Loan Against Property for Salaried Individuals for Home Expenses

Setting up a new home or fixing up an old one can cost so much money. You can easily spend a few lakhs on revamping a bedroom, kitchen, or other similar space. It is smart not to touch your savings and get a loan against property to pay for these costs.

Renovation

RENOVATION

We all want to alter little things in our homes and make them better. As kids get older, they may also have different needs for their rooms and style. With more money, it is easy to cover these kinds of costs.

Interiors

INTERIORS

With nice interiors, you can live in style and feel at home. Make small changes, paint the walls, or add beautiful things like chandeliers, marble decor, and more to your home to make it feel cosier. Use our loan against property to get the money you need to make changes to your home.

Furnishings

FURNISHINGS

It is easy to transform your apartment into a luxurious home by adding trendy furniture, upholstered pieces, and decorative lighting. With a range of options available, you can splurge on lavish furnishings without putting a dent in your savings.

Major Repairs

MAJOR REPAIRS

Every few years, your house might need much work. For important repairs, you might need to work with civil contractors, architects, or other experts. Depending on how large the house is, these fixes could cost anywhere from one lakh to ten lakh or more.

Smart Home

SMART HOME

For all the right reasons, smart homes are trendier than ever. Our loan against property will enable you to realise your dream of living in a smart, technologically advanced home. Choose voice-activated lighting, a smart air conditioner, a security system with technology, and more.

Features and benefits of our loan against property

00:42

All you need to know about our Loan Against Property

Watch this video to know everything about our loan against property: Features and benefits, fees and charges, eligibility criteria, and more.

  • Loan amount of up to %$$LAP-max-loan-amount$$%

    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

    Low interest rates

    Our loan against property for salaried individuals comes with affordable interest rates starting from 9% to 14% per annum (Floating rate of Interest) p.a.

  • Loan disbursal in 72 hours*

    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 %$$HL-LAP-tenor$$%

    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

    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*

    No foreclose charges*

    Salaried professionals who chose a floating interest rate, can pre-prepay a part of their loan, or close the entire loan without an additional fee or a penalty.

  • Externally benchmarked interest rates

    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.

Show More Show Less
emi calculator

Loan against property EMI calculator

Enter a few details and check your loan against property EMIs.

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: Minimum age: 25 years* (18 years for non-financial property owners)
    Maximum age: 85 years* (including non-financial property owners)
    *Age of the individual applicant/ co-applicant at the time of loan maturity.
    *Higher age of co-applicant may be considered up to 95 years basis 2nd generation (legal heir) meeting age norms and to be taken as co-applicant on loan structure.
  • 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
  • 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.

emi calculator

Check your loan against property eligibility

Find out how much loan amount you can get.

How to apply for a loan against property

Video Image 00:46
 
 

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. Choose ‘Salaried’ as your employment status.
  5. 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. 
  6. Generate and submit your OTP to verify your phone number.
  7. Enter further details like your property location, your current EMI amount/ monthly obligation, and your PAN number.
  8. 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.

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 (floating rate of interest)

9% to 14% 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 fee

Term Loan - Not applicable
Flexi Variant - Not applicable

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-prepayment 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

In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied

Penal interest

Penal interest is applicable in the following scenarios:

1. Any delay in payment of monthly instalment shall attract penal interest at the rate of 3.5% per month on the monthly instalment outstanding, from the date of default until the receipt of monthly instalment

2. Default of other condition(s): In case of breach of terms of the loan agreement and/ or sanction letter terms, including but not limited to non-submission of requisite documents to BFL, it shall attract penal interest at the rate of 1% per annum on the loan amount till the date of rectification of such default to the satisfaction of BFL. The effective date of levying of penal interest shall commence from the date of committing the default, unless otherwise communicated to the borrower(s) in writing before the penal interest is levied.

Stamp duty (as per respective state)

Payable as per state laws

Mandate rejection charges

Rs. 450/- per month from the first month of due date for mandate rejected by customer's bank until the new mandate is registered

Broken period interest/ pre-EMI interest

Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, broken period interest is recovered by the following methods:

  • For Term Loan: Deducted from the loan disbursement
  • For QDP process and disbursement mode is cheque: Added to the first instalment
  • For Flexi Term Loan: Added to the first instalment
  • For Flexi Hybrid Loan: Added to the first instalment

Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:

  • In this scenario, interest is charged only for the actual number of days since the loan was disbursed.

Mortgage origination fees

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

Property insight (if availed)

Rs. 6,999/- per property (inclusive of applicable taxes)

Mandate registration charges

In case of UPI mandate registration, Re. 1 (inclusive of applicable taxes) will be collected from the customer

Frequently asked questions

Who can get a loan against property?

If you are a salaried individual, 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.

Am I eligible for a loan against property?

A salaried Indian citizen between the age group of 25 years to 85 years, years is eligible to apply. Other factors like your income profile, your CIBIL Score, etc. are also considered during the approval process.

*Terms and conditions apply.

How much loan will I get against my property?

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.

What is the maximum repayment tenure for a loan against property?

You can repay the borrowed sum over a convenient repayment tenure of up to 15 years.

What should be my CIBIL Score if I want to apply for a loan against property?

The CIBIL Score is an important indicator of your creditworthiness. To get a loan against property, it is preferable to maintain a CIBIL Score of 700 or higher.

Show More Show Less