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Loan against Property (Click to view Details)

Product Details


Loan against Property (LAP) is more generally known as 'Home Equity Loan.' LAP is specifically designed for an individual who already owns a property and is in need of borrowing some finances. But the property against which he is taking up the loan amount must be free from any encumbrance, i.e., it is not offered as security for any other purpose.

Loan against property can be taken against one's self occupied residential or commercial property. This type of loan serves many purpose like expanding one's business, planning a wedding or funding your child's education. But while availing this loan, one needs to state and assure that the loan amount is not being taken for illegal purpose or indulging in any speculative activity.

Loan against property is the most secured form of availing a loan facility. Under this, the borrower pledges a collateral in the form of property against the loan amount. The borrower still maintains the right of ownership of the property and in case he is unable to repay back the loan amount, he can sell the property to pay off the debts. People mainly take up loan against property either to start or expand their business. Moreover, this type of loan is widely used to repay the existing high rate of debts.

  1. What is a loan against property?
  2. Banks offer loan to the customers on the basis of any property which they own. Customers are required to pledge their property to the lender in order to take a loan against property.
  3. Against which properties can I take a loan?
  4. You can take loan against any property as long as its title is clear and there is a marketable value associated with it. It can be a residential property, commercial property, built-up property or even land.
  5. Against which properties can I take a loan?
  6. You can take loan against any property as long as its title is clear and there is a marketable value associated with it. It can be a residential property, commercial property, built-up property or even land.
  7. How loan against property works?
  8. You have to pledge your property to the lender. On the basis of the market value of your property, the bank will arrive at your loan eligibility. This way you can raise money without having to sell your property in the market. The loan is required to be repaid in monthly instalments along with the applicable rate of interest.
  9. Who can avail loan against property?
  10. The foremost requirement is that you must be the owner of the property against which a loan is to be taken. You also need to be at least 18 years of age and should have some tangible source of income to repay the loan.
  11. Can I avail a loan against my ancestral property which is in the name of my grandfather?
  12. Yes, but you will have to show the documents supporting your entitlement of the property. If property has not been partitioned, other legal heirs may also be required to apply jointly with you for a loan against property.
  13. For what purposes can I use loans against property?
  14. Loans taken against property can be used for any purpose. Generally, people take these loans to: Expand their businessMarry their childArrange money for higher studiesGo abroad on vacationsMeet medical treatment expensesImprove/Renovate home
  15. Which banks offer loan against property?
  16. Almost all the banks offer these loans because there is very less risk associated in it. Some of the leading players in the market that provide loan against property include HDFC, Kotak Mahindra Bank, ICICI Bank, State Bank of India, Union Bank of India and Bank of Baroda.
  17. How much value of the property can be received as a loan?
  18. It depends upon bank's lending policy and the location of the property. Generally, banks do not offer more than 75 percent of the value of your property.
  19. Can I avail a loan against property for the second time?
  20. Yes, you can do so. In that case, a second charge is created on the same property in favour of the lender.
  21. What happens if I fail to repay loan?
  22. The bank may take action for the repossession of your property to recover its outstanding loan amount. To allow recovery of the loan amount, courts can order foreclosure (sale in the open market to recover dues) of your property. Once your property is foreclosed, you lose all the rights in your property.
  23. Is there any tax rebate available on loan against property?
  24. No, there is no such rebate available for the borrowers.
  25. In what manner banks accept repayments?
  26. Normally, you are required to give post dated cheques to the bank for the entire duration of the loan. Some banks also provide the facility of Electronic Clearance System under which your monthly instalment is deducted from your bank account directly by the lender on an agreed date every month.
  27. What documents are required for taking a loan against property?
  28. All documents relating to the ownership of the property to be pledged is the common requirement for all categories of borrowers.
    For salaried class people, following documents are required:
    Proof of ResidenceProof of IdentityLatest Bank Statement/Passbook (where salary/income is credited for past 6 months) Latest Salary SlipsForm 16 for the previous years
    If you are self-employed, then following documents are needed:
    Certified Financial Statement for the last 2 years.Proof of ResidenceProof of IdentityLatest Bank Statement/Passbook
  29. I live in co-operative society apartments. Can I get loan against my apartment?
  30. Yes, but you will have to submit a no-objection certificate issued by the co-operative society of which you are a member.
  31. How a loan against property is better than other forms of loan?
  32. A loan against property involves less rate of interest than personal loans or unsecured loans available in the market. This loan also provides you a longer repayment period and a variety of plans to choose from.

Step by Step Loan Process (LAP)


  1. Step 1 : You Compare & Apply on Connectabank.com
  2. Step 2 : An Email and SMS is then sent to the representatives of Bank's selected by you, containing a unique 5 digit code attached to your Application. The Bank representatives then call on our centralized Number and punch-in the 5 digit code, which then transfers the call to the Mobile number provided by you.
  3. Step 3 : At this point, you can speak with the respective representatives and decide to give them your Mobile number to take the Application ahead, or simply refuse the proposal.
  4. Step 4 : For Indians
    After that, the banks' Customer Sales Executive(s) personally visit you to get their Application Forms signed & collect from you the Complete Documents, as per the Checklist of Documents.
    For NRI's
    You need to then sign the NRI Application Forms and send it to the respective Relationship Manager(s) via E-mail / E-Fax or Courier along with the Complete Documents(duly notarised by a local public notary officer), as per the Checklist of Documents.
  5. Step 5 : Your Loan Application is then Logged In to the respective Banks' System.
  6. Step 6 : For Indians
    A Contact Verification is conducted of your Residence & Business Premises by the Banks' outsourced agency representative.
    For NRI's
    A Contact Verification is conducted of your Residence & Business address by matching it with your records available with the local administration of your country.
  7. Step 7 : A Legal Opinion of your Property, offered as Collateral, is taken from the Banks' outsourced Lawyers to check if the property is Legal & Marketable. And whether the property is free from any Lien / Encumbrances or not.
  8. Step 8 : A Technical Opinion of your Property, offered as Collateral, is taken from the Banks' outsourced Valuers to get the fair market value of the Property at that point of time.
  9. Step 9 : A Personal Discussion is arranged between you and the Banks' Credit Officer.
  10. Step 10 : If Step no. 6,7, 8 & 9 are Approved, the Loan Application gets Sanctioned with the Bank, and an In-Principal Offer Letter is given to you by the Bank.

At this Stage, you can decide to go with the Bank giving you the Best Offer


  1. Step 11 : Once you have chalked out your Bank , a Sanction Letter is issued to you by the Bank upon signing the Loan Agreement.
  2. Step 12 : 100% Documents , as per the Checklist for Disbursement provided by the Bank are submitted by you to the Banks' Disbursement Officer.
  3. Step 13 : The Banks' Disbursement department then verifies the Authenticity & Genuineness of the Property Documents.
  4. Step 14 : Once the authenticity is achieved, a Cheque of the Loan Amount Applied for is Disbursed to the Builder / Seller / Takeover Institution / Customer.
Rate of Interest of leading banks (Compare)

HSBC Bank

(Loan Against Property)

30

Features

Please checkout special Schemes and Benefits

Interest Rate


11.75 - 12.25%

Loan To Value


60%-70%
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Processing fee


1%

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Standard Chart. Bank

(Loan Against Property)

13

Features

Please checkout special Schemes and Benefits

Interest Rate


11.75 - 12.25%

Loan To Value


60%-70%
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Processing fee


1%

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HDFC

(Loan Against Property)

16

Features

Please checkout special Schemes and Benefits

Interest Rate


12.75% - 13.25%

Loan To Value


60%-70%
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Processing fee


1%

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Axis Bank

(Loan Against Property)

7

Features

Please checkout special Schemes and Benefits


Interest Rate


13% - 14%

Loan To Value


60% - 70%
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Processing fee


0.75%

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DHFL

(Loan Against Property)

10

Features

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Interest Rate


15% - 16%

Loan To Value


60%-70%
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Processing fee


1.25%

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ICICI Bank

(Loan Against Property)

6

Features

Please checkout special Schemes and Benefits

Interest Rate


12.5%-14%

Loan To Value


60%-70%
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Processing fee


0.5%

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India Bulls

(Loan Against Property)

28

Features

Please checkout special Schemes and Benefits

Interest Rate


13%-14%

Loan To Value


60%-70%
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Processing fee


0.5%

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Cholamandalam

(Loan Against Property)

26

Features

Please checkout special Schemes and Benefits

Interest Rate


13.5 - 14%

Loan To Value


60% - 70%
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Processing fee


1%

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Deutsche Bank

(Loan Against Property)

25

Features

Please checkout special Schemes and Benefits

Interest Rate


11.5%- 12%

Loan To Value


60%-70%
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Processing fee


1%

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Bajaj Finance

(Loan Against Property)

24

Features

Please checkout special Schemes and Benefits

Interest Rate


13.5% - 15%

Loan To Value


60% - 70%
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Processing fee


1%

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HDB

(Loan Against Property)

23

Features

Please checkout special Schemes and Benefits

Interest Rate


13.5% - 15%

Loan To Value


60%-70%
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Processing fee


1%

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Fullerton India

(Loan Against Property)

18

Features

Please checkout special Schemes and Benefits

Interest Rate


13.5% - 15%

Loan To Value


60%-70%
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Processing fee


1%

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Eligibiliy
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loan eligibility)
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