GST||Upto 3 Cr||Apply Now|
|Credset Loan Against Property||650+||24% to 30% (Fixed)||4% to 6% of loan amount||Upto 50 Lakh||Apply Now|
|Cholamandalam Loan against property||650+||10%-15% (Reducing)||1.50% to 3% of loan amount||Upto 7.5 Cr||Apply Now|
|Capri Global Bank Loan Against Property||600+ & Minus 1 CIBIL Score||14% to 18% (Reducing)||1.50%-3%||Upto 1.50 Cr||Apply Now|
|Adhar Housing Loan Against Property||600+ & Minus 1 CIBIL Score||12.50% to 18% (Reducing)||1.50%-3%||Upto 70 Lakh||Apply Now|
|Canara Bank Loan Against Property||675+||9.50% to 12% (Reducing)||Upto 1% of Loan amount||No Limit||Apply Now|
|Bank of Maharashtra Loan Against Property||675+||9.50% to 12% (Reducing)||Upto 1% of Loan amount||No Limit||Apply Now|
|State Bank of India Loan Against Property||675+||9.50% to 12% (Reducing)||Upto 1% of Loan amount||No Limit||Apply Now|
|Yes Bank Loan Against Property||650+||9.75%-12% (Reducing)||0.50%-1%||Upto 25 Cr||Apply Now|
|Shubham Housing Finance Loan Against Property||300+ & -1 CIBIL||13% to 25% (Reducing)||2% to 2.50%||Upto 50 Lakh||Apply Now|
|Profectus Capital (Loan against property)||700+||13.75%-14.50% (Reducing)||Upto 1.50%+GST||Upto 3 Cr||Apply Now|
|Standard Chartered Bank Loan Against Property||700+||9%-12% (Reducing)||0.50%-1%||Upto 25 Cr||Apply Now|
|Tata Capital Loan Against Property||600+||9.50%-14% (Reducing)||1%-1.50%||Upto 5 Cr||Apply Now|
|Tata Housing Capital Loan Against Property||600+||10%-14% (Reducing)||1%-1.50%||Upto 5 Cr||Apply Now|
|Unity Bank Loan against Property||650+||10%-13% (Reducing)||1%-1.50%||Upto 5 Cr||Apply Now|
|Vastu Housing Loan Against Property||650+||12% to 18% (Reducing)||1.5% to 2%||Upto 1 Cr||Apply Now|
|Vistaar Finance Loan Against Property||550+||13% to 21% (Reducing)||2% to 2.50%||Upto 50 Lakh||Apply Now|
|HDFC Bank Loan Against Property||650+||8.50%-10% (Reducing)||0.5%-1%||Upto 50 Cr||Apply Now|
|Aavas Loan Against Property||600+ & Minus 1 CIBIL Score||12.50% to 17% (Reducing)||1.50%-3%||Upto 2 Cr||Apply Now|
|Bajaj Housing Finance Loan Against Property||700+||9% to 10% (Reducing)||0.50% to 1 %||Upto 5 Cr||Apply Now|
|Deutsche Bank Loan Against Property||700+||9.50%-12% (Reducing)||0.50%-1%%||Upto 30 Cr||Apply Now|
|DCB Bank loan against property||700+||(i) Salaried:10.50% to 15% (ii)Self Employed: 11% to 16% (Reducing)||Upto 1.50%+GST||Upto 4 Cr||Apply Now|
|Bajaj Finserv Loan Against Property||700+||Salaried:8.80% to 10% Self Employed Professional: 8.90% to 10%||0.50% to 1 %||Upto 25 Cr||Apply Now|
|Kotak Bank Business Banking (Loan against Property)||700+||9.50%-11% (Reducing)||0.5%-1%||Upto 20 Cr||Apply Now|
|L&T Financial Loan against Property||650+||(i) Salaried: 9.50% to 11.50% (ii) Self Employed: 9.60% to 11.50% (Reducing)||Upto 1%+GST||Upto 3 Cr||Apply Now|
|Jana Bank Loan Against Property||650+||(i) Salaried:11% to 15% (ii)Self Employed: 11.50% to 16.50% (Reducing)||1%-1.50%||Upto 15 Cr||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.