[ecis2016.org] Listed in this article are the five best banks to apply for loans against property in India in 2021
A loan against property can be an effective way to deal with emergency situations or fund your business expansion plans. Since the interest rates would be among the most dominant factors when you choose a lender, being well aware of the loan against property interest rates in 2021 is crucial.
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Listed in this article are the five best banks to apply for loan against property in India in 2021.
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HDFC Bank loan against property interest rates
| Loan of any amount | 8% – 8.95% |
HDFC Bank loan against property processing fee
Maximum 1% of the loan amount and minimum of Rs 7,500.
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[ecis2016.org] Best bank for home loan
SBI loan against property interest rate
| Loans up to Rs 1 crore | 8.8% – 8.9% |
| Loans of over Rs 1 crore | 9.30% – 9.65% |
SBI personal loan against property processing fee
1% of the loan amount, plus service tax (maximum amount capped at Rs 50,000, plus service tax).
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ICICI Bank loan against property interest rate
| Priority sector lending | 8.90% – 9.50% |
| Non-priority sector lending | 9.9% – 10% |
ICICI Bank loan against property interest rate processing fee
1% of the loan amount, plus applicable taxes.
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Axis Bank loan against property interest rate
| Term loan | 10.50% – 11.00% per annum |
| Overdraft Loans | 11.00% – 11.25% per annum |
Axis Bank loan against property processing fee
1% or Rs 10,000, whichever is higher.
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An upfront processing fee of Rs 5,000, plus GST, will be collected at the time of application login. The remaining processing fee, as applicable, will be collected at the time of loan disbursement.
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IDBI Bank loan against property interest rate
| Residential property | 8.25% – 9.20% |
| Commercial property | 8.75% – 9.50% |
IDBI Bank loan against property processing fee
0.50% to 1.00% of the loan amount, subject to a minimum of Rs 10,000.
[ecis2016.org] How is a loan against property different from a home loan
Charges borrowers have to pay for loan against property
- Advocate’s fee for property search and title investigation report.
- Valuer fee for valuation report.
- Stamp duty for loan agreement.
- Property insurance premium.
- CERSAI registration fee.
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Loan against property : Documents required
- KYC documents of all applicants, along with passport size photographs.
- Business entity proof, in case of self-employed professionals (SEP)/ self-employed non-professionals (SENP).
- Financial documents of applicants to appraise the particular application.
- Bank statement/s of applicants.
- Property documents to validate the legal and valuation requirements.
FAQs
What is loan against property?
A loan against property is a loan against a property that one owns by using the property as collateral.
Which bank is best for loan against property?
HDFC Bank, SBI, ICICI Bank, Axis Bank and IDBI Bank are some financing institutions that offer loan against property. Compare the interest rate and other charges to select the best one for your needs.
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