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A loan against property is a secured loan that you can avail by offering your property as collateral. Banks give around 80% of the property value as a loan. Both, salaried and self-employed individuals are eligible for a loan against property. It helps them fulfill both their business and personal needs by mortgaging the property. You can take a loan against industrial, residential and commercial property. You should declare the end-use of the loan against property in the application form.
The Best Loan Against Property Schemes
These are some of the best loans against property schemes.
|
Bank |
Interest Rate |
Loan Amount |
Tenure |
|
8.45% per annum to 10.00% per annum |
Up to 7.5 crores |
3 to 15 years |
|
|
As per the terms and conditions |
Up to Rs. 25 crores |
Upto 15 years |
|
|
IIFL loan against property |
11.50% per annum to 25% per annum |
Upto Rs. 10 crores |
Upto 10 years |
|
9.5% per annum onwards |
Rs. 10 Lakhs to Rs. 5 crores |
Upto 15 years |
|
|
Axis Bank loan against property |
7.90% per annum to 9.30% per annum |
Rs. 5 Lakhs to Rs. 5 crores |
Up to 20 years |
|
8.00% per annum to 8.95% per annum |
Up to 65% of the value of the property |
Upto 15 years |
|
|
Tata Capital loan against property |
10.10% per annum onwards |
Rs. 10 Lakhs to Rs. 3 crores |
Upto 15 years |
|
IDFC First loan against property |
7.5% per annum onwards |
Upto Rs. 7 crores |
Upto 20 years |
How To Choose The Best Loan Against Property Scheme?
You should research and compare the various loans against property schemes across different lenders. You should choose one that offers affordable interest rates and the loan amount and tenure according to your requirements.