Loan against property fees and charges

Go through all the fees and charges applicable before applying for a loan against property.

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What is the interest rate on mortgage loans?

The mortgage loan interest rates represent the cost that a lender charges for borrowing money, expressed as a percentage of the loan amount. These rates can be either fixed, remaining constant over the loan tenure, or variable, fluctuating with changes in market rates. In India, mortgage rates typically range from 9%, depending on factors such as the borrower's credit score, loan-to-value ratio, and the nature and location of the mortgaged property. Understanding mortgage loan interest rates is essential, as they significantly impact the overall cost of your loan—making it important to compare rates across lenders.

Current mortgage loan interest rates: Applicable fees and charges

We advise you to read about our fees and charges thoroughly before applying.

Type of fee

Applicable charges

Rate of interest (fixed or floating rate of interest)

 9% to 12% per annum

Processing fee

Up to 3.54% of the loan amount (inclusive of applicable taxes)

Documentation charges

Up to Rs. 2,360/- (inclusive of applicable taxes)

Flexi facility charge

Term Loan – Not applicable

Flexi variant (as applicable below) - (Inclusive of applicable taxes)

Flexi term loan (Flexi dropline)
Up to Rs. 999 for loan amount less than Rs. 50,00,000.
Up to Rs. 1,999 for loan amount between Rs. 50,00,000 and Rs. 74,99,999.
Up to Rs. 1,999 for loan amount between Rs. 75,00,000 and Rs. 99,99,999
Up to Rs. 2,999 for loan amount between Rs. 1,00,00,000 and Rs. 2,49,99,999
Up to Rs. 3,999 for loan amount between Rs. 2,50,00,000 and Rs. 4,99,99,999
Up to Rs. 4,999 for loan amount between Rs. 5,00,00,000 and Rs. 7,49,99,999
Up to Rs. 5,999 for loan amount Rs. 7,50,00,000 and above

Flexi Hybrid loan –
Up to Rs. 5,999 for loan amount less than Rs. 50,00,000.
Up to Rs. 11,999 for loan amount between Rs. 50,00,000 and Rs. 74,99,999.
Up to Rs. 14,999 for loan amount between Rs. 75,00,000 and Rs. 99,99,999
Up to Rs. 19,999 for loan amount between Rs. 1,00,00,000 and Rs. 2,49,99,999
Up to Rs. 21,999 for loan amount between Rs. 2,50,00,000 and Rs. 4,99,99,999
Up to Rs. 25,999 for loan amount between Rs. 5,00,00,000 and Rs. 7,49,99,999
Up to Rs. 29,999 for loan amount Rs. 7,50,00,000 and above

The above Flexi facility charges will be deducted upfront from the loan amount.

Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Prepayment charges

Full prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment
  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Part-prepayment

  • Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.
  • Not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi

Note: If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part payment charges.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Not applicable

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during Initial loan tenure. Not applicable for subsequent loan tenure.

Bounce charges

Rs. 1,500/- per bounce/- per bounce

“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Penal charge

Penal Charge is applicable in the following scenarios:

a. Penal Charge:
Any payment default shall attract penal charge of Rs. 190/- per day for period of such delay from the respective due date and continue to apply until the date of receipt of amounts under the said default.

b. Covenant Perfection Charge:
i) Rs. 800/- per day for non-submission of critical documents after 90 days of disbursement. Levy from the date when due on non-compliance of any one or all heads in the category.
ii) Rs. 500/- per day for non-submission of non-critical documents after 120 days of disbursement. Levy from the date when due.

Stamp duty (as per respective state)

Payable as per state laws

Broken period interest/ pre-EMI interest

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:

Scenario 1: If Loan is disbursed on 1st or post 10th of the month:

For Term Loan: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Deducted from disbursement

For Flexi Loans: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Added to first instalment

For Quick disbursal process and disbursement mode is cheque: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Added to first instalment

Scenario 2: If Loan is disbursed between 3rd and 10th of the month:

First instalment will consist of interest for actual number of days.

Mortgage origination fees

Up to Rs. 6,000/- per property (inclusive of applicable taxes) charged upfront.

Note - In case of re-valuation of the property then MOF will be levied again and shall be deducted from loan disbursement amount.
Conversion fee (floating to fixed)**

For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note:

a) The company would charge additional interest rate risk premium of 200 bps over the applicable rate of interest on the borrower's loan account as on that date.

b) Three conversions are permissible throughout the entire tenure.

c) This is applicable to all Floating Interest Rate equated instalment based personal loans of different periodicities; Personal loans is defined in the RBI circular on “XBRL Returns- Harmonization of Banking Statistics” vide No. DBR.No.BP.BC.99/08.13.100/2017-18 dated January 04, 2018.
Conversion fee (fixed to floating)**

For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note:

a) Three conversions are permissible throughout the entire tenure.
b) This is applicable to all Floating Interest Rate equated instalment based personal loans of different periodicities; Personal loans is defined in the RBI circular on “XBRL Returns- Harmonization of Banking Statistics” vide No. DBR.No.BP.BC.99/08.13.100/2017-18 dated January 04, 2018.
Switch fee for ROI change Up to 2.36% (inclusive of applicable taxes) of principal outstanding
Commitment fee
 Maximum up to total PF amount.
Legal Charges Recovery of charges
Repossession & Incidental charges  Recovery of charges
Principal Holiday Facility Fees Principal Holiday (as applicable below) -

Up to Rs. 5,999 (Inclusive of applicable taxes) for loan amount less than Rs. 50,00,000.
Up to Rs. 11,999 (Inclusive of applicable taxes) for loan amount between Rs. 50,00,000 and 74,99,999.
Up to Rs. 14,999 (Inclusive of applicable taxes) for loan amount between Rs. 75,00,000 and Rs. 99,99,999.
Up to Rs. 19,999 (Inclusive of applicable taxes) for loan amount between Rs. 1,00,00,000 and Rs. 2,49,99,999.
Up to Rs. 21,999 (Inclusive of applicable taxes) for loan amount between Rs. 2,50,00,000 and Rs. 4,99,99,999.
Up to Rs. 25,999 (Inclusive of applicable taxes) for loan amount between Rs. 5,00,00,000 and Rs. 7,49,99,999.
Up to Rs. 29,999 (Inclusive of applicable taxes) for loan amount Rs. 7,50,00,000 and above.

The above principal holiday facility fees will be deducted upfront from loan amount.
The Loan amount includes approved loan amount, Insurance Premium, VAS Charges and Documentation charges.


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**The option of switching from floating to fixed rate of interest and vice versa would be applicable only to Borrowers whose loan qualify as personal loan as per RBI circular on Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans- RBI/2023-24/55-DOR.MCS.REC.32/01.01.003/2023-24.
Personal loans refers to loans given to individuals and consist of (a) consumer credit, (b) education loan, (c) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), and (d) loans given for investment in financial assets (shares, debentures, etc.).
Further, Consumer credit refers to the loans given to individuals, which consists of (a) loans for consumer durables, (b) credit card receivables, (c) auto loans (other than loans for commercial use), (d) personal loans secured by gold, gold jewellery, immovable property, fixed deposits (including FCNR(B)), shares and bonds, etc., (other than for business / commercial purposes), (e) personal loans to professionals (excluding loans for business purposes), and (f) loans given for other consumptions purposes (e.g., social ceremonies, etc.). However, it excludes (a) education loans, (b) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), (c) loans given for investment in financial assets (shares, debentures, etc.), and (d) consumption loans given to farmers under KCC. For risk weighting purposes under the Capital Adequacy Framework, the extant regulatory guidelines will be applicable. (as defined in XBRL Returns – Harmonization of Banking Statistics-RBI/2017-18/117-DBR.No.BP.BC.99/08.13.100/2017-18)

Loan against property application process

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Step-by-step guide to apply for a loan against property

  1. Click on the 'APPLY' button on this page.
  2. Enter your pin code and click Proceed.
  3. Provide basic details like your full name and mobile number.
  4. Now select the type of loan that you wish to apply for, your net monthly income, your area pin code, and the required loan amount.
  5. Generate and submit your OTP to verify your phone number.
  6. Enter further details like your property location, your current EMI amount/ monthly obligation, and your PAN number.
  7. Click on the ‘SUBMIT’ button.

That is it! Your loan request is submitted. Our representative will connect with you and guide you through the next steps.