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Loan Against Property (LAP), also known as mortgage loan, is given against the mortgage of a property, which remains with the bank/lending institutions till the loan is repaid. This property can be residential, commercial or industrial. You can get a higher loan amount at a lower interest rate starting from 7% p.a. on the Loan Against Property. Banks/lending institutions usually sanction mortgage loans between 50% and 70% of the market value of the property, which you can easily pay in EMIs for up to 20 years. Like unsecured personal loans, this Loan Against Property can also be availed to meet personal as well as business needs, excluding risky activities. Read these articles to know how to get loan against property, how to take loan against property or loan against property.
These vary from bank to bank/loan institutions and loan schemes. However, some of the common benefits of mortgage loan are given below:
While applying for a mortgage loan, the bank/lending institution asks you to submit certain documents to assess your repayment capacity and to ensure that all the information provided by you is correct. These documents may differ from bank to bank/lending institution. The documents may also differ depending on the loan scheme you have applied for, the type of resident you are and the type of employment you have. However, the list of documents required to apply for Loan Against Property is given below:
| Bank/Loan Institution | Minimum interest rate | Processing Fee (GST not included) |
|---|---|---|
| Bank of Baroda | 10.85% | 1% of the loan amount (minimum ₹ 8,500 and maximum ₹ 1.5 lakh) |
| ICICI Bank | 10.85% | Mexico |
| Punjab National Bank | 10.40% | 0.75% of the loan amount (minimum ₹ 2,500 and maximum ₹ 1 lakh) |
| HDFC Bank | 9.35% | Up to 1.50% of the loan amount or ₹4,500, whichever is higher |
| State Bank Of India | 10.60% | 1% of the loan amount (Maximum ₹ 50,000) |
| Bank of India | 11.35% | 1% of the loan amount (minimum ₹ 5,000 and maximum ₹ 50,000) |
| Union Bank of India | 10.25% | Up to 1% of the loan amount (minimum ₹ 5,000 and maximum ₹ 1 lakh) |
| Axis Bank | 9.90% | 1% of the loan amount or ₹10,000, whichever is higher |