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Top 5 banks to take loan against property (LAP) in 2021

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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.

Listed in this article are the five best banks to apply for loans against property in India in 2021.

Loan against property Interest rate

HDFC Bank loan against property interest rates

Loan of any amount 8% – 8.95%

HDFC Bank loan against a property processing fee

Maximum 1% of the loan amount and minimum of Rs 7,500.

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 a property processing fee

1% of the loan amount, plus service tax (maximum amount capped at Rs 50,000, plus service tax).

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.

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 a property processing fee

1% or Rs 10,000, whichever is higher.

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.

IDBI Bank loan against property interest rate

Residential property 8.25% – 9.20%
Commercial property 8.75% – 9.50%

IDBI Bank loan against a property processing fee

0.50% to 1.00% of the loan amount, subject to a minimum of Rs 10,000.

Charges borrowers have to pay for loans against property

  1. Advocate’s fee for property search and title investigation report.
  2. Valuer fee for valuation report.
  3. Stamp duty for a loan agreement.
  4. Property insurance premium.
  5. CERSAI registration fee.

Loan against property: Documents required

  1. KYC documents of all applicants, along with passport-size photographs.
  2. Business entity proof, in case of self-employed professionals (SEP)/ self-employed non-professionals (SENP).
  3. Financial documents of applicants to appraise the particular application.
  4. Bank statement/s of applicants.
  5. Property documents to validate the legal and valuation requirements.

Source-https://housing.com/news/loan-against-property-interest-rate/

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