Interest rates for loans against property begin at 9.50% per annum and can vary depending on the lender's evaluation of your creditworthiness. The rate you're offered may also be influenced by factors such as the amount you wish to borrow, the repayment period, and the property you're offering as collateral.
The benefits of availing loan against property is given as below:
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 |
Here are some simple tips to help you get a loan against your property at lower interest rates:
Lenders provide financing for up to 75% of the property's market value. Alongside the property's value, they also consider the applicant's repayment capacity when determining the maximum loan amount they're eligible for.
To figure out how much interest you'll pay on your mortgage loan, you can use a loan against property EMI calculator. Just input the amount you're borrowing, how long you'll be paying it back, and the interest rate. The calculator will then show you your monthly payments and the total interest you'll pay over the loan term.
When determining whether someone is eligible for a loan against property, lenders typically consider several factors. These include the applicant's age, occupation, income, stability of their business or job, existing loan repayments, and the location and characteristics of the property being offered as collateral.
Apart from speculative purposes, you can use a loan against property for various personal and business needs. This could include covering expenses for weddings, expanding your business, consolidating debts, and more.
When looking for a loan against property, it's smart to choose a lender with the lowest interest rates because it means lower monthly payments and less interest paid over time. But it's also important to consider other factors like how long you'll have to repay the loan, how much you can borrow, the loan-to-value ratio, any fees involved, and how quickly you can get the money. You can check out different banks and housing finance companies online to compare their offers and find the best one for you.