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.

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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

Different ways to use your 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*

    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 ranging from 9% to 12% per annum.

  • 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 15 years

    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*

    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

    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.

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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: 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.

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

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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. 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 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 fee

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 Flexi charges above 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-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

Rs. 1,500/.

“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

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) 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
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: 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

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.

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