A loan for all your goals
Features and benefits of our loan against property
00:35
Different ways to use your loan against property
Be it covering your wedding expense, funding your child's higher education, medical expenses, or taking care of your home expenses. Avail of loan against property and cover all your miscellaneous expenses.
-
Loan amount of up to Rs. 10.50 crore*
Manage your big financial needs with a loan of up to Rs. 10.50 crore*. The loan amount will depend on some criteria like your property value.
-
Low interest rates
Our loan against property for salaried individuals comes with affordable interest rates ranging from 9% to 12% per annum.
-
Loan disbursal in 72 hours*
Your loan amount will be disbursed within 72 hours* of the approval. In some cases, it can be credited even earlier.
-
Tenure of up to 15 years
You can manage your loan easily with a long repayment tenure ranging up to 15 years.
-
Multiple end-use options
Use the loan to manage your wedding expenses, higher education, or even pay for a medical emergency as it comes with no end-use limitation.
-
No foreclose charges*
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-prepayment charges.
-
Externally benchmarked interest rates
You have the option to link your loan to an external benchmark, such as the Repo Rate. Benefit during favourable market conditions.
-
*Terms and conditions apply.
Eligibility criteria and documents required
If you are a salaried individual, you can apply for our loan against property after meeting the criteria mentioned below.
Eligibility criteria
- Nationality: You must be an Indian citizen residing in India with property in a city we operate in.
- Age: The minimum age of the applicant must be 25 years* (18 years for non-financial property owners)
* Age at the loan application of the individual applicant/Co-applicant.
The maximum age of the applicant must be 85 years* (80 years for non-financial property owners)
* Age at the loan maturity of the individual applicant/Co-applicant. - CIBIL Score: A CIBIL Score of 700 or higher is ideal to get an approved loan against property.
- Employment status: As a salaried applicant, you must be employed with a stable income source from a public or a private company with a minimum of 3 years of work experience.
Documents required:
- Proof of identity/ residence - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- Property-related documents (Mortgage documents, Title deed)
- Proof of income (latest salary slips, IT Returns)
- Proof of employment (ID card issued by employer), and
- Account statements for the last 6 months
Note: This is an indicative list that may change based on your actual loan application.
How to apply for a loan against property
00:46
-
Did you know?
You can lower your EMI amount by choosing a longer repayment tenure
-
Did you know?
A higher CIBIL score could get you better interest rates on your loan
-
Did you know?
You can use the loan amount for multiple uses without any limitations
-
Did you know?
You can use the loan to start a new business and avail of tax exemption
Applicable fees and charges
We advise you to read about our fees and charges thoroughly before applying.
Types of fees |
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 Hybrid loan – 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
Part-prepayment
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-prepayment charges. |
Annual maintenance charges |
Term Loan: Not applicable |
Bounce charges |
Rs. 1,500/- 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: b. Covenant Perfection Charge: |
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. |
| 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. |
**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)
Frequently asked questions
A salaried individual or self-employed individual can apply you can apply for a loan against property, if you meet our eligibility criteria. Your age, employment status and city of residence are some of the key criteria taken into consideration.
If you are an Indian citizen residing in India, between the age group of 25 years to 85 years, you are eligible for a loan. Other factors like your income profile, your CIBIL Score, etc. are also considered during the approval process.
*Terms and conditions apply.
Loan against property is a secured loan in which you mortgage your property to a lender in exchange for an amount to cover your expenses. Several factors influence the final loan amount, including the individual's profile and repayment capacity, the property's valuation, and the lender's loan-to-value ratio.
You can repay the borrowed sum over a convenient repayment tenure of up to 15 years.
To get a loan against property, it is preferable to maintain a CIBIL Score of 700 or higher. The CIBIL Score is an important indicator of your creditworthiness.
