Indiabulls Loan Against Property Highlights |
|
|---|---|
| Interest Rate | 9.75% p.a. onwards |
| Processing Fees | 1% onwards |
| Repayment tenure | The repayment tenure for Indiabulls Housing Finance Loan Against Property can be up to 15 years, with the condition that it should not extend beyond 65 years of age or the retirement age, whichever comes earlier. |
| Loan Amount | The loan amount for Indiabulls Housing Finance Loan Against Property is determined based on the customer's profile, their repayment capacity, and the Loan to Value (LTV) ratio set for them. |
Indiabulls Loan Against Property Interest Rates
Indiabulls Housing Finance offers loans against property starting from 9.75% p.a., extending to MSMEs as part of priority sector lending. However, the final interest rates may vary based on factors such as credit score, monthly income, job profile, and employer’s profile of the applicant.
Also read: Best Loan Against Property Interest Rate
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
Features of Indiabulls Loan Against Property:
- Purpose: Indiabulls loan against property serves various financial goals and requirements, accepting both residential and commercial properties as collateral.
- Prepayment Charges: Charges are levied on outstanding loan amounts and can be done only after six months of taking the loan.
- Processing Fee: A processing fee of 1% of the loan amount is charged, and all fees are communicated upfront.
- Overdraft Facility: Borrowers can avail an overdraft facility against their property, allowing them to use the loan amount up to an approved limit and pay interest only on the amount utilized.
- Loan Amount: Borrowers can receive up to 70% of the property value at attractive interest rates.
- Repayment Options: Customers can choose between low EMIs with longer tenure or opt for an overdraft facility.
- Loan Processing: There are no hidden charges, and all fees are communicated upfront, ensuring transparency.
- Customized Loan: Self-employed professionals can customize their loans according to their needs, facilitating easier repayment and business management.
Also read: Best Loan Against Property EMI Calculator
Indiabulls Loan Against Property Fees and Charges
| Particulars | Charges |
|---|---|
| Processing Fee | 1% onwards |
| PDC/ECS Swapping charges | NIL |
| Charges for statement of account/amortization schedule | Rs 200 |
| Cheque/NACH dishonor charges | Rs. 750/- Nil on representation of ECS/ PDC |
| Late payment charges | 24% p.a. of outstanding EMI |
| ROI switch fee | 50% or onwards of the difference of the two coupon rates i.e. between the existing and revised rate |
| Floating rate for individuals | For prepayments not related to business purposes, there are no charges. However, for business-related prepayments, the fee is 5% of the prepaid amount for the first 2 years, and 3% thereafter. Additionally, prepayments up to 25% of the principal outstanding, made within the last 12 months, incur no charges. |
| Dual rate (Fixed for few years and then floating rates) for individuals | For loans with a floating interest rate, there are no prepayment charges. However, for loans with a fixed interest rate, the prepayment charge is 5% of the prepaid amount for the first 2 years from the loan disbursal date, and 3% thereafter. |
| Floating rate and Dual rate for non-individuals | For prepayments amounting to up to 25% of the principal outstanding, including all prepayments made within the previous 12 months, there are no charges. However, for prepayments exceeding this limit, there is a prepayment/foreclosure fee of 5% of the prepaid amount for the first 2 years, and 3% thereafter. |
Eligibility Criteria of Indiabulls Loan Against Property
Indiabulls Housing Finance offers Loan Against Property to various entities, including:
- Partnership firms
- Self-employed professionals
- Private or closely held companies
- Small and mid-sized businesses
Also read: Best Loan Against Property Eligibility
Documents Required for Indiabulls Loan Against Property
Here's a list of documents required for applying for a loan against property:
- A duly filled and signed application form along with 2 passport size photographs
- A cheque for processing fee
- Property documents such as sale agreement, sale deed, allotment letter, and NOC from builder or society
- KYC Documents including proof of name, date of birth, address, signature, and identity
- Residence ownership proof which may include property documents, maintenance bills, and electricity bills
- Income documents:
- For salaried individuals: salary slips, Form 16, and bank statements
- For self-employed individuals: income tax returns with financial statements and bank statements
The bank may request additional documents for a loan against property depending on the applicant's profile.
Also Read : Best Loan Against Property Documents Required
Indiabulls Loan Against Property FAQ
1. How can apply for Indiabulls loan against property?
You can either apply online, visit a nearby Indiabulls branch, or apply through the MybankingTips official website.
2. Will I be charged a penalty for not paying my EMI on Indiabulls loan against property?
Yes, you will incur charges as per norms on the EMI amount as a penalty.
3. Can I get overdraft facility against my property?
Yes, you have the option to avail an overdraft facility against your property as a term loan.
4. What is the interest rate range to avail Indiabulls loan against property?
The interest rate for the loan ranges from 10.50% to 13%.
5. What is the processing fee on Indiabulls loan against property?
The processing fee for the loan is up to 1% of the loan amount, and all charges are communicated upfront.
6. What is the maximum loan amount I can get from Indiabulls loan against property?
You can receive a loan amount of up to 70% of the value of your property.
7. Can I pre-close my loan against property account?
Yes, you can prepay your loan with Indiabulls. You'll need to submit a written request at the nearest branch. There might be a small fee for prepayment, which varies based on the loan amount and interest type.
8. Can I make part-prepayment on Indiabulls loan against property?
Yes, you can make part-prepayments without incurring any charges on the floating interest type.
9. Can I top up the Indiabulls loan against property?
Yes, you can top up loans under the adjustable rate, which is linked to Indiabulls's retail prime lending rate.
10. What are that properties that can be considered as collateral for Indiabulls loan against property?
Self-occupied residential properties and commercial properties such as shops and offices are accepted as collateral for the loan.