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Loan Against Mortage
Lenders | interest rates | Processing Fees* (Rs.) |
|---|---|---|
Axis Bank | 10.50% | 1% of the loan amount or Rs 10,000, whichever is higher |
Union Bank of India | 9.80% | Up to 1% of the loan amount (Min. Rs. 5,000 & Max. Rs. 1 lakh)
|
Bank of India | 8.85% | 1% of the loan amount (Min. Rs. 5,000 & Max.Rs. 50,000) |
State Bank of India | 8.80% | 1% of the loan amount (Max. Rs. 50,000)
|
HDFC Bank | 8.75% | Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
|
Punjab National Bank | 8.70% | 0.75% of the loan amount (Min. Rs 2,500 & Max. Rs. 1 lakh)
|
ICICI Bank | 8.35% | 1% of the loan amount
|
Bank of Baroda | 8.20% | 1% of the loan amount (Min. Rs. 8,500 & Max.Rs. 1.5 lakh) |
Loan Against Property
A secured loan, often known as a mortgage loan, is secured by an asset that remains with the lender until the debt is repaid. A residential, commercial, or industrial property can be used as this asset. You can get a large loan amount with a low interest rate starting at 8.20 percent p.a. with a property loan. Lenders often approve a mortgage loan between 50% and 70% of the property's market value, which you may easily repay over the course of 20 years in EMIs. LAP Loans, or loans against property, are similar to unsecured personal loans in that they can be used for both personal and business requirements other than speculative purposes.
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