Certainly! Here’s a list of prominent lenders in India offering Loan Against Property (LAP), categorized into private banks, nationalized banks, and Non-Banking Financial Companies (NBFCs), along with their interest rates and processing fees:
Private Banks:
| Bank | Interest Rate (p.a.) | Processing Fees |
| HDFC Bank | 8.75% – 10.05% | 0.5% to 1% of the loan amount + GST |
| ICICI Bank | 8.75% – 10.05% | ₹5,000 to 1% of the loan amount + GST |
| Axis Bank | 8.75% – 9.50% | 0.75% to 1% of the loan amount + GST |
| Kotak Mahindra Bank | 7.25% – 10.05% | 0.75% to 1% of the loan amount + GST |
| Yes Bank | 8.75% – 11.05% | 0.75% to 1% of the loan amount + GST |
Nationalized Banks:**
| Bank* | Interest Rate (p.a.) | Processing Fees |
| State Bank of India | 10.10% – 11.65% | Not specified |
| Punjab National Bank | 9.20% – 10.50% | 0.75% to 1% of the loan amount + GST |
| Bank of Baroda | 10.85% – 16.50% | Not specified |
| Union Bank of India | 8.75% – 11.00% | 0.5% to 1% of the loan amount + GST |
| Central Bank of India | 9.75% – 13.00% | Not specified |
Banking Financial Companies (NBFCs):
| NB | Interest Rate (p.a.) | Processing Fees |
| Bajaj Housing Finance | 9.05% – 11.05% | 0.75% to 1% of the loan amount + GST |
| PNB Housing Finance | 9.05% – 11.05% | 0.75% to 1% of the loan amount + GST |
| LIC Housing Finance | 9.00% – 10.00% | 0.5% to 1% of the loan amount + GST |
| TATA Capital | 10.00% – 13.75% | 0.75% to 1% of the loan amount + GST |
| Fullerton India | 10.00% – 12.00% | Up to 1% of the loan amount + GST |
Pleanote that interest rates and processing fees are subject to change and may vary based on individual profiles, loan amounts, property types, and prevailing market conditions. It’s advisable to check with the respective lenders for the most current information.
Factors to Consider When Choosing a Loan Against Property:
- Interest Rates: Even a slht difference can significantly impact the total repayment amount over the loan tenure.
- Procing Fees: These are ontime charges that can add to your initial expenses. Comparing these fees across lenders can help you save money.
- Loan-tolue (LTV) Ratio: This ratio deteines the maximum loan amount you can avail against your property’s value.
- Repayment ure: Longer tenures mayesult in lower EMIs but can increase the total interest paid.
- Prepayment anoreclosure Charges: Some lenders levy chaes for early repayment or foreclosure of the loan. It’s beneficial to choose a loan with minimal or no such penalties.
- Eligibility Crita: Ensure you meet the lend’s requirements, which may include factors like income, age, employment status, and credit score.
Before finalizing a loan against property, it’s recommended to use online EMI calculators to understand your monthly obligations and assess your repayment capacity. Additionally, consulting with financial advisors or loan consultants can provide personalized insights based on your financial profile.
