Home Loan EMI Calculator

August 9, 2020 by admin

Purchasing a home can be a challenge without an external source of income i.e. borrowings from the financial lender Banks/NBFCs. It is therefore important that you access your repayment capacity before opting for a housing loan with the lender to avoid any financial mess in the future. An EMI calculator is of therefore vital importance since it makes your personal budgeting easier. It is an online tool for computing your per month housing loan instalments. The EMI calculator is important and advantageous because:

It exactly shows how much EMI you will pay as your monthly loan instalments.
It saves your time by calculating the EMIs in seconds.
It improves your chances for making right decisions because the manual complex formula for calculating the EMI becomes futile.
It calculates the total interest payable on your loan amount which helps you to choose a suitable loan tenure.
It also helps you to compare multiple EMIs with different loan tenures and interest rates and choose the one which is best within your budget.
The EMI calculator App also helps you with the amortization chart (monthly & yearly), which gives you a fair understanding about the ratio of the principal amount to the interest due, based on the loan tenure and interest rates.

What Is Home Loan EMI?

An EMI i.e. an Equated Monthly Instalment is a repayment method of the loan lenders (Banks/NBFCs) in which the principal amount and the interest amount is paid to the lender in equal instalments every month until the loan tenure. With every EMI paid the interest component decreases while the principal component increases. The interest outgo during the initial periods of the loan tenure is high while the principal outgo is relatively low. The equation changes with every passing month and towards the end of the tenure the principal outgo is higher than the interest outgo. Click to get additional details on What Is Home Loan EMI?

Additional Read: IS PRE – EMI BETTER THAN FULL EMI. FIND OUT YOURSELF.

Factors That Affect Home Loan EMI

Knowing the EMI is important for calculating your home loan eligibility. The lower the EMI, the lighter it will weigh on your wallets and therefore it is important to understand the factors that affect your EMI. The home loan EMI amount largely depends on the following 3 important factors:-

Principal Loan Amount – It is the loan amount that you avail from the lender, which is determined on the basis of your income eligibility and the cost of the property. The principal amount is directly proportional to the EMI amount. The higher the loan amount the higher will be the EMIs and vice-a-versa.
Rate Of Interest – It is the rate of interest at which the lender (Bank/NBFC) offers you the loan. The rate of interest is also directly proportional to the EMI. The higher the interest rates, the higher are your equated monthly instalments and vice-a-versa. The interest rate can either be fixed or floating. In fixed interest rates your EMI remains EMI throughout the fixed tenure of the loan, while in floating interest rates your EMI will vary as per the fluctuations in the interest rates.
Loan Tenure – It is the period for your repayment of the housing loan. Home loans usually come with longer repayment tenures of up-to 30 years. The longer repayment tenures are beneficial because the loan tenures are inversely proportional to the loan EMIs. The longer the tenure the lower is your EMI and vice-a-versa. Since the repayment is done every month, the tenure is calculated in months and not in years. Therefore a longer tenure of 30 years is equal to 360 months.
Other – There are various other indirect factors which have an impact on your home loan EMI, such as your profile, income, age, credit score, repayment history, employment details, property details, etc. which have a direct impact on the interest rates and loan amount offered to you, which further fluctuates your loan EMIs.

Additional Read: What Do You Mean By Loan Eligibility In Home Loan?

Home Loan EMI Formula – How Home Loan EMI Calculator Works?

All online EMI calculators use a specific formula for calculating your home loan EMI amount, which is as follows: –

EMI = [P x R x (1+R) ^N] / [(1+R) ^ N-1]

Where P, R & N are variable, which means the EMI value will change every time you change any of the 3 variables.

P stands for principal amount. It is the original loan amount given.

R stands for rate of interest per month. (If the rate of interest per month is 7% then the value of R will be 7 / (12 x 100).

N stands for loan tenure in months.

Assuming that you have taken a loan of Rs.60lakhs for a tenure of 20 years at an interest rate of 7%, the EMI will be calculated as follows: –

[P=60 lakhs, R= 7%p.a. i.e. 7/ (12×100) p.m & N=20 years or 240 months]

EMI= [60, 00,000 x 7/ (12×100) x (1+7/ (12×100)) ^ 240] / [(1+7/ (12×100)) ^ 240-1]

EMI= Rs. 46,518/-

CALCULATE YOUR EMI

Home Loan Per Lakh EMI For Different Tenures @ 6.95% Using EMI Calculator

	Tenure
	5 Years	10 Years	15 Years	20 Years	25 Years	30 Years
Per Lakh EMI	Rs.1,978/-	Rs.1,159/-	Rs.896/-	Rs.772/-	Rs.704/-	Rs.662/-
Total Interest Payable	Rs.18,666	Rs.39,021/-	Rs.61,286/-	Rs.85,352/-	Rs.1,11,078/-	Rs.1,38,301/-
Total amount payable including principal and interest	Rs.1,18,666/-	Rs.1,39,021/-	Rs.1,61,286/-	Rs.1,85,352/-	Rs.2,11,078/-	Rs.2,38,301/-

Home Loan EMI Calculator For Different Loan Amounts & Loan Tenures @ 6.95% Interest Rates Using EMI Calculator

Loan Amount	10 Years	15 Years	20 Years	25 Years	30 Years
25 Lakhs	Rs.28,963/-	Rs.22,401/-	Rs.19,308/-	Rs.17,590/-	Rs.16,549/-
50 Lakhs	Rs.57,925/-	Rs.44,804/-	Rs.38,615/-	Rs.35,180/-	Rs.33,095/-
75 Lakhs	Rs.86,888/-	Rs.67,203/-	Rs.57,923/-	Rs.52,769/-	Rs.49,646/-
1 Crore	Rs.1,15,851/-	Rs.89,604/-	Rs.77230/-	Rs.70,359/-	Rs.66195/-

Amortization Schedule

An amortization schedule is a systematic table which provides details on your periodic repayment of loans presenting the principal and interest amount that comprise each payment until the loan is repaid. While each monthly payment remains the same, the payment is made up of parts that vary over time. The amortization schedule determines the percentage of EMI outgo towards the interest component versus principal component. It provides the necessary information on your loan repayments such as loan amount, period of scheduled payments, outstanding loan principal amount, breakup of your monthly repayment towards principal amount and interest amount and total interest payable. The amortization schedule helps the lenders to keep a track of the funds owed to you as well as forecast the outstanding balance or interest at any point of the repayment schedule. This is generated through an amortization calculator.

Home Loan Amortization Schedule For 25 Lakhs Housing Loan For 10 Years @ 6.95% Using Home Loan Amortization Calculator

(Assuming your loan is disbursed in the month of August)

Year	Total EMI	Principal	Interest	Balance
1	1,44,815	73,262	71,553	24,26,738
2	3,47,556	1,84,704	1,62,852	22,42,034
3	3,47,556	1,97,959	1,49,597	20,44,076
4	3,47,556	2,12,163	1,35,393	18,31,912
5	3,47,556	2,27,389	1,20,167	16,04,525
6	3,47,556	2,43,704	1,03,852	13,60,820
7	3,47,556	2,61,192	86,364	10,99,629
8	3,47,556	2,79,934	67,622	8,19,694
9	3,47,556	3,00,022	47,534	5,19,673
10	3,47,556	3,21,550	26,006	1,98,123
11	2,02,741	1,98,121	4,620	0

Loanfasttrack’s EMI Calculator

Loanfasttrack’s home loan EMI calculator is a hassle-free simple generic calculator. The online calculator is free for unlimited use. It gives you an accurate estimate, which is pivotal for your financial budgeting. You can check your EMIs for various loan amounts and loan tenures and determine the best suitable loan amount and EMI to your pocket. It is easy to use. All you have to do is enter the 3 simple variables i.e. the loan amount, rate of interest and the loan tenure, and the calculator will calculate for you the loan EMI and the total interest payable. You do not have to register on the website to use the EMI calculator. But for knowing your exact home loan eligibility and its corresponding EMI it is suggested you register on the website.

Why Loanfasttrack?

Loanfasttrack is the best online user friendly platform to compare and evaluate the best bank for home loan in India. Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Speak to our experts on 9321020476 or log on to https://www.loanfasttrack.com/ for additional details. You can also email on info@loanfasttrack.com.

Additional Read:

What Is The Best And Ideal Age To Apply For A Home Loan

August 10, 2023 by admin

We are often confused as when to buy a new property and whether to buy it upfront or take out home loan. This blog provides an insight on what is the correct age to apply for a home loan.

Age is not just a number when it comes to applying for a home loan in India. Every bank has its own mortgage loan age limit for every loan borrower. The minimum and maximum age limit for home loans differs from bank to bank, however the ideal home loan age criteria for the borrower is 21 years to up-to 75 years.

Yesterday I came across a beautiful marathi advertisement. It was a property advertisement that featured an old couple in their 60’s overwhelmed and delighted to have their dream come true. Together they shared a flawless happiness. Their twinkling eyes had a sense of achievement and satisfaction. “Thoda ushirch jhala (it took me longer)” to fulfill our dream, said the man while taking her in his arms. Really! Is there any ideal age to buy a home?

A home is a place made of hopes and dreams. It is a place where you live with your loved ones, enjoy and make memories.Since, a comfortable house is a great source of happiness we all dream of buying our dream house sooner or later. While most of us prefer buying upfront with our own funds, many of us rely on the banks to make our dream come true.

Why is home loan eligibility age limit important to avail home loan

Age is one of the crucial factors in home loan. It is the age that decides your home loan tenure. The maximum tenure for home loan allowed is for 30 years. The higher the loan tenure the lesser are your home loan EMIs and vice-a-versa. Paying lower EMIs is the main reason you can apply for a housing loan in early ages. When you apply for a house loan at an early age, banks are more assured of the timely repayment of your loan. It is assumed that at an early age you are more energetic, enthusiastic, active and employed with a regular flow of income and are likely to pay your EMIs on time. The home loan minimum age of the borrower as set by banks is 21-23 years. Banks give loans only to those borrowers who have a regular flow of uninterrupted monthly income. Also, when you are young it is likely that you will continue to be employed earning a higher pay scale, increment and position in the future, thus having a better financial flexibility to serve your EMIs.

There are many other benefits of applying for home loan at an early age i.e. in your 20’s and 30’s.

Since your EMIs are lower, timely repayment of the EMIs are possible.
EMIs bounces are unlikely.
You can comfortably repay your loan hassle free and save more for your future & family.
You can save for your children’s higher education abroad. (If you are falling short of money for your kids higher education then you must read this – how to arrange fund for children’s education)
Plan for your retirement pension.
Buy/invest in another property.

Moreover, when you serve your EMIs on time you are in the good books with banks and can easily avail additional funds through home loan top-up loan, mortgage loan, commercial loan or any other loan at the lowest home loan interest rates/ lowest mortgage loan interest rates.

What is the right time to buy a home

Practically speaking, there is no such right time to buy a home. When you are financially ready and capable to pay the heavy installments, it is the right time then. No matter even if you are heading towards your retirement, if you have saved a comfortable amount of money it is never too late to buy a new house. You can also buy a house on a home loan. The maximum age limit of the housing loan borrower cannot exceed more than 65 years of his age. Therefore, you may add your working children as a co-applicant to the home loan and apply for a joint home loan with the bank to get higher home loan eligibility. To check your mortgage loan eligibility, use our home loan EMI calculator.

Benefits of applying for a housing loan in your late 40’s & 50’s

By the time you are in your 50’s, it is most likely that you have saved money for down payments for buying a property. When you have higher own-contribution funds to purchase a property, you need not apply for higher home loans. You may apply for a lower home loan amount and have lower per month installments. Moreover, your chances of home loan approval is equally high due to lower funding risk for the banks. Banks are more comfortable to fund when the LTV ratio is low. Also, it is important that you have maintained a good CIBIL score while applying for a loan. If you have taken other loan/loans such as personal loan, car loan, business loan or are using credit cards, ensure you pay all the EMIs and the outstanding dues on or before time and maintain a clear repayment track history/ record to get your home loan approved by the banks. Banks rejects the home loan application of the borrower having poor CIBIL score and repayment track history.

Click to know how to apply for a home loan with a bad CIBIL score.

Mentioned below are some of the other benefits of applying for a house loan in your late 50’s.

You get sufficient time to arrange for your own contribution funds.
If you are salaried you can repay the home loan faster with your after retirement funds.
If you are self-employed/ professional you can repay loans up-to 75 years of your age.
Your joint home loan application with your children can give you longer repayment tenures and lower EMIs.
With good CIBIL scores you can also enjoy the benefits of lower home loan interest rates.

Also read how big must be your down payment on a home purchase

Housing Loan Age Limit

The minimum housing loan eligibility age limit for all borrowers starts from 21 years and the maximum age of home loan borrower who is self-employed is up-to 75 years & the home loan maximum age limit for salaried is up-to 60 years or the retirement age whichever is earlier. Given below are the age criteria for home loan with the top banks.

Bank Name	Home Loan Age Eligibility Criteria
	Minimum Age For Home Loan	Maximum Age For Home Loan
ICICI Bank	Minimum ICICI home loan age limit is 21 years	For Salaried – Maximum ICICI Bank home loan age limit is 60 years. For Self-employed/ Professional – Maximum age limit for home loan is 70 years.
HDFC Bank	Minimum HDFC home loan age limit is 21 years.	For Salaried – Maximum age limit for home loan in HDFC bank is up to 60 years. For Self-employed/ Professional – Housing loan maximum age limit is 75 years.
SBI	Minimum SBI home loan age limit is 21 years.	For Salaried – Maximum age limit for home loan in SBI is 60 years. For Self-employed/ Professional – Maximum age for home loan in SBI is 65 years.
Axis Bank	Minimum Axis bank home loan age limit is 23 years.	For Salaried – Maximum age for home loan application is 60 years. For Self-employed/ Professional – Maximum age limit for housing loan is 65 years.

Click to know more on HDFC home loan age eligibility criteria & ICICI bank home loan eligibility age limit.

Question & Answer

Q. What is the home loan age limit?

Ans: Home loan age limit is 21 years – 75 years.

Q. Are there any home loans for 55 year olds?

Ans: Yes. You can apply for a home loan even in your late 50’s or even if you are 55 years old subject to your financial stability and eligibility.

Q. What is the age eligibility for home loan with HDFC Bank?

Ans: HDFC home loan eligibility age limit for the borrower is 21 years – up-to 75 years.

Q. Can I apply for a home loan at age 60?

Ans: Yes. If you are self-employed/professional in your 60’s, a deviation can be taken for maximum home loan tenure for 10-15 years depending on your profile, income source, CIBIL scores and income stability. But if you are salaried and want to apply for a home loan in your late 60’s following are the conditions:

Your company allows you to work even after your retirement for a few more years with the same pay scale or more.
You will be receiving pension income in the future.
You have income from other sources such as rental or agricultural income.
You add a working co-applicant whose age can be an advantage to your home loan tenure.

By,

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans, home loan transfer, top-up loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Bank, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack on: www.loanfasttrack.com or call on 9321020476 or email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

The best bank for home loan.
Best Banks For Mortgage Loan In India
Assured low interest rates for loan against property in Mumbai.
Lowest home loan rates in Mumbai.
Instant loan in Mumbai.
Instant personal loan in Mumbai & business loan in Mumbai

Low cost home loan balance transfer.

Also Read:

1. Know How Your Home Loan Inquiry Impacts Your CIBIL Scores.

2. Fixed Obligation To Income Ratio (FOIR) (All You Need To Know About FOIR).

3. Housing Loan Benefits For Women Borrower In India.

4. Best Banks For Home Loan In India.

HDFC Ltd Loan Against Property (LAP)

July 19, 2022 by admin

Lowest HDFC Ltd LAP Interest Rates Starting From 7.35%* p.a.

Also referred to as HDFC Ltd Mortgage Loans, HDFC property mortgage loan is available to all eligible borrowers against the collateral of their residential as well as commercial property to meet your personal & business needs at attractive HDFC Ltd mortgage loan interest rate starting from 7.35% p.a. onwards with longer repayment tenures up to 15 years. With a low HDFC property mortgage loan interest rate, you enjoy paying low EMIs on your LAP loan.

Prominent Features Of HDFC Loan Against Property

Both residential and commercial properties are accepted as collateral.
HDFC property loans can be used for a variety of personal as well as business purposes such as home renovations, weddings in a family, medical emergency, children education, investment in a business, etc.
Low HDFC loan against property interest rate starting from 7.35% p.a. onwards.
Smaller EMIs with longer repayment tenures up to 15 years.
Smooth and hassle-free documentation for HDFC mortgage loans.
Quick & easy processing of HDFC LAP loan.
Concessions on HDFC mortgage rates for women borrowers.
(Also, read housing loan benefits for women borrowers)

HDFC Ltd top up loan is available at attractive HDFC LAP ROI (Rate Of Interest).
Integrated branch network for availing and servicing of the loan in India.
No hidden charges or fees in HDFC home mortgage loans.
Fixed as well as floating HDFC LAP rate of interest is available.
Loan up to 60% of the market value available.
Attractive HDFC LAP loan interest rate for mortgage loan balance transfers.
Can be applied online from the comfort of your home through HDFC mortgage loan apply online option. (Check online v/s offline loans)

Loan Against Property Eligibility HDFC

HDFC mortgage loan eligibility is assessed based on your income and the market value of the property offered as collateral by using FOIR & LTV parameters. Other equally important parameters used to assess your mortgage loan eligibility are your CIBIL scores, age, employment details, type of loan, loan tenure & HDFC LAP interest rate. You can also apply for the loan jointly to enhance your mortgage loan eligibility HDFC by adding an earning co-applicant to the loan.

Also, read 4 Important Benefits of Applying for Joint Home Loans.

HDFC Criteria for loan against property

Eligible Profiles	* Salaried * Self-Employed Professionals -> Doctors -> Chartered Accountants -> Architects -> Engineers -> Lawyers -> Company Secretaries -> Consultants -> Etc. * Self-Employed Non-Professionals -> Trader -> Contractors -> Commission Agents Etc.
Property To Mortgage	Residential, & Commercial.
Age Of The Borrower	* Minimum: 21 Years * Maximum: Salaried – 65 Years or retirement age whichever is earlier. & Self-employed – 70 Years for.
Type Of HDFC House Mortgage Loan	EMI- based term loan
Maximum Mortgage Loan Amount	* Minimum – Rs.10 Lakhs. * Maximum – Rs.25 Crores.
Maximum Tenure For Loan Against Property	Up to 15 years.
Mortgage Loan Rates HDFC	7.35% p.a. – 10.30% p.a.
HDFC Mortgage LoanProcessing Fees	Up to 1.5% of the loan amount or Rs.4,500/- whichever is higher + applicable GST.
LTV (Loan To Value)	* For existing HDFC customers – 60% on the market value of the property. * For new customers – 50% on the market value of the property.
CIBIL Score	Satisfactory CIBIL scores of 730 & above.

Also, read: Difference Between Home Loan And Loan Against Property

HDFC Mortgage Loan Rate Of Interest

LAP Loan Interest Rate HDFC for Loans Up to Rs.50 Lakhs

Residential Property

Commercial Property

Self-Occupied	Non-Self-Occupied
Floating Rate	Tru Fixed Loans	Floating Rate	Tru Fixed Loans	Floating Rate	Tru Fixed Loans
7.50% p.a. – 8.50% p.a.	7.90% p.a. – 8.90% p.a.	7.95% p.a. – 9.30% p.a.	8.55% p.a. – 9.30% p.a.	7.95% p.a. – 10.30% p.a.	8.55% p.a. – 10.30% p.a.

Note: (i) True fixed mortgage loan percentage in HDFC is available for 2 years.
(ii) LAP rate of interest HDFC is subject to change without prior notice.

LAP Interest Rate HDFC for Loans Above Rs.50 Lakhs

Residential Property

Commercial Property

Self-Occupied	Non-Self-Occupied
Floating Rate	Tru Fixed Loans	Floating Rate	Tru Fixed Loans	Floating Rate	Tru Fixed Loans
7.35% p.a. – 8.35% p.a.	7.75% p.a. – 8.75% p.a.	7.80% p.a. – 9.15% p.a.	8.35% p.a. – 9.15% p.a.	7.80% p.a. – 10.15% p.a.	8.35% p.a. – 10.15% p.a.

Note: (i) True fixed mortgage loan rate of interest HDFC is available for 2 years.
(ii) HDFC interest rate on loan against property is subject to change without prior notice

Read:13 Important Things To Remember Before Prepaying Your Home Loan

HDFC Loan Against Property Balance Transfers & Top-Ups

HDFC offers attractive interest rates for mortgage loan transfers to HDFC starting from 7.35% p.a. You can also avail of a top-up along with the HDFC loan transfer. A top-up means borrowing additional funds on your existing mortgage loan. HDFC top up interest rate is available at the mortgage rates in HDFC. Following are the important terms & conditions for the loan transfers:

You must have a good CIBIL score.
You must have a good repayment track history.
You must have successfully served EMIs for at least 6-12 months.
There are no delayed payments in EMIs in the latest 12-18 months.
HDFC loan against property top up loan applied will be disbursed only after the original documents are received from the other lender.
HDFC top-up loans eligibility will be subject to your income eligibility and property LTV.

Click to know the HDFC mortgage loan documents required for balance transfer for salaried customers & top-up loan document checklist for self-employed customers.

Also, read:Know How To Deal With The Increasing Interest Rates Of Housing Loans.

Transfer loan against property to HDFC only at a processing fee of 0.50%

Mortgage Processing Fees And List Of Other Charges

(GST is applicable on all charges)

LAP Processing Fee	Up to 1.50% of the loan amount or Rs.4500 whichever is higher.
Legal & Technical Charge	As per actuals.
Property Insurance	Vary with the property value and the loan amount.
Stamp Duty	0.30% on the loan amount.
CERSAI	Rs.500/-
Delayed Payment Charges on HDFC Loan Mortgage	Up to 24% p.a.
Cheque Dishonor Charges	Rs.300/-
List Of Documents	Rs.500/-
Photocopy Of Documents	Rs.500/-
Incidental Charges	As per actuals.
PDC Swap	Rs.500/-
Disbursement Cheque Cancellation Charge Post Disbursement	Rs.500/-
Re-Appraisal Of Loan After 6 Months From Sanction	Up to Rs.2000/-
Increase/Decrease In Loan Term	Rs.500/-
Pre & Part Payment Charges	* Availed for Personal Purpose – Nil for floating-rate loans of individual borrowers. * Availed for Business Purposes – -> If prepaid within 6 months from disbursement – 2% of the prepaid amount. -> If prepaid between6 months – 3years Nil – if 25% of the original sanction amount is prepaid every year. 2% of the prepaid amount if excess of 25% of the original sanction amount is prepaid every year -> If prepaid after 36 months Nil – if prepaid by own funds/sources. 2% – if prepaid through refinancing.
Conversion Charges	* Switch to lower rates – Half of the spread difference on the principal outstanding and undisbursed amount (if any) subject to min. fee of 0.50% & max. 1.50%. * Switch to an RPLR NH benchmark rate and corresponding spread – NIL if the rate of interest remains the same on conversion OR Half of the spread difference on the principal outstanding and undisbursed amount (if any) subject to min. fee of 0.50% & max. 1.50%, if the rate of interest is lowered on conversion.

Note: LRD loans, LAP loans taken for business needs, commercial property loans, and top-up loans are classified into business loans.

Also, know all costs of a home loan.

HDFC Mortgage Loan Calculator

HDFC mortgage loan EMI calculator helps you to calculate your monthly mortgage loan installment. To know your monthly mortgage installment you need to enter the following details on the HDFC loan against property EMI calculator

Your desired loan amount
HDFC property against loan interest rate
Your desired loan tenure

By entering these details on the HDFC LAP loan EMI calculator you can easily get the per month installment figure along with the interest payable.

You can also compare between EMIs for different loan tenures and different interest rates with the help of Loanfasttrack’s EMI calculator. The EMI calculator also gives you the figure for the total interest payable on the loan amount.

Also read, Home Loan EMI Calculator.

HDFC Mortgage Loan Documents Required

	Salaried	Self-Employed
KYC	Pan Card, Aadhar Card, Residence & Office Proof	Pan Card, Aadhar Card, Residence & Office Proof
Income Documents	1) 4 Months Salary Slips 2) 2 Years Form 16 3) 6 Months Bank Account Statement.	1) 3 Years ITR Copy with Saral Copy, Computation of Income, Balance Sheet, P&L account, Capital Account – CA certified with membership no. 2) 12 Months Bank Account Statements Of All Accounts. 3) Business Profile 4) Business Proofs.
Property Documents	1) Prior Chain Of Agreement 2) Oc/Cc + Plan Copy 3) Index 2 4) Share Certificate 5) Property Tax 6) Property Maintenance 7) Society Registration Certificate	1) Prior Chain Of Agreement 2) Oc/Cc + Plan Copy 3) Index 2 4) Share Certificate 5) Property Tax 6) Property Maintenance 7) Society Registration Certificate
To Download the documents CLICK on the link	HDFC loan against property documents required for salaried customers – Click.	Documents required for loan against property HDFC for self-employed – Proprietorship Firm, Partnership Firm & Private Ltd. Company.

Comparison Of HDFC Mortgage Loan Interest Rates With Other Banks

Compare thebest banks for a mortgage loan in India with the help of the following chart.

Bank Name	Mortgage Loan Rate Of Interest	Mortgage Processing Fees	Loan Tenure
ICICI Bank	8.35% p.a. onwards.	1% of the loan amount + applicable GST	Up-to 20 years
*Limited period offer with ICICI Bank*	*0.50% Processing Fee waiver for cases above Rs.50 Lakhs*	CLICK.
*Special ROI for a commercial loan with ICICI Bank @ 8% p.a.*	*Discounts are available on processing fees.*	CLICK.
Canara Bank	9.95% p.a. – 12% p.a.	0.50% of the loan amount + applicable GST	Up-to 10 years
Kotak Mahindra Bank	9.25% p.a. onwards	1% of the loan amount + applicable GST	Up-to 15 years
Axis Bank	10.50% p.a. 11.25% p.a.	Rs.10,000/- or 1% of the loan amount (whichever is higher) + applicable GST	Up-to 20 years
SBI Bank	8.45% p.a. – 10% p.a.	1% on the loan amount + applicable GST Subject to minimum a of Rs.50,000/-	Up-to 15 years
Bank Of Baroda	8.05% p.a. – 13.20% p.a.	1% of the loan amount + applicable GST Subject to a maximum of Rs.1,50,000/-	Up-to 10 years
Bank Of India	8.85% p.a. – 10.35% p.a.	1% of the loan amount + applicable GST Subject to a maximum of Rs.50,000/-	Up-to 15 years

Also, read Best Banks For Home Loan In India.

REMEMBER

HDFC Ltd. is a non-banking housing finance company (HFC).

All property owners have to be co-applicants to the loan.

Overdraft facility against property mortgage is not available with HDFC Ltd.

A fixed loan against property rate of interest HDFC is available starting from 7.75% p.a. onwards.

The borrower must ensure that the property is insured against all risks such as earthquakes, fire, explosion, flood, storm, cyclones, etc. during the loan tenure.

Two important conditions for the loan against property balance transfer include good CIBIL scores and your good repayment track history. (Also, read to know how your home loan inquiry impacts your CIBIL Scores)

You can also enjoy the income tax benefits on mortgage loans.

HDFC Ltd. does not provide a loan against property for an NRI.

HDFC Ltd. does not fund the gramanchyat properties.

Also, read Why Is It Difficult to Get a Loan on Gram Panchayat Property?

Reverse mortgage loans for the elderly are not available with HDFC Ltd.

FAQs

Q. What is the HDFC mortgage loan interest rate 2021?

Ans: HDFC home mortgage loan interest rate for 2021 range from 7.35% p.a. to 10.30% p.a.

Q. What is the lowest HDFC mortgage loan rate?

Ans: The interest rate lowest in HDFC is 7.35% p.a. offered for mortgage loans above Rs.50 Lakhs under floating mortgage loan rate of interest in HDFC for the self-occupied properties.

Q. Can I avail of an overdraft against property HDFC loan?

Ans: Overdraft loan against property is not available with HDFC Ltd.

Q. What is my loan eligibility against the property of Rs.50 Lakhs?

Ans: Your loan amount eligibility with HDFC for property worth 50 Lakhs is Rs.30 Lakhs. The maximum loan eligibility offered by HDFC is 60% of the property value.

Read more for a mortgage loan eligibility check.

Q. What are the foreclosure charges on LAP?

Ans: There is nil charge if the loan is a floating interest rate loan, availed by an individual for personal purposes. For others and where the loan is used for business purposes, foreclosures charges of up to 2% will be applicable with applicable GST.

Q. How do I find HDFC Ltd near me?

Ans: HDFC Ltd branch locator helps to find the HDFC Ltd office near me. To find the nearest HDFC Ltd branch kindly refer to the HDFC Limited branches mentioned below.

Click to get the complete questionnaire on loan against property.

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack’s specialized services include providing:

The best bank for home loan in India.
Best Banks For Mortgage Loan In India.
Apply loan against property in Mumbai at assured low-interest rates.
Qualify you for the highest loan against property eligibility.
Lowest home loan rates in Mumbai.
Instant loan in Mumbai &home loan in Mumbai.
To help apply instant personal loan in Mumbai & business loan in Mumbai
Low-cost home loan balance transfer.
To help apply for business loan online.

Additional Read:

List Of HDFC Branch In Mumbai, Thane & Navi-Mumbai

HDFC Ltd Andheri East Nagardas Road Branch Rajgir Chambers, Second Floor, Old Nagardas Road, Near Chinai College, Andheri (East), Mumbai – 400069.	HDFC Ltd Andheri Kurla Road Branch A14, Ground Floor, The Leela Galleria, Andheri-Kurla Road, Andheri (East), Mumbai – 400059.	HDFC Ltd Andheri West Branch Akruti Arcade, First Floor, Opp. Wadia High School, J. P. Road, Andheri (West), Mumbai – 400058.	HDFC Finance Office Ambernath Branch Sai Shraddha Commercial Complex, 2nd Floor, Opp. Welfare Centre, Shivmandir Road, Ambarnath (East) – 421501
HDFC Ltd BKC Branch 405, 4th Floor, Trade Center, Opp Mtnl Building, Off Cst Road, Bandra Kurla Complex, Mumbai – 400051.	HDFC Ltd Borivali East Branch Office No. 1001, B Wing, Western Edge Ii, Western Express Highway, Borivali (East), Mumbai – 400066.	HDFC Ltd Borivali West Branch Shankar Ashish, Shop No. 1, Ground Floor, Ramdas Sutrale Marg, Off Chandavarkar Road, Opp. Municipal School, Borivali (West), Mumbai – 400092.	HDFC Boisar Branch Unit No. 1, 1st Floor, White House, Near State Bank Of India, Above A U Finance Ltd., Boisar – Tarapur Road, Boisar (West), Dist. Thane, Boisar (West) – 401501.
HDFC Ltd Badlapur Branch Mandavkar Complex, A-wing, First Floor, Shop No. 2, Above Domino’s Pizza, Station Road, Badlapur (West), Dist. Thane, Thane – 421503.	HDFC Ltd Churchgate Branch HDFC Ltd Ramon House, H T Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai – 400020.	HDFC Ltd Chembur Branch Chembur HDFC Ltd – Sona Commercial Complex, 3rd Floor, Opposite BMC Office, Road No. 1, Chembur (East), Mumbai – 400071.	HDFC Ltd Dombivli East Branch First Floor, 101-104, Aai Co-op. Housing Society Ltd., Kelkar Road, Ram Nagar, Dombivli (East) – 421201.
HDFC Ltd Goregaon East Branch 1st Floor, 105, A Wing, Building No. 17, Dindoshi Onkar Chs Ltd., Opp. Oberoi Mall, Gokuldham, Goregaon (East), Mumbai – 400097.	HDFC Ltd Kalyan Branch Office No. 104-106, First Floor, Manovi City Center, Shivaji Chowk, R. P. Road, Opp. Gurudev Hotel, Kalyan (West) – 421301.	HDFC Kalyan Branch Nakshatra, Unit No. 7 & 8, Kalyan Murbad Road, Kalyan (West) – 421301.	HDFC Ltd Kharghar Sector 34-C Branch Ground Floor, Shop Nos. 1 & 2, Geetanjali Sujay, Plot No. 8, Sector No. 34 C, Owe – Kharghar, Navi Mumbai – 410210.
HDFC Kharghar Branch Office No. 1, First Floor, Bhoomi Heights, Plot No.5 & 6, Sector 8, Kharghar, Navi Mumbai – 410210.	HDFC Ltd Koparkhairane Branch Sai Proviso Ashlesha, Shop No. 5 & 6, Ground Floor, Plot 13-16, Sector 4a, Kopar Khairane, Navi Mumbai – 400709.	HDFC Ltd Office Karjat Branch Ground Floor, Unit Nos. 2-4 & 19, Mithila Complex, Near Kes School, Amrai, Karjat, Dist. Raigad – 410201.	HDFC Ltd Lower Parel Branch B2 – 201, 2nd Floor, Marathon Innova Next Gen, Opp. Peninsula Corporate Park, Off Ganpatrao Kadam Marg, Lower Parel (West), Mumbai – 400013.
HDFC Ltd Malad West Branch 104, Kemp Plaza, 1st Floor, Near Evershine Mall, Chincholi Bunder Road, Off Malad Link Road, Malad (W), Mumbai – 400064.	HDFC Ltd Mira Road Branch 2nd Floor, Harsh Plaza, 100 Ft. Road, Opp. Sector 2, Above Reliance Fresh, Mira Road (East), Thane – 401107.	HDFC Ltd Mulund West Branch 101 HDFC Ltd Mulund Branch, 1st Floor, D. S. Galaxy, Devidayal Road, Opp. Bmc Ward Office, Mulund (W), Mumbai – 400080.	HDFC Ltd Panvel Branch 101-102, Munoth Empress, Railway Station Road, Opp. Panvel Bus Stand, Old Panvel, Navi Mumbai – 410 206.
HDFC Ltd New Panvel Branch Neel Empress, 1st Floor, Plot No. 92 & 93, Sector 1-S, New Panvel, Navi Mumbai – 410206.	HDFC Ltd Seawoods Branch Goodwill Avenue, 1st Floor, Plot No. 1, Sector 40, Opp. Seawoods Railway Station, Nerul (West), Seawoods, Navi Mumbai – 400706.	HDFC Ltd Ghodbunder Road Thane Branch HDFC Ltd Thane Branch Office No. 6, First Floor, “Rosa Vista”, Opposite Suraj Water Park, Thane Ghodbunder Road, Thane (West), Mumbai – 400615.	HDFC Vikas Complex Thane Branch 11-13, Ground Floor, Vikas Complex, Old Castle Mill Compound, Old Bombay-Agra Road, Thane (West) – 400601.
HDFC Ltd Thane Gokhale Road Branch Manjula Arcade, First Floor, Gokhale Road, Near Ice Factory, Thane (West), Thane – 400602.	HDFC Limited Vikhroli Branch 103, 104, 1st Floor, Kailash Corporate Lounge, Veer Savarkar Road, Godrej Hiranandani Link Road, Off LBS Marg, Park Site, Near Kailash Commercial Complex, Vikhroli (West), Mumbai – 400079.	HDFC Ltd Vasai West Branch HDFC Vasai West- Ground Floor, Shree Swaminarayan Mandir Trust Building, Ambadi Road, 60ft Cross Lane, Vasai Road (West), Thane – 401202.	HDFC Ltd Virar West Branch Shantinath Banquet, Tirupati Nagar Phase I, Yadushree Complex, CFC Building, Virar West – 401303.
HDFC Ltd Vashi Branch Plot No. 82, Sector 17, Vashi, Navi Mumbai – 400703.

ICICI Bank Lease Rental Discounting (LRD)

July 19, 2022 by admin

LRD Loan Meaning

LRD i.e. Lease Rental Discounting is a term loan offered against the rental income received from the leased out properties that generate regular fixed income when leased to a reputed company/establishment.

Lease Rental Discounting ICICI Bank

ICICI Bank provides the LRD loans in the form of EMI-based term loans as well as overdraft loans against the rental income received from a leased-out commercial property at attractive interest rates starting from 8.35% p.a. onwards for salaried, self-employed, professionals, and NRIs to fulfill their personal needs as well as to invest it for business expansions.

Details of LRD Loans ICICI Bank

Given below are the lease rental discounting eligibility criteria for LRD loans in ICICI Bank.

=> Who can apply for ICICI Lease Rental Discounting loan?

All eligible borrowers can apply for lease rental discounting in ICICI Bank.
Resident & Non-Resident Indians.
Salaried working in the public sector or private sector.
Salaried working in the public sector or private sector.
Self-employed non-professionals – traders, manufacturers, & distributors.
Professionals- doctors, engineers, chartered accountants, architects, dentists, cost accountants, company secretaries, and management consultants.
Proprietorship Firm, Public Limited Company, Private Limited Company, & Partnership Firm.

=> Properties considered for LRD loans in ICICI Bank

Only let-out commercial properties or specialized properties such as warehouses, industries, hospitals, hotels, schools, banquet halls, marriage gardens, etc. that derive fixed rental income can be given as collateral for LRD ICICI Bank.

=> Type Of Loan

EMI-Based Term Loan.
Overdraft Facility

=> Purpose of availing an LRD loan

Personal Use – property renovation, children’s education, marriage expenses, funding the dream vacation, etc.
Business Use – business expansions, marketing, advertising, office infrastructures/stationary/machines, etc.

=> Maximum Tenure for Loan Against Property that is Leased-Out

Commercial Property – Up to 15 years.
Specialized Property – Up to 10 years.

=> Loan Amount

Minimum – Rs.10 Lakhs.
Maximum – Rs.3 Crores for term loan and Rs.5 Crores for an overdraft facility.

=> Lease Rental Discounting Interest Rates

CIBIL Scores	Loan Amount
	Up to Rs.50 Lakhs	Rs.50 Lakhs – Rs.1 Crore	Above Rs.1 Crore
Above 750	RR + 4.85% (8.85%)	RR + 4.60% (8.60%)	RR + 4.35% (8.35%)
700-750	RR + 5.25% (9.25%)	RR + 5% (9%)	RR + 4.75% (8.75%)
Below 750	RR + 5.50% (9.50%)	RR + 5.25% (9.25%)	RR + 5% (9%)

Note: (i) The ICICI Bank LRD rate of Interest is subject to change without prior notice.
(ii) RR stands for Repo Rate which is 4% as of August 2021.

The LRD interest rates also vary depending on the type of property, rental income, lessee profile, PSL & non-PSL sectors, etc.

=> Lease Rental Discounting Processing Fees & Other Charges

Loan Processing Fees/Renewal Charges – 2% of the loan amount.
Administrative Charges – Rs.5000/- or 0.25% of the loan amount whichever is lower.
Prepayment Charges – 4% of the outstanding loan amount.
GST – separate 18% GST will be applicable on all fees/charges.

Also, read the list of charges in availing of a loan.

=> Documents Required For Lease Rental Discounting

KYC	* Pan Card * Adhar Card * Photograph
Income Documents For Salaried	* 4 months salary slips. * 2 years form 16 * 6 months bank account statement.
Income Documents For Self-Employed	* 2 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No. * 12 months bank account statement. * Business profile. * Business proofs.
Property Papers	* Prior Chain of Agreement. * OC/CC + approved plans. * Index 2. * Share Certificate. * Society Registration Copy. * Property tax. * Property maintenance bill.
Other Documents	* Registered valid lease agreement. * Bank account statements for the rent received. * Duly signed bank application form. * Processing fee cheque. * Any other document as required by the bank.
Additional Documents Required For LRD Loan Transfer	* LOD (list of documents). * Outstanding letter. * 12 months repayment track record.

Click to know the NRI list of documents for applying for a mortgage loan

Prerequisites to avail of an LRD loan with ICICI Bank

Funding will be given only against the self-occupied, commercial, or specialized property that earns a fixed rental income per month.

An ESCROW account with ICICI Bank is mandatory to enable the credits of rental against the loan sanctioned.

The minimum lease period for the property should be 3 years.

The property has a clear and marketable title and is built according to the approved plans of the local government authorities.

The leased-out property has a valid and registered agreement between the tenants and owners.

The owners and the tenants are creditworthy as per the ICICI Bank standards.

LRD loan interest rate varies for PSL & non-PSL sectors (PSL= Priority Sector Lending).

The minimum lock-in period for the prepayment of the LRD loan is 6 months.
Also, read 13 Important Things To Remember Before Prepaying Your Home Loan.

An NRI applying for an LRD loan is not a citizen of the countries namely- Iran, North Korea, Cuba, Syria, Sudan, and Creamia regions of Ukraine, Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Nepal, Macau, Nigeria, Hong Kong, or Bhutan. (Also, read ICICI Bank Mortgage Loan For NRI In India).
Also, read Best Banks For Mortgage Loan In India.

FAQs

Q. What are the ICICI Bank’s LRD loan interest rates in 2021?

Ans: ICICI Banks’ lease rental discounting interest rates in 2021 range from 8.35% p.a. – 9.50% p.a.

Q. Can an LRD loan for lease house be provided by ICICI Bank?

Ans: ICICI Bank does not provide LRD loans against the residential property, hence a lease house loan is not possible under the LRD scheme. For a house lease loan, you can apply for a mortgage loan with ICICI Bank.

Also, read Why Is It Difficult To Get A Loan On Gram Panchayat Property?

Q. What is the minimum income required for an LRD loan?

Ans: The minimum net rental income must be Rs.20,000/- p.m.

Q. Do ICICI Bank takeover LRD loans?

Ans: You can transfer your LRD loan to ICICI Bank at the lowest interest rates starting from 8.35% p.a. onwards. ICICI Bank is the provider of the cheapest interest rates in the lease rental discounting market in India.

Also, read How to deal with increasing interest rates.

Q. Can a top-up be availed on an ICICI Bank LRD loan?

Ans: Yes, LRD loan top up ICICI Bank can be availed of at attractive interest rates.

Also, read ICICI Bank Home Loan Top Up.

Q. What is the maximum funding available for the property?

Ans: The maximum loan funding depends on net rental incomes and the current market value of the property. The lease rental discounting formula for calculating the LRD eligibility is lower of the two, i.e.

85% of the net rental income
LTV – 50% of the current market value of the property.

Subject to a maximum of Rs.3 Crores for commercial properties and Rs.5 Crores for specialized properties such as hospitals, schools & colleges, industries, warehouses, etc.

Also, read (LAP)- Loan Against Property Eligibility.

Q. What will be the EMI for an LRD loan of Rs.55 Lakhs?

Ans: Considering the LRD interest rate to be 8.60% for 15 years, the EMI for 55 Lakhs will be Rs.54,484/-. Use the ICICI Bank LRD loan calculator to know your EMIs. Alternatively, you may also use Loanfasttrack’s EMI calculator to know your exact EMIs for different loan amounts and tenures.

Also, read on Home Loan EMI Calculator.

Q. Can an LRD loan be availed for a maximum period of 20 years?

Ans: The LRD loan with ICICI Bank can be availed for a maximum period of 15 years for an EMI-based term loan and 10 years for an LRD overdraft facility loan.

Q. Can I apply for an LRD loan with a co-applicant?

Ans: Yes, a co-applicant is mandatory for applying for an LRD loan with ICICI Bank and the income of the co-applicant can also be added to enhance the loan eligibility. Read, to find out who can be your co-applicants.

Also, read 4 Important Benefits Of Applying For Joint Home Loans.

Q. How to apply for ICICI Bank LRD loans?

Ans: You can apply for ICICI Bank LRD loans online as well as offline.

Also, read Online Vs Offline Home Loan – Which One Is Better?

ICICI Bank LRD Loan Comparison With The Other Banks

Bank Name	Interest Rate	Tenure	Maximum Loan Amount	Maximum Funding Against Rent Receivables	Processing Fees
ICICI Bank	8.35% p.a. – 9.50% p.a.	15 years	Rs.3 Crore	85%	Up to 2% of the loan amount + applicable GST.
HDFC Bank	9.70% p.a. – 10.30% p.a.	9 years	Rs.5 Crores	85%	Up to 1% of the loan amount + applicable GST. (Min. Rs.3,500/-)
SBI	9.45% p.a. – 11 % p.a.	10 years	Rs.500 Crores	95%	Up to 2.02% of the loan amount + applicable GST. (Max. Rs.1,01,865/-)
Axis Bank	10.50% p.a. -11 % p.a.	9 years	Rs.5 Crores	85%	Up to 1% of the loan amount or Rs.10,000/- whichever is higher + applicable GST.
Bank Of Baroda	8.65% p.a. – 11% p.a.	10 years	Rs.20 Crores	55%	0.50% of the loan amount + applicable GST. (Min. Rs.1000/- & max. Rs.10 Lakhs)
Kotak Mahindra Bank	9.50% p.a. onwards	10 years	Rs.5 Crores	Up to 8 times of the net monthly rental received	Up to 1% of the loan amount + applicable GST.

Note: The information related to LRD interest rates, charges, tenures, & funding information mentioned in the table is subject to change without prior notice.

By,

Loanfasttrack

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack’s specialized services include providing:

The best bank for home loan in India.
Best Banks For Mortgage Loan In India.
Apply loan against property in Mumbai at assured low-interest rates.
Qualify you for the highest loan against property eligibility.
Lowest home loan rates in Mumbai.

Instant loan in Mumbai &home loan in Mumbai

(BOB) Bank Of Baroda Mortgage Loan

July 20, 2022 by admin

Bank Of Baroda is one of the largest public sector banks which offers mortgage loans in India to eligible borrowers at competitive interest rates starting from 8.20% p.a. Also referred to as Bank Of Baroda loan against property(LAP), it is offered against the collateral of residential & commercial property and non-agricultural plot of land to meet your personal and business needs with flexible repayment tenures up-to 15 years.

Prominent Features Of BOB Mortgage Loan

Baroda mortgage loans are available to meet your personal as well as business needs such as children’s education/ marriage, home renovations, to fund your dream vacation, business expansions, etc.
Loan against property Bank Of Baroda is available against the pledge of residential & commercial property, and non-agricultural plot of land.
Can be applied online as well as offline.
Available in the form of term loans and overdraft loans.
Longer repayment tenures up-to 15 years.
Competitive Bank Of Baroda mortgage loan rate of interest starting from 8.20% p.a. onwards.
Withdraw money as per your need to save on interest.
Repay through surplus funds, business income, or salary and save on interest.
Flexibility to withdraw money deposited earlier.
Maximum FOIR of up-to 70%.
LRD loans are available.
Unified processing charges.

Bank Of Baroda Mortgage Loan Eligibility

Eligible Profile	* Salaried * Self-Employed * Self-Employed Professionals * NRI
Age	* Minimum – 21 years. * Maximum – 65 years.
Property To Mortgage	* Residential Property * Commercial Property * A Non-Agricultural plot of land
Minimum Business Vintage	3 years.
Bank Of Baroda LAP Interest Rate	8.20% p.a. – 13.85% p.a.
Tenure	Up-to 15 years.
Loan Amount	* Minimum Rs.2 Lakhs. * Maximum up-to Rs.10 Crores.
Minimum Income	The average gross income for 3 years including the income of the co-applicant is Rs.3 Lakhs.
Type Of Loan	* EMI- based term loan. * Overdraft Loan.
LTV	Up-to 40% on the market value of the property.
FOIR	Up-to 70%.
CIBIL Scores	750 & above.
Processing Fees	* Term Loan– 1% of the loan amount + applicable GST subject to a minimum of Rs.7,500/- & a maximum of Rs.1,50,000/- * Overdraft Loan– 0.35% of the loan amount + applicable GST subject to a minimum of Rs.7,500/-
Mortgage Schemes	* Regular mortgage loan. * Mortgage loan for NRI. * Mortgage overdraft loan. * Mortgage loan balance transfer. * Land mortgage loan. * Loan Against Rent Receivables. * Reverse mortgage loan.

Note: The above-mentioned BOB LAP interest rates and charges are subject to change without prior notice.

Bank Of Baroda Mortgage Loan Interest Rate 2021

Bank Of Baroda Loan Against Property Interest Rate For Individuals

Loan Amount	Tenure Up-to 10 Years	Tenure from 10 years – 15 years
Up-to Rs.7.5 Crores	BRLLR + SP + 1.20% To BRLLR + SP + 6.10% (8.20% p.a. To 13.10% p.a.)	BRLLR + SP + 1.70% To BRLLR + SP + 6.60% (8.70% p.a. To 13.60% p.a.)
Above Rs.7.5 Crores	BRLLR + SP + 1.45% To BRLLR + SP + 6.35% (8.45% p.a. To 13.35% p.a.)	BRLLR + SP + 1.95% To BRLLR + SP + 6.85% (8.95% p.a. To 13.85% p.a.)

Note: (i) The BRLLR is 6.75% p.a. and S.P. is 0.25% w.e.f march 2021.
(ii) The Bank Of Baroda Lap rates are subject to change without prior notice.

Bank Of Baroda Loan Against Property Rate Of Interest For Non- Individuals

Loan Amount

Tenure Up-to 10 Years

Tenure from 10 years – 15 years

	Margin Above 50%	Margin Up-to 50%	Margin Above 50%	Margin Up-to 50%
Up-to Rs.7.5 Crores	BRLLR + SP + 1.45% 8.45% p.a.	BRLLR + SP + 1.95% 8.95% p.a.	BRLLR + SP + 1.95% 8.95% p.a.	BRLLR + SP + 2.45% 9.45% p.a
Above Rs.7.5 Crores	BRLLR + SP + 1.70% 8.70% p.a.	BRLLR + SP + 2.20% 9.20% p.a.	BRLLR + SP + 2.20% 9.20% p.a	BRLLR + SP + 2.70% 9.70% p.a.

Note: (i) The BRLLR is 6.75% p.a. and S.P. is 0.25% w.e.f march 2021. (S.P is Strategic Premium)
(ii) The Bank Of Baroda Lap rates are subject to change without prior notice.

List Of Charges

Unified Bank Of Baroda loan processing charges of 1% of the loan amount which includes documentation charges, verification/ vetting charges, pre- Inspection charges, one-time post-inspection charges, legal charges, valuer charges for valuation, CIBIL charges, CERSAI charges. GST at the applicable rate will be applicable on the processing charge of 1% of the loan amount.

Mortgage Creation Charges – up-to Rs.15,000/-
-> Up to Rs.10 Lakhs                           : Rs.500/- per Lakh
-> Rs.10.00 Lakhs – Rs.50.00 Lakhs : Rs.5,000/-
-> Rs.50.00 Lakhs – Rs.1 Crore          : Rs.10,000/-
-> Above Rs.1 Crore                            : Rs.15,000/-

Insurance Charge – Property insurance cost which will differ with the valuation of the property.

Stamp Duty Charge – 0.30% on the loan amount.

Also read, total costs involved in availing of a home loan.

Apply for Bank Of Baroda mortgage loan in Mumbai

Bank Of Baroda Loan Scheme Of Mortgage Loans

Bank Of Baroda Regular Mortgage Term Loans

A BOB mortgage loan is a term loan available for all eligible borrowers against the mortgage of their residential or commercial property which is repaid in equated monthly installments.

Bank Of Baroda mortgage loan interest rates range from 8.20% p.a. – 13.85% p.a.
The maximum loan tenure offered is up-to 15 years.
The minimum loan amount is Rs.2 lakhs & the maximum is Rs.10 crore.
Processing fees of 1% of the loan amount plus applicable GST subject to a minimum of Rs.7,500/- & a maximum of Rs.1,50,000/-
Get additional refinance on loans transferred in Bank Of Baroda.
Also, read on home loan refinancing.

Apply jointly to enhance your eligibility. (Read, more on joint loan benefits)
Can be applied online as well as offline. (Know how to apply online)

Additional Read, best banks for mortgage loans in India.

2. BOB Mortgage Overdraft Loans

Bank Of Baroda overdraft facility helps you to withdraw money as per your need to save on interest.

Interest is paid only on the loan amount utilized.
Bank Of Baroda overdraft interest rates range from 8.70% p.a. – 14.35% p.a.
Process fees of up-to 0.35% of the loan amount plus applicable GST for loans up-to Rs.3 Crores (Min. Rs.7,500/- & Max. Rs.75,000/-)
and
0.25% of the loan amount for loans above Rs.3 Crores (Min. Rs.7,500/- & no limit on Max.)

A minimum of 60% of the sanctioned limit is to be utilized quarterly.
Overdraft loan repayment period is 12 months, subject to annual review.
Overdraft to be renewed annually.

Read more mortgage overdraft loans.

3. BOB Mortgage Loans For NRI

BOB mortgage loan for Non-resident Indians is provided against the mortgage of their residential property. The NRI must hold a valid Indian passport and a valid job contract/ work permit with a reputable company in a foreign country for 2-years.

Mortgage loans are available only in the form of term loans.
An NRI must have regular employment for a minimum period of 2 years.
The average gross annual income for the last 3 years is Rs.5 Lakhs p.a., including the income of the co-applicant whose income is considered for mortgage loan eligibility.
BOB loan against property interest rates for NRIs ranges from 8.85% p.a. – 10.35% p.a.
The maximum loan tenure offered is up-to 15 years.
The maximum loan amount is up-to Rs.10 Crores.
Processing fees of 1% of the loan amount plus applicable GST subject to a minimum of Rs.7,500/- & a maximum of Rs.1,50,000/-
Compare BOB NRI mortgage loan with ICICI Bank NRI mortgage loan.

4. BOB Mortgage Loan Balance Transfers

Bank Of Baroda mortgage loan balance transfers is available to all eligible borrowers to transfer their existing mortgage loans with other banks/lenders to Bank Of Baroda at a competitive BOB bank mortgage loan interest rate. Also, read Why interest rates with NBFCs are higher than the Bank.

All loan scheme products such as NRI mortgage loans, mortgage overdraft loans, LRD loans, and simple term mortgage loans can be transferred.
Also, apply for additional top-up loans on mortgage loans subject to income eligibility and property market value.
The Bank Of Baroda mortgage loan ROI for loan balance transfers range from 8.20% p.a. – 13.85% p.a.
Loan tenure restructuring can be done for a maximum of up-to 15 years.
The maximum loan amount is up-to Rs.10 Crores.
One-time Processing fees of 1% of the loan amount plus applicable GST

(Minimum Rs.7,500/- & maximum Rs.1,50,000/-)

Also, click to read how to deal with the increasing interest rates of housing loans.

5. Bank Of Baroda Loan Against Rent Receivables

Commonly referred to as Lease Rental Discounting (LRD) loans, it is a term loan provided to all eligible Indian residents against the securitization of future rent receivables from the residential or commercial properties which are let out or considered to let out to a reputed company, institutions, public sector units, established commercial organizations, banks, and MNCs.

The loan against rent agreement is available for all lawful economic activities such as renovations/alterations/additions to the premises let out, and personal needs except the speculative purposes.
Loans are available to owners of let out or proposed to let out a premises, landowners of the BOB branch premises, and landowners of the residential flats/houses leased out to BOB officers/executive quarters.
The maximum funding is 55% of the rents received for general customers and 70% of the rent received by landlords of the premises occupied by BOB branches or lent out to the BOB officers/executive quarters.
Board loan against future rent receivables interest rate range from 8.65% p.a. to 11.60% p.a.
The maximum tenure offered loan against rent receivables BOB is up-to 10 years subject to the balance lease term.
The minimum loan amount under loan against rent receivables is Rs.25 Lakhs & the maximum loan amount under loan against rent receivables is Rs.20 Crores.
One-time processing fee of 0.50% of the loan amount plus applicable GST subject to a minimum of Rs.1,000/- & a maximum of Rs.10 Lakh.
Balance transfers of loans are available at attractive interest rates.

Also, read The Income Tax Benefits On Mortgage Loan.

6. Baroda Loan Against Land Property And Building

It is an overdraft loan provided against the mortgage of land and building to fulfill the working capital requirements and long-term margin requirements of SME borrowers.

All Micro, Small, & Medium enterprises, entities with sales turnover up-to Rs.1.5 Crores p.a., and projects whose cost is Rs.50.00 Crores, can apply for the loan.
The maximum age of the residential/commercial building should not be more than 25 years.
Land mortgage loan interest rate Bank Of Baroda range from 9.35% p.a. – 10.60% p.a. (Also read, Difference between home loan and land loan)
The minimum loan amount is Rs.10 Lakhs & the maximum is Rs.10. Crores.
The maximum LTV is up-to 40% of the market value of the property.
The maximum period for an overdraft loan is 1-year.

Also read, Everything You Must Know Before Purchasing A Land & Availing The Land Loans.

7. Baroda Ashray Reverse Mortgage Loan

Bank Of Baroda reverse mortgage loans are provided to the Indian senior citizens above 60 years (spouse as co-applicant above 55 years for joint application) against the pledge of their self-owned residential property to meet their cash flows of day-to-day finances, medical expenses, etc.

The maximum loan tenure is 15 years and can be extended till the survival of the borrower.
Bank Of Baroda loan interest rate for a reverse mortgage is 9.10% p.a.
Processing fee of 0.20% of the loan amount plus applicable GST subject to minimum Rs.7,5000/- & maximum Rs.10,000/-.
The maximum loan amount available is Rs 1 Crore.

Read more on reverse mortgage loans.

Bank Of Baroda Mortgage Loan Documents Required

KYC	* Pan Card * Adhar Card * Photograph
Income Documents
For Salaried	* 4 months salary slips. * 2 years form 16 * 6 months bank account statement.
For Self-Employed	* 2 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No. * 12 months bank account statement. * Business profile. * Business proofs.
Property Papers	* Prior Chain of Agreement. * OC/CC + approved plans. * Index 2.Share Certificate. * Society Registration Copy. * Property tax. Property maintenance bill.
Additional Documents Required For Mortgage Loan Transfer	* LOD (list of documents). * Outstanding letter. * 12 months repayment track record.
Additional Documents Required For Loan Against Rent Receivables	* Certified copy of lease deed. * Bank account statements for the rent received.
To download the complete documentation till disbursement refer to the links	* Salaried * NRI * Proprietorship Firm * Partnership Firm * Private Ltd. Company.

Compare Bank Of Baroda Mortgage Loan With Top Lenders

Parameter	Bank Of Baroda	ICICI Bank	HDFC Bank	SBI Bank
Interest Rate	8.20% p.a. – 13.85% p.a.	7.70% p.a. – 9.75% p.a.	7.50% p.a. – 10.95% p.a.	8.45% p.a. – 10% p.a.
Tenure	Up-to 15 years	Up-to 20 years.	Up-to 15 years.	Up-to 15 years.
Processing Fees	1% of the loan amount + applicable GST. (Min Rs.7,500/- & Max Rs.1,50,000/-)	Up-to 1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.	1% of the loan amount + applicable GST. (Max Rs.50,000/-)
Overdraft Facility	Yes	Yes	Yes	No
LTV	40%	70%	65%	65%
Maximum Loan Amount	Up-to Rs.10 Crores	Up-to Rs.10 Crores.	Up-to Rs.25 Crores.	Up-to Rs.7.5 Crores
		Click for more details.	Click for more details.	Click for more details.

Click to compare and apply loan against property with leading banks.

Remember The Important Highlights

BOB loan against property is not provided for persons engaged in any speculative activities including the property developers/ property dealers/ brokers, and share/stock brokers.

The loan against property in Bank Of Baroda is also not available for HUF/Trust/Public Limited Company.

Bank Of Baroda overdraft against property facility is not available for NRI loan applicants.

The maximum loan amount for all categories of borrowers varies with the location.
-> For Metro Branches – Max. Rs.10 Crores.
-> For Urban Branches – Max. Rs.5 Crores.
-> For Semi-Urban Branches – Max. Rs.3 Crores.
-> For Rural Branches – Max. Rs.25 Lakhs.

The FOIR percentage for all categories of borrowers is:
-> 50% – for gross monthly income up-to Rs.75,000/-
-> 60% – for gross monthly income from Rs.75,000/- to Rs.3 Lakhs.
-> 70% – for gross monthly income above Rs.3 Lakhs.

Baroda loan against rent receivable scheme is not available for NRIs.

FAQs

Q. What is the Bank Of Baroda mortgage loan interest rate 2021?

Ans: Mortgage loan interest rate in Bank Of Baroda 2021 range from 8.20% p.a. to 13.85% p.a.

Q. What is the maximum loan amount for a mortgage loan with Bank Of Baroda?

Ans: The maximum BOB mortgage loan amount is Rs.10 Crores.

Q. Is it mandatory to take property insurance with the loan?

Ans: Property insurance will be given to every property. The insurance amount will vary depending upon the market value of the property.

Q. Where do I get the Bank Of Baroda loan application form?

Ans: You can download the Bank Of Baroda mortgage loan application form pdf online from the BOB site or visit the nearest BOB branch.

Q. What will be my mortgage EMI for Rs.35 Lakhs?

Ans: Your EMI will be Rs.33,853/- for 15 years @ 8.20% p.a. Use the BOB mortgage loan EMI calculator online to know the EMIs for different loan amounts, tenures @ various interest rates. Bank Of Baroda mortgage loan EMI calculator also shows you the total interest payable for the loan tenure.

Q. My DCB Bank loan against property interest rates is high. Can I transfer my DCB loan against property in Kerala to Bank Of Baroda loan against property in Chennai?

Ans: Yes, you can transfer your DCB mortgage loan to the Bank Of Baroda mortgage loan in Chennai, subject to your eligibility and property valuation.

Q. Can I transfer my Bajaj LAP loan to the Bank Of Baroda?

Ans: Yes, you can transfer your Bajaj Finance LAP loan to the Bank Of Baroda subject to your eligibility.

Q. How to calculate mortgage loan interest?

Ans: To know how much interest you repay monthly and the total interest payable, please refer to the Bank Of Baroda mortgageloan calculator.

Click to read more FAQs

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack’s specialized services include providing:

The best bank for home loan in India.
Best Banks For Mortgage Loan In India.
Assured low-interest rates for loan against property in Mumbai.
Lowest home loan rates in Mumbai.
Instant loan in Mumbai &home loan in Mumbai.
To help apply instant personal loan in Mumbai & business loan in Mumbai
Low-cost home loan balance transfer.
To help apply for business loan online.

Additional Read

(BOI) Bank Of India Loan Against Property

July 20, 2022 by admin

Bank Of India is one of the largest public sector banks in India which provides the loan against property at attractive interest rates to the eligible borrowers starting from 8.85% p.a. The Bank Of India loan against property (LAP) interest rates range from 8.85% p.a. to 10.35% p.a. The BOI LAP loan popularly called as BOI mortgage loan is available for all kinds of profiles to meet their immediate requirement of funds for personal as well as business purposes with an option to avail a mortgage overdraft loan facility. The BOI offers LAP loans against the mortgage of a self/jointly owned, self-occupied, or rent-out residential & commercial properties with a repayment tenure up-to 15 years. The loan can be accessed from BOI’s widely spread branches all over urban as well as rural areas.

Prominent Features Of Bank Of India Mortgage Loan

Loans are available to meet your personal as well as professional needs.
Both residential, as well as commercial property, can be given as collateral.
Term loans and overdraft loans are available.
Longer repayment tenures of up-to 15 years.
Lower interest rates starting from 8.85% p.a. onwards.
No hidden costs or administrative charges.
Customized loan options and schemes are available.
Nil prepayment charges for floating rate mortgage loans to individuals.

Purpose Of The BOI Mortgage Loans

The BOI Star Loan Against Property Scheme can be utilized for a variety of your personal as well as business needs other than those of speculative purposes such as investing in stocks or mutual funds, etc. The following are the reasons for which the BOI loan against property amount can be used.

Advantage of mortgage loan in BOI

To meet the children’s educational needs or the educational expenses of family members including near relatives.
For repairs, renovation, & extensions of your residential or commercial property.
To buy or to construct a residential house/flat.
To buy a plot of land for constructing a house/ building premises/ commercial use*.
To repay your existing debts.
To repay your other unsecured loans such as personal loans or business loans.
To clear your obligations on the credit card outstanding.
To meet your credit needs of trade, commercial activity, business expansions, other general business /professions such as to meet the marketing and overhead expenses, etc.
To meet your working capital requirement.

Eligibility For Mortgage Loan BOI

The loan against property eligibility with Bank Of India is related to the value of your security i.e. the market value of your property, the minimum margin requirement, your net take-home pay, your creditworthiness, CIBIL scores, your repayment capacity, etc. Given below is the details of the LAP loan eligibility with BOI

Eligible Profile	* Salaried * Self-Employed * Self-Employed Professionals * NRI Firms & Companies -> Proprietorship Firm -> Partnership Firm -> Private Limited Company * Others – societies, staff members, or HUFs
Maximum Age	* For salaried 21 years – 60 Years or retirement age whichever is earlier. * For Self-employed & Professionals 21 years – 70 years.
Property To Mortgage	* Residential * Commercial
Bank Of India Mortgage Loan Interest Rate	8.85% p.a. – 10.35% p.a.
Maximum Tenure	* Term Loan – Up-to 15 years. * Overdraft Loan – Up-to 12 years.
Maximum Loan Amount	* Term Loan – Rs.7.50 Crores. * Overdraft Loan – Rs.5 Crores.
Minimum Business Vintage	3 years.
Type Of Loan	* EMI-based term loan. * Reducible Overdraft loan against property.
LTV	50% of the property value.
FOIR	65%
CIBIL Scores	675 & above.
Processing Fees	1% of the loan amount plus applicable GST subject to a minimum of Rs.5000 & a maximum of Rs.50,000/-
Prepayment/ Foreclosure Charges	Allowed with NIL charges for floating rate loans to individuals.
Mortgage Schemes	* Mortgage loan * Mortgage overdraft loan * NRI Mortgage Loan * Mortgage loan balance transfer * Mortgage loan top-up * Loan Against Land

Note: The above-mentioned BOI mortgage interest rates & charges are subject to change without prior notice.

Bank Of India Loan Against Property Interest Rates

Bank Of India LAP interest rates depend on your CIBIL scores. The higher the CIBIL scores the better is the BOI LAP interest rates. The BOI loan against property interest rates are uniform for all eligible borrowers i.e. salaried, NRI, self-employed or professional irrespective of the loan amount. The rates are linked to RBI’s Repo rates. The maximum spread for mortgage loan interest rate in Bank Of India is from 2% – 3.50%.

CIBIL Scores	BOI Mortgage Loan Interest Rates For Individuals
	Term Loan	Reducible Overdraft
760 & Above	8.85% p.a.	9.10% p.a.
675 – 759	9.35% p.a.	9.60% p.a.
Below 675	9.85% p.a.	10.35% p.a.
-1 & 0	9.60% p.a.	9.85% p.a.
	Other Than Individuals
	8.85% p.a.	8.85% p.a.

Note: (i) The above-mentioned BOI mortgage rates are subject to change without prior notice.

(ii) Interest rates for the CIBIL score below 675 are only to review accounts and not meant for fresh sanctions.

Bank Of India Mortgage Loan Schemes

1. BOI Star Loan Against Property

It is a term loan offered against the mortgage of residential & commercial property to fulfill the business & personal financial needs of the borrowers. The loan repayment will be in the form of equated monthly installments.

Mortgage rates range from 8.85% p.a. – 10.35% p.a.
The maximum loan tenure offered is up-to 15 years.
The interest rate offered is variable interest rates.
The maximum loan amount is up-to Rs.7.5 Crores.
The maximum LTV is up-to 50% of the property value.
The loans are also available to a borrower with minimum CIBIL scores of 675. Also, read how to apply for a loan with bad CIBIL.
One-time processing fee of 1% of the loan amount plus applicable GST. (Minimum Rs.5000 & maximum Rs.50,000/-)
Nil prepayment charges for variable interest rates for individuals.

Also, read the bestbanks for mortgage loans in India.

2. BOI NRI Mortgage Loan

It is a loan provided to Non-resident Indians against the mortgage of their residential property. The NRI must hold a valid Indian passport and must have a regular job abroad in a reputed Indian/ foreign company, organization, or government department along with a valid job contract/ work permit for a minimum of 3 years or employed/self-employed or having a business unit and staying abroad at least for past – 3years to avail a mortgage loan from BOI.

NRI mortgage loan rate of interest ranges from 8.85% p.a. – 10.35% p.a.
The maximum loan tenure offered is up-to 15 years.
The maximum loan amount is up-to Rs.7.5 Crores.
The maximum LTV is up-to 50% of the property value.
Processing fee applicable is 1% of the loan amount plus GST subject to a minimum of Rs.5000 & a maximum of Rs.50,000/-.
Compare BOI NRI mortgage loans with ICICI Bank NRI mortgage loans.

3. BOI Reducible Mortgage Overdraft Loan

It is a mortgage loan provided with an overdraft facility to the eligible borrowers especially to meet the working capital requirement. The overdraft facility available is the reducible mortgage overdraft facility.

The interest rates for reducible mortgage overdraft loans range from 9.10% p.a. – 10.35% p.a.
The maximum loan tenure offered is up-to 12 years.
The maximum loan amount is up-to Rs.5 Crores.
The maximum loan amount for doctor/s (in the case of all joint accounts all to be doctors) is up-to Rs.7.5 Crores.
The processing fee applicable is 0.50% of the sanctioned limit subject to a minimum of Rs.5000/- & a maximum of Rs.30,000/-
The overdraft loans are to be renewed.
The renewal processing charges for the subsequent years is 0.25% of the renewal limit subject to a minimum of Rs.2.500/- & a maximum of Rs.15,000/-

4. BOI Mortgage Loan Transfer

It is a loan available for all eligible borrowers to transfer their existing mortgage loans with other banks/lenders to Bank Of India at attractively low mortgage rates and processing fees with an option to reset the loan tenure to the maximum. Also, read on home loan refinancing.

All loan scheme products such as NRI mortgage loans, mortgage overdraft loans, and simple term mortgage loans can be transferred.
The interest rates for mortgage loan balance transfers range from 8.85% p.a. – 10.35% p.a.
The maximum loan tenure offered is for term loans is up-to 15 years & up-to 12 years for overdraft loans.
The maximum loan amount is up-to Rs.7.5 Crores.
Additional top-up loans on mortgage loans can be applied subject to the loan eligibility.
One-time processing fee of 1% of the loan amount plus applicable GST. (Minimum Rs.5000 & maximum Rs.50,000/-)

Also, click to read how to deal with the increasing interest rates of housing loans.

5. BOI Loan Against Agricultural Land

It is a term loan given against the mortgage of the agricultural land to the farmers for agricultural-related activities under the head Kisan All Purpose Term Loan.

The maximum loan amount is up-to Rs.20 Lakhs.
The margin requirement is 15% to 25%.
The rate of interest, repayment tenure, as well as service charges/processing fees, will be informed at the time of loan application according to the extant guidelines issued from time to time by BOI.

Also, click to read important things to know before purchasing a land & availing the land loans.

Bank Of India Loan Against Property Documents Required

KYC

Pan Card, Adhar Card & Photograph

Income Documents

Salaried
* 4 months salary slips.
* 2 years form 16
* 6 months bank account statement.

Self-Employed

* 3 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No.
* 12 months bank account statement.
* Business profile.
* Business proofs.

Property Papers

Salaried
* Prior Chain of Agreement.
* OC/CC + approved plans.
* Index 2.
* Share Certificate.
* Society Registration Copy.
* Property tax.
* Property maintenance bill.

Self-Employed
* Prior Chain of Agreement.
* OC/CC + approved plans.
* Index 2.
* Share Certificate.
* Society Registration Copy.
* Property tax.
* Property maintenance bill.

Additional Documents Required For Mortgage Loan Transfer

Salaried
* LOD (list of documents).
* Outstanding letter.
* 12 months repayment track record.

Self-Employed
* LOD (list of documents).
* Outstanding letter.
* 12 months repayment track record.

Other Documents

Salaried
Duly signed application form.
Processing fee cheque.
Any other document as asked by BOI.

Self-Employed
Duly signed application form.
Processing fee cheque.
Any other document as asked by BOI.

For complete documentation till disbursements kindly refer to the links:

* Salaried
* NRI

Self-employed
* Proprietorship Firm
* Partnership Firm
* Private Ltd. Company

How To Apply For BOI Mortgage Loan

You can apply for a mortgage loan with BOI offline as well as online from the comfort of your house. For offline application, you need to visit the nearest branch and for online you may visit the official website of Bank Of India and fill in the application form with the details. Before applying, do not forget to check the loan details, schemes, rate of interest, LTV funding, processing fees, closure charges, and other related charges to the loan.

Alternatively, you can also visit user-friendly online portals like Loanfasttrack to apply for a Bank Of India loan against property. Since it is also important to compare the mortgage rates of the leading banks and NBFC mortgage loans before applying for a loan against property, Loanfasttrack online portal will help you to compare rates of the top banks and use its mortgage eligibility calculator and know how to calculate mortgage EMI. Bank Of India mortgage application process with Loanfasttrack is hassle-free, quick, and transparent.

Compare BOI Loan Against Property With Top Lenders

Parameter	Bank Of India	ICICI Bank	HDFC Bank	SBI Bank
Interest Rate	8.85% p.a. – 10.35% p.a.	7.70% p.a. – 9.75% p.a.	7.50% p.a. – 10.95% p.a.	8.45% p.a. – 10% p.a.
Tenure	Up-to 15 years	Up-to 20 years.	Up-to 15 years.	Up-to 15 years.
Processing Fees	Up-to 1% of the loan amount + applicable GST. (Min Rs.5,000/- & Max Rs.50,000/-)	Up-to 1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.	1% of the loan amount + applicable GST. (Max Rs.50,000/-)
Overdraft Facility	Yes	Yes	Yes	No
LTV	50%	70%	65%	65%
Maximum Loan Amount	Up-to Rs.7.5 Crores	Up-to Rs.10 Crores.	Up-to Rs.25 Crores.	Up-to Rs.7.5 Crores
		Click for more details.	Click for more details.	Click for more details.

Click to compare the rates of other leading banks.

Important Highlights To Remember:

You can avail a mortgage loan from Bank Of India’s rural branches for your gram panchayat property.
Also, read Why is it difficult to get a loan on gram panchayat property?

The mortgage loan is not provided against the vacant properties.

Your total obligation to avail of a BOI LAP loan is not more than 70% of your net monthly income.

You can avail of income tax benefits for mortgage loans on the interest amount paid subject to a maximum of up-to Rs.2 Lakhs per year. Read more about LAP tax benefits.

FAQs

Q. What is the current loan against property interest rates with the Bank of India in 2021?

Ans: The current LAP rates with Bank Of India range from 8.85% p.a. – 10.35% p.a.

Q. How do I know my EMI for a mortgage loan?

Ans: You will be informed by the banking officials about your monthly installments at the time of loan application. Additionally, youcan check your EMI for different loan tenures and loan amounts with the help of the Bank Of India loan against property EMI calculator. Alternatively, you can also visit Loanfasttrack’s EMI calculator and know your EMI along with the total interest payable for the tenure.

Q. Can I foreclose my BOI mortgage loan ahead of time? What are the charges?

Ans: Yes, you can foreclose your BOI LAP loan anytime with nil closure charges for BOI variable mortgage rates loan.

Also, read NOC (NO Objection Certificate) for home loan closure.

Q. What is the applicable benchmark rate of BOI mortgage loans?

Ans: RBLR- Repo Based Lending Rate, is the applicable benchmark rate for property loans in the Bank of India. The current RBLR with BOI is 6.85% p.a.

Q. I have an HDFC mortgage overdraft loan against property of Rs.45 Lakhs taken for the tenure of 15 years 3 years back. Can I transfer my loan to BOI and reset the tenure to 15 years?

Ans: Yes, you can anytime transfer your HDFC overdraft against property loan to BOI subject to your credit scores, eligibility & repayment track. However, for overdraft loans, the maximum tenure provided by BOI is up-to 12 years.

Q. What is the Bank Of India loan against property processing charges?

Ans: Along with the processing fees of up-to 1% of the loan amount plus applicable GST, you also need to pay the other charges for availing of a mortgage loan from BOI such as stamp duty/registered mortgage charge of 0.30% on the loan amount at the time of disbursement, CERSAI charge, property valuation & advocate’s fees for property legal report, property insurance premium, etc. The list of other charges & their amount will be communicated to you by the BOI at the time of mortgage loan application. additional GST will be applicable on all charges.

Also, read home loan sanction v/s home loan disbursement.

Q. My Indiabulls mortgage loan interest rate is very high? Can I transfer my loan to BOI?

Ans: BOI has restrictions on the mortgage loan transfers from the other lenders. Please check with the nearest branch for their updated regulations on LAP loan transfers from NBFCs.

Q. I am a Delhi-based IT engineer currently working in Hyderabad. I have a residential property in Delhi. From which city do I apply for mortgage loans in Hyderabad or Delhi?

Ans: You can apply from either of the city i.e. loan against property in Hyderabad BOI branch or loan against property in Delhi. However, there might be a difference in the processing time of the loan when you apply from another city. For any further queries, you may call experts at Loanfasttrack on 9321020476.

Q. I own a commercial property in joint names. Can I mortgage my commercial property? What will be my shared ownership eligibility?

Ans: Yes, you can mortgage your jointly owned commercial property, provided all the co-owners to the property have to be the co-applicants to the loans. An earning co-applicant can also help to enhance your loan eligibility subject to the property LTV ratio.

Also, read the benefits of applying for joint loans.

Q. Can I apply for a mortgage loan without ITR?

Ans: If you are self-employed you cannot apply for a mortgage loan without tax returns. Loan against property without documents – KYC, Income documents & Property documents cannot be applied.

Q. Can I apply for a loan against property without form 16 in Mumbai?

Ans: Yes, even if you do not have a form 16 you can apply for a loan against property without income proof in Mumbai provided you get a salary certificate from your employer or have a copy of the latest 3 years IT returns.

Click to read more FAQs

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack’s specialized services include providing:

The best bank for home loans.
Best Banks For Mortgage Loan In India.
Assured low-interest rates for loan against property in Mumbai.
Lowest home loan rates in Mumbai.
Instant loan in Mumbai &home loan in Mumbai.
Instant personal loan in Mumbai & business loan in Mumbai
Low-cost home loan balance transfer.

Additional Read

SBI Mortgage Loan

July 21, 2022 by admin

SBI is the leading largest public sector bank for home loans & mortgage loans in India. State Bank Of India loan against property (LAP) popularly referred to as SBI home mortgage loan is offered against the collateral of owned & jointly owned residential property & select commercial property at competitive SBI mortgage loan rates starting from 8.45% p.a. to meet your personal needs of healthcare, education, marriage, business, home repairs and renovations with flexible repayment tenures up-to 15 years & LTV funding of 65% on the property value. The loan can be accessed from SBI’s widely spread branches all over.

Prominent Features Of SBI Property Mortgage Loan

Loans are available to meet your personal needs of children’s education/ marriage, home renovations, to fund your dream vacation & professional needs.
Longer repayment tenures up-to 15 years.
SBI Bank mortgage loan interest rate starts from 8.45% p.a. onwards.
Rates for mortgage loan interest in SBI are levied on a monthly/daily reducing balance method.
LAP loan in SBI is available against the pledge of residential & select commercial property.
LTV mortgage loan percentage in SBI is up-to 65% of the property value.
Future rental incomes can be considered to enhance the mortgage loan eligibility in SBI.
Nil prepayment penalties for SBI Bank loan against property.
Keep surplus funds in your account and reduce your loan liability and interest burden.
LRD loans are available.
No hidden costs or administrative charges.

Loan Against Property Eligibility SBI

Eligible Profile	* Salaried * Self-Employed * Self-Employed Professionals * NRI
Age	* Minimum – 18 years. * Maximum – 70 years
Property To Mortgage	Residential and or select commercial property.
Minimum Business Vintage	2 years.
LAP Interest Rate SBI	8.45% p.a. – 10% p.a.
Tenure for SBI LAP Loan	* Minimum – 5 years. * Maximum – Up-to 15 years.
Loan Amount	* Minimum – Rs.10 Lakhs. * Maximum – Rs.7.5 Crores.
Minimum Income for SBI Loan On Property Mortgage	Rs.3 Lakhs p.a.
Type Of Loan	EMI- based term loan.
LTV	* 65% – for loans up-to Rs.1 Crores. * 60% – for loans Rs.1 Crore – Rs.7.5 Crores.
FOIR	* 50% – for net income of Rs.3 Lakhs p.a. – Rs.5 Lakhs p.a. * 55% – for net income of Rs.5 Lakhs p.a. – Rs.10 Lakhs p.a. * 60% – for net income above Rs.10 Lakhs p.a.
CIBIL Scores	650 & above.
Processing Fees	Up-to 1% of the loan amount plus applicable GST subject to a maximum of Rs.50,000/-
Pre-Payment Charges	NIL
Mortgage Schemes	* House Mortgage Loan SBI. * Loan Against Commercial Property. * Loan Against Rental Income SBI receivables. * Loan Against Property Balance Transfer SBI. * SBI NRI Loan Against Property. * Lease Rental Discounting. * SBI Reverse Mortgage Loan. * Loan against land SBI.

Note: The above-mentioned SBI home loan against property charges & loan against property SBI Bank interest rates are subject to change without prior notice.

Click to read more on loan against property eligibility.

State Bank Of India Mortgage Loan Interest Rate

Property mortgage loan interest rate in SBI is linked to its 1-year MCLR (Marginal Cost Of Funds Based Lending Rate) rate. The MCLR rate for 1-year is 7% (as of July 21). SBI home mortgage loan interest rates vary based on the eligible profiles and with their loan amounts. Given below are the details of the SBI interest rate on loan against property.

Loan Amount	Salaried	Self-Employed
Up-to Rs.1 Crore	8.45% p.a.	9.10% p.a.
Rs.1 Crore – Rs.2 Crores	9.10% p.a.	9.60% p.a.
Rs.2 Crores – Rs.7.5 Crores	9.50% p.a.	10% p.a.

Note:The mortgage loan SBI Bank interest rates are subject to change without prior notice.

SBI Mortgage Loan Details

1. SBI Loan Against Immovable Property

It is a term loan provided against the mortgage of a residential house to fulfill your personal needs for education, healthcare, marriage, etc. at an affordable rate of interest on loan against property in SBI. The term loan is repaid in the form of equated monthly installments.

Eligible borrowers – salaried, self-employed, professionals, & NRIs.
SBI Bank LAP loan interest rate ranges from 8.45% p.a. – 10% p.a.
The maximum tenure for a home mortgage loan SBI is up-to 15 years.
The maximum loan against house property SBI loan amount is Rs.5 Crores.
The processing fee is 1% of the loan amount (maximum- Rs.50,000/-) plus applicable GST.
You can apply jointly to enhance the SBI LAP eligibility. (read, more on joint loan benefits)

Also, read the best banks for mortgage loans in India

2. Rent Plus Scheme

SBI’s Rent Plus Scheme is a term loan provided against the assessment of the future rental income receivables from the rent-out residential or commercial property to meet your liquidity mismatch.

Eligible Profile – Owner of residential buildings & commercial properties which are to be rented or already rented to Banks or MNCs or large & medium size corporates.
The minimum loan amount is Rs.50,000/- and maximum Rs.5 Crores in non-metro cities & Rs.7.5 Crores in metro cities.
The maximum tenure is for 10 years subject to the residual lease period (whichever is lower).
The maximum LTV is up-to 75% of the property value.
SBI property mortgage loan interest rate for rent plus scheme range from 9.60% p.a. – 13.85% p.a.
SBI loan against property eligibility for rent plus is lowest of:
75% of the market value of the property OR
75% of the total rent receivables for the residual period minus the advance deposit, estimated amount of TDS, property tax & GST).
Processing fees of 2.02% of the loan amount subject to a maximum of Rs.1,01865/- plus applicable GST.
Nil prepayment charges.

3. Lease Rental Discounting (LRD) Loans

SBI’s LRD loans are the term loans provided to the eligible borrowers earning rental incomes on their rented out residential & commercial property leased to Banks/MNCs/Corporates/State & Central Government offices/Municipal Corporations, etc.

Eligible borrowers – All individuals & MSME units who are owners of residential or commercial lent-out properties.
The minimum loan amount is Rs.10 Lakhs and the maximum is Rs.500 Crores.
LRD LAP rate of interest SBI ranges from 9.45% p.a. – 11% p.a.
Properties leased to social infrastructure projects such as schools, colleges, orphanages, hospitals, old age homes, nursing homes, etc are not considered as collateral.
The maximum LTV provided is 70% of the property value.
SBI mortgage loan eligibility for LRD will be lower of:
-> 70% of the market value of the property OR
-> 95% of the net present value of the net rent receivables as per 1 year MCLR OR
-> 70% of the net rent receivables for the residual lease period including the period covered under one renewal clause or loan tenure whichever is less for loans up-to Rs.50 Crores & 75% for loans above Rs.50 Crores – Rs.500 Crores.
ESCROW account is mandatory.
Upfront processing fees will be charged.

Read more on LRD loans.

4. SBI Mortgage Loan Balance Transfer

Mortgage loan transfers with SBI Bank are available for eligible borrowers with an option to reset the loan tenure and to apply for an additional loan amount as a top-up.

All eligible loan borrowers can apply to transfer their mortgage loan to SBI.
Mortgage refinancing is also available with a top-up facility. (Also, read on home loan refinancing)
Longer repayment tenures of up-to 15 years.
The interest rate for mortgage loan in SBI starts from 8.45% p.a. onwards.
Borrowers with good CIBIL scores and repayment records will be considered. (Also, read how your multiple loan inquiries impact your CIBIL score)
Mortgage loan transfer to SBI can be done for all mortgage loans schemes. (Also, read important things before refinancing a loan)

Also, click to read how to deal with the increasing interest rates of housing loans.

5. Reverse Mortgage Loan

SBI’s Reverse Mortgage loans are provided to the Indian senior citizens above 60 years against the pledge of their owned residential property for the end-use of meeting their day-to-day expenses, medical expenses, etc.

Eligible Profile – Senior citizens above 60 years & spouse age above 58 years in case of joint applications. (Also, read who can be your co-applicants in the loan)
Loan tenure for reverse mortgage loan SBI is 10-15 years depending on the age of the applicant.
The minimum loan amount is Rs.3 Lakhs and the maximum is Rs.1 Crore.
SBI reverse mortgage loan interest rates:
-> Reverse mortgage loan interest SBI for SBI pensioners is 8.05% p.a.
-> SBI house mortgage loan interest rates for reverse mortgages for the public is 9.05% p.a.
Processing fee of 0.50% of the loan amount subject to minimum Rs.2000/- & maximum Rs.20,000/- plus applicable GST.
Nil SBI reverse mortgage loan repayment/prepayment penalty.

List Of Other Charges

Along with the processing fees, the other charges which you need to pay for availing of a mortgage loan from SBI are listed below. These charges will be communicated to you by the SBI. GST will be applicable on all charges.

Processing fees – up-to 1% of the loan amount.
Stamp duty charge of 0.30% on the loan amount.
CERSAI – Rs.50/- for loans up-to Rs.5 Lakhs & Rs.100/- for loans above Rs.5 Lakhs
Property valuation charges i.e. the valuer’s fee for valuation report.
Advocate’s fees for property title search & title investigation report
Prepayment charges – Nil for floating interest rate. (also, read on fixed v/s floating interest rates)
Property insurance premium.

SBI Loan Against Property Documents Required

KYC

Pan Card, Adhar Card & Photograph

Income Documents

For Salaried	* 4 months salary slips. * 2 years form 16 * 6 months bank account statement.
For Self-Employed	* 2 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No. * 12 months bank account statement. * Business profile. * Business proofs.

Property Papers

Prior Chain of Agreement.
OC/CC + approved plans.
Index 2.
Share Certificate.
Society Registration Copy.
Property tax.
Property maintenance bill.

Other Important Loan Against Property Documents Required SBI

Additional Documents Required For Mortgage Loan Transfer	* LOD (list of documents). * Outstanding letter. * 12 months repayment track record.
Additional Documents Required For LRD	* Registered valid lease agreement. * 6 months bank account statement where the rent is received.
Other Documents	* Duly signed Kotak Bank application form. * Processing fee cheque. * Any other document as required by the bank.

For complete SBI mortgage loan documents requiredkindly refer to the following links:

Salaried
NRI
Self-employed – Proprietorship Firm, Partnership Firm, & Private Ltd. Company.

Also, read NRI loan against property In India.

SBI Loan Against Property EMI Calculator

SBI loan against property calculator will help you to calculate your monthly mortgage loan EMIs. Knowing the mortgage EMIs well in advance is important for your financial planning. The SBI loan calculator against property helps you to know your EMI affordability and accordingly, you can apply for the loan amount. The EMIs will vary depending on the SBI rate of interest on mortgage loan, tenure in months or years & the loan amount. The tenure and the EMIs are inversely related, the longer the tenure the lower will be your EMIs and vice-a-versa. Loan against property SBI interest rate calculator will also tell you the total interest payable over the tenures. It is therefore important that you choose a suitable EMI which can be served easily and accordingly opt for the loan amount and the loan tenure. You have the freedom to choose the loan amount and the tenure for yourself. However, the LAP SBI interest rate will be decided on your repayment capacity and your creditworthiness. (Also, read how to repay your loan faster)

Also, check Loanfasttrack’s EMI calculator for loans. With Loanfasttrack’s EMI calculator, get to know your monthly outgo and breakup of the total interest and the principal repayment till the loan tenure, by simply entering your desired loan amount, tenure & the mortgage loan rate of interest SBI.

Important Highlights To Remember

The maximum loan amount is subject to the property location.
-> If the property is in BPR Urban Centers, the maximum loan amount is 1 Crore.
-> If the property is within the municipal corporation areas of Mumbai, Pune, Ahmedabad, NCR, Chennai, Bangalore & Hyderabad Centers, the maximum loan amount is 7.5 Crores.
-> If the property is in other BPR Centers, the maximum loan amount is 2 Crores.
-> If the property is in rural & semi-urban areas with a population of up-to 1 Lakh – Nil. (Also, read Why is it difficult to get a loan on gram panchayat property)

The maximum LTV ratio depends on the SBI mortgage loan against property loan amount.

Mortgage loan in SBI Bank under loan against immovable property the loan is not available for business purposes.

SBI LAP interest rates are reset every year based on the prevailing 1-year MCLR as on the date of reset.

Mortgage OD against property SBI is not available for loan against immovable property.

State Bank of India mortgage loans is not extended against the pledge of all commercial (shops & offices) & industrial properties.

SBI’s MCLR rates with effect from 15.07.2021 are 6.65%, 6.95%, 7%, 7.20% & 7.30% for overnight/1-month/ 3-months, 6-months, 1-year, 2-years & 3-years, respectively.

You can also apply for a loan against plot SBI & agriculture land mortgage loan SBI.

Compare SBI Mortgage Loans With Top Lenders

Parameter	SBI Bank	ICICI Bank	HDFC Bank	Axis Bank
Interest Rate	8.45% p.a. – 10% p.a.	7.70% p.a. – 9.75% p.a.	7.50% p.a. – 10.95% p.a.	10.50% p.a. – 11.25% p.a.
Tenure	Up-to 15 years.	Up-to 20 years.	Up-to 15 years.	Up-to 20 years.
Processing Fees	1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.
Overdraft Facility	No	Yes	Yes	Yes
LTV	65%	70%	65%	55%
Maximum Loan Amount	Upto Rs.7.5 Crores	Up-to Rs.10 Crores.	Up-to Rs.25 Crores.	Upto Rs.5 Crores
		Click for more details.	Click for more details.	Click for more details.

Click to compare the rates of other leading banks.

FAQ

Q. How much is the SBI mortgage loan interest rate 2021 for Rs.50 Lakhs?

Ans: SBI loan against property interest rate 2021 range from 8.45% p.a. – 10% p.a. SBI LAP loan rate of interest for Rs.50 Lakhs is 8.45% p.a.

Q. How are the SBI home loan against property interest rates levied?

Ans: SBI mortgage loan interest rate today is levied on the monthly/daily reducing balance method.

Q. Can I top up my loan against immovable property?

Ans: Yes, you can avail of a top-up loan on your loan against immovable property subject to your mortgage loan eligibility.

Read more for mortgage top-up loans.

Q. How much mortgage can I get approved for?

Ans: With an SBI mortgage home loan you can apply for a maximum mortgage loan amount of Rs.7.5 Crores, subject to your income eligibility and property market value.

Q. How much is the SBI interest rate loan against property for LRD loans?

Ans: LAP loan interest rate SBIranges from 9.45% p.a. – 11% p.a.

Q. Can I get SBI OD against property mortgage for Rs.35 Lakhs?

Ans: SBI does not provide mortgage overdraft loans. Click to read more on mortgage overdraft loans.

Q. Is an SBI loan against property apply online available?

Ans: SBI mortgage loan apply online option is not available. You have to visit the nearest branch to apply for your mortgage loan. Alternatively, you can visit the SBI’s site and leave your name & contact details & a relationship manager will get back to you soon.

Q. Can I get a mortgage loan against agricultural land SBI?

Ans: Yes, you can apply for an SBI land mortgage loan.

Also, read to know more before purchasing land and availing a land loan.

Q. How much is the SBI Lap rate for a plot mortgage loan SBI?

Ans: Please contact the nearest branch to know the interest rates for a loan against land property SBI.

Also, read the difference between a home loan and a land loan.

Q. Where do I find a loan against property SBI calculator?

Ans: You can find the SBI LAP EMI calculator on the SBI’s website.

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack’s specialized services include providing:

The best bank for home loans.
Best Banks For Mortgage Loan In India.
Assured low-interest rates for loan against property in Mumbai.
Lowest home loan rates in Mumbai.
Instant loan in Mumbai &home loan in Mumbai.
Instant personal loan in Mumbai & business loan in Mumbai
Low-cost home loan balance transfer.

Additional Read

(LAP) Loan Against Property In Axis Bank

July 30, 2022 by admin

Axis Bank, one of the largest private sector banks offers hassle-free loan against property for the eligible borrowers against the collateral of their residential & commercial properties for the Axis LAP loan amount starting from Rs.5 Lakhs at a competitive Axis mortgage loan interest rates starting from 10.50% p.a. with longest repayment tenures of up-to 20 years.

Axis Bank LAP loans are available against the residential, commercial property, or a loan to purchase a commercial property with quick approvals and an online process.

Prominent Features of Axis Bank LAP Loan

Both residential and commercial properties can be provided as security.
Enjoy comfortable EMI for mortgage loan with longer repayment tenure of 20 years.
Easy & hassle-free processing of Axis Bank home mortgage loan.
Loans up-to 55% of the property value.
Axis Bank property loan amount starts from Rs.5 Lakhs.
Can be applied online as well as offline.
Axis mortgage loans can be used for a variety of personal & professional needs such as home repairs & renovations, marriage expenses, medical healthcare, children’s higher studies, family vacations, investment in a business, business expansions, etc.
Overdraft and LRD facilities are available.
Attractive axis bank mortgage loan interest rates for mortgage loan balance transfers.
Offers unique eDGE loyalty reward points on loan disbursals.

Axis Bank Mortgage Loan Eligibility

Eligible Profile	Salaried, Self-Employed, and Self-Employed Professionals.
Age	* For salaried 24 years – 60 Years or retirement age whichever is earlier. * For Self-employed & Professionals 24 years – 65 years.
Property To Mortgage	Residential & commercial property.
Axis Loan Against Property Interest Rates	10.50% p.a. – 11.25% p.a.
Maximum Tenure	Up-to 20 years.
Maximum Loan Amount	Up-to Rs.5 Crores.
Minimum Business Vintage	5 years.
LTV	* For residential & commercial property 40% – 55% of the property value. * For purchasing commercial property – 20% – 30% of the property value.
CIBIL Scores	750 & above.
Processing Fees	Up-to 1% of the loan amount plus applicable GST subject to a minimum of Rs.10,000/-.
Pre-Payment Charges	Up-to 3% on the outstanding principal plus applicable GST.
Mortgage Schemes	* Mortgage loan * Mortgage loan balance transfer * Mortgage loan top-up * Mortgage overdraft loan * Lease rental discounting * Commercial loan * Reverse mortgage loan.

Click to read more on loan against property eligibility.

Also, read a step-by-step mortgage loan processing guide.

Axis Bank Mortgage Loan Schemes

Axis Bank offers customized loan schemes to meet the various loan needs of its customers. Some of the popular loan schemes of Axis Bank with its features are mentioned below:

Axis Bank Loan Against Property

Axis Bank mortgage loan is a term loan available for all eligible borrowers to fulfill their varied need of funds which is rapid in equated monthly installments.

Axis Bank mortgage loan interest rates range from 10.50% p.a. – 11% p.a.
The maximum loan tenure offered is up-to 20 years.
The minimum loan amount is Rs.5 lakhs & the maximum is Rs.5 crore.
Processing fees of up-to 1% on the loan amount subject to a minimum of Rs.10,000/-
The maximum loan amount that can be availed is up-to Rs.5 crores.
Get additional refinance on loans transferred in Axis Bank.

Also, read on home loan refinancing.

Additional Read, best banks for mortgage loans in India.

2. Axis Bank Overdraft Against Property

Axis Bank offers a dropline overdraft (reducing) facility only to self-employed & self-employed professionals to meet their working capital requirement.

Interest is paid only on the loan amount utilized.
Overdraft against property interest rates range from 11% p.a. – 11.25% p.a.
The maximum loan tenure offered is up-to 10 years.
The minimum loan amount is Rs.5 lakhs & the maximum is Rs.5 crore.
The overdraft limit is renewed every 12 months. Renewal charge levied will be 0.50% of the drawing power set or Rs.5,000/- whichever is low.
Fixed as well as reducing overdraft available.
Avail higher loan eligibility on the banking behavior considering the average bank balances.

Read more mortgage overdraft loans.

3. (LRD) Lease Rental Discounting Axis Bank

Axis Bank LRD loan is a term loan offered against the rentals received against the ready commercial properties leased to a reputed company (as defined under the Companies Act, 1956) at attractive LRD loan interest rates.

All resident individuals- salaried/self-employed/professionals & firms and companies can apply.
Lease rental discounting interest rates range from 10.50% p.a. – 11% p.a.
The maximum tenure offered is up-to 9 years subject to the balance lease term.
The minimum loan amount is Rs.5 lakhs & the maximum is Rs.5 crore.
Loan finding will be subject to the lower of the two:
a) 50% of the market value of the property.
b) 85% of the net present value of the future rentals.
LRD loan transfers are available at attractive interest rates.

Also, read how to apply online for a mortgage loan.

4. Axis Bank Commercial Property Loan

Axis Bank offers a loan for the purchase of ready-to-move or under-construction commercial property at low-interest rates and maximum repayment tenures.

Axis Bank commercial property loan interest rate starts from 10.50% p.a.
The maximum tenure available is up-to 20 years.
LTV is 20%-30% on the value of a commercial property.
Processing charges will be 1% on the loan amount.
Refinancing of commercial property with Axis Bank is easy, quick & hassle-free.
Minimum documentation is required. Click the links below to get the complete list of documents.
> For Salaried-builder case & resale case
> Self-Employed – partnership firm-builder case & resale case, private limited company-builder case & resale case, proprietorship firm-builder case & resale case.

Also, read commercial property loans with ICICI Bank.

5. Reverse Mortgage

Axis Bank offers reverse mortgage loans to senior citizens in India over 60 years to help them meet their money requirement post-retirement against the mortgage of self-owned and self-occupied residential property.

Avail a loan against a self-occupied residential property and retain the property ownership.
The maximum tenure of 15 years.
Axis Bank home mortgage loan interest rates start from 11% p.a.
The minimum loan amount is Rs.5 lakhs & the maximum is Rs.1 crore.
The loan amount can be extended as regular in a month, 3 months, 6 months 12 months, or in a lump sum.
No need to repay the loan in EMI.

6. Axis Bank Loan Against Property Balance Transfer

Axis Bank offers mortgage loan transfer @ competitive interest rates & processing fees for eligible borrowers with longer repayment tenure.

Attractive LAP rate of interest Axis Bank for takeover loans starting from 10.50% p.a.
Longer repayment tenures of up-to 20 years.
Offers processing fees and rates for mortgage loan interest in Axis Bank from time to time for the borrowers.
Compare the mortgage loan balance transfers rates of Axis Bank with the top lenders.
Special offers for borrowers with good CIBIL scores and repayment track history. (Also, read how your multiple loan inquiries impact your CIBIL score)

Also, click to read how to deal with the increasing interest rates of housing loans.

7. Axis Bank Loan Against Property Top-Up

Axis Bank offers top-up loans to its existing LAP customers and the new borrowers with mortgage transfers @ the LAP rate of interest.

A top-up loan can be applied after 6 months of the LAP loan disbursement.
The maximum tenure offered is up-to 20 years.
Top-up loan interest rates start from 10.50% p.a. onwards.
Processing fee of up-to 1% on the top-up loan amount.
Top-up eligibility is subject to the borrower’s income eligibility and property market value.
Must have timely repayment of the loan to avail the additional loan amount.

Read more on mortgage top-up loans

List Of Other Charges in Loan Against Property

(GST is applicable on all charges)

Charges	Loan Against Property	Mortgage Overdraft Facility	Lease Rental Discounting Loan
Stamp Duty / Equitable Mortgage Creation	0.30% on the loan amount.	0.30% on the loan amount.	0.30% on the loan amount.
Part Payment & Foreclosure Charges	For part-payment above 25% of the outstanding principal during a quarter & full repayment of the loan: 1) Non-individual – 3% on the outstanding principal. 2) Individual * NIL if the loan amount is used for personal needs. * 3% on the outstanding principal if the loan amount is used for business purposes.	Part Payment – NIL Full Repayment – 2% on the limit set in the foreclosure year.	For part-payment above 25% of the outstanding principal during a quarter & full repayment of the loan: 1) Non-individual – 3% on the outstanding principal. 2) Individual * NIL if the loan amount is used for personal needs. * 3% on the outstanding principal if the loan amount is used for business purposes.
CIBIL	Rs.50/-	Rs.50/-	Rs.50/-
CERSAI	Mortgage loans up-to 5 Lakhs – Rs.50/- Mortgage loans above 5 Lakhs – Rs.100/-	Mortgage loans up-to 5 Lakhs – Rs.50/- Mortgage loans above 5 Lakhs – Rs.100/-	Mortgage loans up-to 5 Lakhs – Rs.50/- Mortgage loans above 5 Lakhs – Rs.100/-
NOC	Nil	Nil	Nil
Duplicate NOC	Rs.50/-	Rs.50/-	Rs.50/-
Cheque / ECS Bounce	Rs.339/-	Rs.339/-	Rs.339/-
Duplicate Statement	Rs.250/-	Rs.250/-	Rs.250/-
Document Retrieval	Rs.250/- per document set	Rs.250/- per document set	Rs.250/- per document set
Cheque/ Instrument Swapping	Rs.500/-	Rs.500/-	Rs.500/-
Floating Interest Rate Conversion from High To Low	0.50% on the principal outstanding subject to a minimum of Rs.10,000/-	0.50% on the principal outstanding subject to a minimum of Rs.10,000/-	0.50% on the principal outstanding subject to a minimum of Rs.10,000/-
Penal Interest	24% p.a. On the overdue installments	24% p.a. On the overdue installments	24% p.a. On the overdue installments
Overdraft Mortgage Renewal	NA	Rs.5000/- or 0.50% on the loan amount whichever is low.	NA

Note: The above-mentioned charges are subject to change without prior notice.

Also, read how to apply for a loan with a bad CIBIL score.

Axis Bank Mortgage Loan Documents Required

KYC	Pan Card, Aadhar Card & Photograph
Income Documents
For Salaried	* 4 months salary slips. * 2 years form 16 * 6 months bank account statement.
For Self-Employed	* 2 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No. * 12 months bank account statement. * Business profile. * Business proofs.
Property Papers	* Prior Chain of Agreement. * OC/CC + approved plans. * Index 2. * Share Certificate. * Society Registration Copy. * Property tax. * Property maintenance bill.
Additional Documents Required for Mortgage Loan Transfer	* LOD (list of documents). * Outstanding letter. * 12 months repayment track record.
Additional Documents Required for LRD	Registered Valid lease agreement.6 months bank account statement where the rent is received.

For the complete documents required for loan against property Axis Bank kindly refer to the following links:

Salaried
NRI
Self-employed – Proprietorship Firm, Partnership Firm, & Private Ltd. Company.

Also, read NRI loan against property in India.

Important Highlights to Remember

Part Payments for Axis loan against property and LRD loans are not allowed during the first quarter after taking the loan.

Opening an ESCROW account is mandatory for lease discounting i.e., LRD loans.

There are nil prepayment charges for individual non-business borrowers.

If the overdraft limit utilized is less than 25% of the quarterly drawing power, a charge of 0.10% will be levied on the difference between the actual amount utilized and 25%.

Axis Bank does not lend funds for the mortgage of NRI property.
Read more to find out about NRI mortgage loans in India with ICICI Bank.

You can use the Axis Bank mortgage loan EMI calculator for house to know your monthly EMI.

Axis mortgage loans are not extended to gram-panchayat properties.
Also, read Why is it difficult to get a loan on gram-panchayat property?

Axis Bank mortgage loan also offers tax exemptions. Click to get the complete info on mortgage loan income tax benefits.

Compare Axis Bank Mortgage Loan Interest Rates with Top Banks

Parameter	Axis Bank	ICICI Bank	HDFC Bank	Canara Bank
Interest Rate	10.50% p.a. – 11.25% p.a.	7.70% p.a. – 9.75% p.a.	7.50% p.a. – 10.95% p.a.	9.95% p.a. – 12% p.a.
Tenure	Up-to 20 years.	Up-to 20 years.	Up-to 15 years.	Up-to 10 years.
Processing Fees	Up-to 1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.	0.50% of the loan amount + applicable GST.
Foreclosure Charges	Up-to 3% on the balance loan amount + applicable GST.	Up-to 4% on the balance loan amount + applicable GST.	Up-to 2.5% on the balance loan amount + applicable GST.	Nil – 2% on the balance loan amount + applicable GST.
Overdraft Facility	Yes	Yes	Yes	No.
LTV	55%	70%	65%	50%
Maximum Loan Amount	Up-to Rs.5 Crores	Up-to Rs.10 Crores.	Up-to Rs.25 Crores.	Up-to Rs.10 Crores.
		Click for more details.	Click for more details.	Click for more details.

Click to compare the rates of other leading banks.

FAQ

Q. What is the Axis Bank mortgage loan interest rate 2021?

Ans: Axis Bank loans against property interest rates range from 10.50% p.a. – 11.25% p.a.

Q. How much time does it take for the sanction of a loan against property in Axis Bank?

Ans: Axis Bank conveys its decision within 5 working days once the complete documents are updated/ received from the customer.

Q. What will be my mortgage EMI for a loan of Rs.35 lakhs?

Ans: Your EMI for a mortgage loan of Rs.35 lakhs will be Rs.34,943/- for 20 years @ 10.50% p.a. LAP interest rate Axis Bank.

Q. What is the contact number for Axis Bank phone banking services?

Ans: You can contact 1-860-419-5555 or 1-860-500-5555 for your loan queries anytime between 8:am to 8:pm from Monday to Saturday excluding the national holidays.

Axis Bank Loan Centers In Thane

Thane- Wagle Estate	Kalyan	Mira Road
1st Floor, Acel House, Road No. 22, Wagle Estate, Thane – 400604.	CTS No. 3203, 1st floor, Old Suchak Niwas, Murbad Road, Kalyan West, Thane – 421301.	3rd Floor, Asmita House, Naya Nagar, Mira Road East, Thane – 401107.

Read for more FAQs.

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack specialized services include providing:

The best bank for home loans.
Best Banks For Mortgage Loan In India.
Assured low-interest rates for loan against property in Mumbai.
Lowest home loan rates in Mumbai.
Instant loan in Mumbai &home loan in Mumbai.
Instant personal loan in Mumbai & business loan in Mumbai
Low-cost home loan balance transfer.

Additional Read

Axis Bank Home Loan.

ICICI Bank Mortgage Loan For NRI In India

August 1, 2022 by admin

ICICI Bank NRI mortgage loans are available for all eligible NRIs & PIOs at attractive mortgage loan rate of interest ICICI Bank starting from 8.35%* p.a. with lower EMIs and comfortable repayment tenures.

An NRI can avail of a loan in India to fulfill his various money requirements against the pledge of his commercial/residential property in India. An NRI who owns a property in his name or joint name can apply for an NRI mortgage loan in India with ICICI Bank provided the property is free from any charge i.e., the property has no ongoing loan on it and has a clear and marketable title. It is an instant loan for NRI in India obtained against the collateral of a property and is also referred to as Loan Against Property (LAP).

Prominent Features Of ICICI NRI Loans For Property Mortgage

Both residential and commercial properties can be mortgaged.
Quick, easy & hassle-free processing of ICICI Bank NRI Loan for LAP.
Nil or minimum prepayment charges.
Online application of the loan from the comfort of your home.
Mortgage pre-approval loans available.
Can be availed for your business and personal needs.
Lower EMIs with longer repayment tenures upto 10 years.
Loan up-to 60% of the market value available.
Joint applications can be made to enhance loan eligibility.
Mortgage loan balance transfers available at attractive ICICI Bank LAP loan interest rates.
ICICI Bank loan top-ups available on LAP loans.

Details Of NRI Property Loan Against Property Mortgage

NRI loan eligibility for property mortgage is assessed based on the financials of an NRI and the value of the property being offered as collateral. Given below are the details of the NRI loan ICICI Bank for a property mortgage.

NRI Loan Against Property Eligibility ICICI Bank Ltd.

Eligible Profiles	Salaried & Self-employed.
Age	Minimum – 25 years & Maximum – 60 years or retirement age whichever is earlier.
Loan Amount	Rs.10 Lakhs – Rs.5 Crores
NRI LAP Interest Rate ICICI	* NRI loan interest rates for property mortgage range from 8.35% p.a. – 10% p.a. * ICICI Bank loan against property rate of interest can be floating or fixed.
Loan Tenure	Up-to 10 years.
End-Use	Business & Personal Utility.
Property Type	Residential & Commercial.
Loan Type	NRI mortgage loan, NRI mortgage loan balance transfer, NRI top-up loan on a mortgage loan.
Minimum Income	* For GCC – 84,000 AED p.a. * Other Countries – 42,000 USD p.a. * Merchant Navy – 26,000 USD p.a.
LTV (Loan To Value)	60% of the property value.
FOIR (Fixed Obligation To Income Ratio)	60% of net income per month.
Processing Fees	Up-to 1% on the loan amount + applicable GST.
Administrative Charges	Rs.5000/- + applicable GST or 0.25% + applicable GST – whichever is low.
Part Payment Charges	Nil
Foreclosure Charges	4% on the outstanding loan amount + applicable GST.

Note: ICICI LAP loan interest rates and charges listed above are subject to change without prior notice.

Also Read: NRI Loan Against Property In India.

NRI LAP Rate Of Interest In ICICI Bank

Slabs	Loan Against Property Interest Rate ICICI Bank
	Priority Sector Lending (PSL)	Non- Priority Sector Lending (Non-PSL)
Up-to Rs.50 Lakhs	8.85% p.a. – 9.50% p.a.	9.35% p.a. – 10% p.a.
Rs.50 Lakhs – Rs.1 Crore	8.60% p.a. – 9.25% p.a.	9.10% p.a. – 9.75% p.a.
Above Rs.1 Crore	8.35% p.a. – 9% p.a.	8.85% p.a. – 9.50% p.a.

Note: (i) ICICI LAP rate of interest is subject to change without prior notice.

List Of Other Charges

CIBIL Report Charges	Rs.50/- + applicable GST.
Conversion Charges	* For Floating To Floating, Dual Fixed Rate To Floating, Floating To Dual Fixed Rate> 0.50% of outstanding loan amount + applicable GST. * For Lifetime Fixed To Floating> 1.75% of outstanding loan amount + applicable GST.
Repayment Mode Swap charges	Rs. 500/-
Documents retrieval charges	Rs. 500/-
Cheque / AD / ECS / Bounce Charges	Rs. 500/-
Duplicate No Objection Certificate / No Due Certificate	Rs. 100/-
Revalidation of No Objection Certificate	Rs. 100/-
Late payment charges	2% per month.

Also Read: Mortgage Loan Income Tax Benefits.

Important Eligibility Criteria For NRI

An NRI must have a valid Indian passport.

An NRI must have regular employment for a minimum of 1 year.

An NRI must hold a valid job contract/ work permit for a minimum of 2 years in the foreign country.

An NRI is not a citizen of the countries namely- Iran, North Korea, Cuba, Syria, Sudan, and Creamia regions of Ukraine, Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Nepal, Macau, Nigeria, Hongkong, or Bhutan.

An NRI must hold an NRE/NRO account in India

A co-applicant in NRI loans must be a resident in India.

An NRI must appoint a POA holder of Indian citizenship to manage his property-related matters in his absence who also has to be a co-applicant to the loan.

ICICI Bank Loan Against Property Documents Required For NRI

Following are the NRI documents required for loan against property in ICICI Bank.

KYC – Pan Card, Aadhar Card, Indian & Overseas address proof.

Income Documents – Last 4 months salary slips, 6 months bank account statements, Appointment letter, Employment continuity Proof.

Property Documents – Property chain agreement, OC/CC + Plan copy, Index 2, Share certificate, Society registration certificate, latest property tax & maintenance bill.

Additional Documents Required For Balance Transfer – LOD (list of documents), copy of outstanding letter from the lender & 12-18 months repayment track record.

Click to get the complete list of documents.

Also Read: The NRI List Of Documents For Applying For A Home Loan.

NRI Mortgage Loan Calculator ICICI Bank

You can calculate your monthly LAP installments with the help of a mortgage EMI calculator. The ICICI Bank mortgage loan EMI calculator is easily available online on its portal. Alternatively, you may also refer to the loan against property interest rate calculator of Loanfasttrack to know your EMI and the interest outgo.

Loanfastrack’s LAP EMI calculator.

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack specialized services include providing:

The best bank for home loans.
Best Banks For Mortgage Loan In India.
Assured low-interest rates for loan against property in Mumbai.
Lowest home loan rates in Mumbai.
Instant loan in Mumbai &home loan in Mumbai.
Instant personal loan in Mumbai & business loan in Mumbai
Low-cost home loan balance transfer.

Additional Read

(LAP) Loan Against Property Top Up Loan

July 26, 2022 by admin

Loan Against Property (LAP) – Loanfasttrack

Mortgage top ups are the additional funds that you can avail of on your existing mortgage loan. The mortgage top up loan amount can be utilized for meeting a variety of your personal & professional needs. If you are planning for a small vacation with your family and have a shortage of money or you are planning to send your child for higher studies abroad and fall short of money, you can easily top up existing loan and raise the required funds. Similarly, you can also use the top up amount for refurbishing your house, your home repairs, children’s education, family marriage expenses, cost of medical treatment, and for a variety of other personal uses. Not only for the personal uses but the top up loan on mortgage loan can also be utilized to fund your business expenses such as marketing cost, advertising, and overhead cost, business expansions, office interiors, purchase of new machinery, office equipment, stationery, etc. You can also top up mortgage for home improvements, for buying a new house, for constructing a house, for purchasing land, etc. (Also read, everything you must know before purchasing a land & availing the land loans)

Since you already hold a mortgage loan,applying for a top-up loan is the easiest way to raise the funds required to meet your varied needs rather than applying for any other unsecured loans such as a personal loan or business loan. Moreover, because of your existing relationship with the lender-Banks/NBFCs/HFCs, the lender is sure of your repayments and this improves your chance of getting a mortgage loan top up loan. Top-up approval and disbursements are subject to your repayment history. A single bounce in the EMI or late payment in the last 12 -18 months reduces your chances of loan approvals and may reject your mortgage application even if you have years of relationship with the lender. Lenders follow stringent policies when it comes to assessing the lending risk. Hence loyalty with the lender is not the number of years of your relationship but holding a clear repayment track record with the lender.

Top Up Mortgage Loan Eligibility Criteria

You can apply for a top up mortgage loan with your existing lender or with a new lender by opting for a mortgage loan balance transfer subject to clear mortgage repayment records. Given below are the mortgage eligibility criteria for top up loans in India.

Eligible Profile	* Existing mortgage loan borrowers. * Existing mortgage borrowers can be salaried, self-employed, self-employed professionals, NRIs, and a company. * Existing borrowers between 21 years – 70 years. * Existing mortgage borrowers having an uninterrupted flow of monthly income. * Borrowers having a good CIBIL score of 750 & above.
LAP Maximum Tenure For Top Up Loan	Maximum LAP tenure offered for top-up is up-to 20 years.
Mortgage Top-Up Loan Rate Of Interest	* Top-up rates can be fixed or floating. * Top-ups are offered at the mortgage rates. * Top-up interest rates mortgage today range from 7.50% p.a. – 14.50% p.a.
Maximum Top Up Loan Amount	60% of the market value of the property subject to the outstanding mortgage amount and income eligibility of the borrower.
LAP Top Up Processing Fees	Top up mortgage loan processing fees are up-to 1% of the top up amount + applicable GST.
LAP Top Up Prepayment Charges	Differs from lender to lenders & ranges between 2% – 4% of the outstanding top-up amount.

Also Read: A List of other charges in availing of a secured loan.

Preconditions To Apply For A Mortgage Top Up Loan

You can anytime apply for a top-up during the residual tenure of your loan against property. Following are the vital prerequisites for availing a top-up which you must know. A mortgage top up-loan is subject to:

Income Eligibility

You must qualify to avail a top-up loan based on your income earnings. The FOIR for mortgage & its top up loans is not the same as in home loans. The maximum FOIR considered for LAP is 60% for salaried and 70% for self-employed.

Loan To Value (LTV)

You cannot avail a top-up loan if your top-up requirement exceeds the LTV percentage of the lenders. The LTV suggests how much loan can be availed against the market value of the property. For mortgage & its top-up loans, the maximum LTV is restricted to 60% of the market value of the property.

For example, if your market value of the property is 75 Lakhs and you have a mortgage loan of 30 Lakhs, the maximum mortgage top up loan you can avail of is 15 Lakhs. (75 lakhs X 60% = 45 Lakhs – 30 Lakhs = 15 Lakhs).

Clear Mortgage Repayment Track History

The lender will approve your application for top-up loan on loan against property only if you have done the timely repayment of your mortgage loan EMIs. The lenders may ask for a 12months – 18 months repayment history for transferring your mortgage loan along with a top-up loan or applying for a top-up loan with mortgage loan balance transfers.

Also Read: Know How To Deal With The Increasing Interest Rates Of Housing Loans.

Good CIBIL Score

Your CIBIL score is important if you are applying for a bank loan top up. You must hold a clean CIBIL record with no overdue or outstanding dues of other obligations or credit cards, delayed payments or EMI bounces. Clear repayment history of all other obligations if any along with a CIBIL score of 750 & above will not only qualify you for a loan but will also fetch the best mortgage top-up loan interest rates.

Also Read: How to apply for a loan with bad CIBIL.

How multiple loan inquiries impact your CIBIL score.

Closure Charges

Since the top up amounts can be used for a variety of personal purposes, they are charged with foreclosure charges ranging from 2% – 4% of the outstanding top-up loan amount.

Closure Conditions By The Lenders

The approval & the disbursement for the top up loans are subject to the PSD conditions levied by the lenders (if any).

Mortgage Loan Top-Up Interest Rates Of Top Lenders

ICICI Bank Ltd.	ICICI Bank top up loan interest rates range from 8.35% p.a. – 9.75% p.a
HDFC Bank	HDFC top up loan interest rates range from 7.50% p.a. – 11.10% p.a
Canara Bank	Canara Bank mortgage loan rate of interest for top up range from 9.95% p.a. – 12% p.a.
Kotak Mahindra Bank	Kotak LAP interest rate for top up starts from 9.25% p.a. onwards
Axis Bank	Axis Bank LAP loan interest rates for top up range from 10.50% p.a. 11.25% p.a
SBI Bank	SBI LAP loan interest rates for top up range from 8.80% p.a. – 9.65% p.a.

Note: (i) Top up interest rates are subject to change without prior notice, (ii) Canara Bank top-up loans are not available with balance transfers of loans.

Mortgage Top Up Calculator

Use a mortgage loan EMI calculator to know how much will be your EMI for the top up loan. Calculate how much you will be paying towards your monthly outgo on top-ups using Loanfasttrack’s loan against property eligibility calculator.

Also, get to know your total interest payable on the top-up loan. You can also check your EMI affordability for the various loan amounts, at different interest rates of the lender @ varied loan tenures, by simply using a single mortgage loan eligibility calculator.

Mortgage Loan Top Up Process

It is simple to apply for a top-up on a mortgage loan. You can either apply online or offline. All you have to do is visit the nearest lender branch for applying offline or you may simply visit the lender portals or their loan app to apply online OR simply call Loanfasttrack a free service provider on – 9321020476, a one-stop solution for all your mortgage requirements.

LAP Top Up Process

Apply for a top up loan.
Submit the required set of documents, KYC, financial documents & loan statements.
The lender checks your creditworthiness, income eligibility and calculates Loan to value.
A loan is sanctioned.
Sign the disbursement agreement.

The top up process is easy & is hassle-free. Your top-up amount is disbursed within 7 working days.

Documents Required For Applying Mortgage Top Up Loan

KYC
Pan Card, Adhar Card, Residence & Office Proof
Income Documents
Salaried	Self-Employed
1) 4 Months Salary Slips 2) 2 Years Form 16 3) 6 Months Bank Account Statement.	1) 3 Years ITR Copy with Saral Copy, Computation of Income, Balance Sheet, P&L account, Capital Account – CA certified with membership no. 2) 12 Months Bank Account Statements Of All Accounts. 3) Business Profile 4) Business Proofs.
DocumentsFor Technical Process
Latest 12 months loan account statement.