| Banks / NBFCs | Interest Rates | Tenure | Processing Fees |
| HDFC Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| ICICI Bank | Starting 9.40% & Above | Maximum 15 years | 0.75% |
| Kotak Mahindra Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| Axis Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| IDFC Bank | Starting 9.40% & Above | Maximum 20 years | 1% |
| Standard Chartered Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| Deutsche Bank | Starting 9.40% & Above | Maximum 15 years | 0.75% |
| Bajaj Finance | Starting 9.75% & Above | Maximum 15 years | 1% |
| L&T Finance | Starting 9.75% & Above | Maximum 15 years | 1% |
| India Bulls | Starting 10.5% & Above | Maximum 15 years | 1% |
| RBL Bank | Starting 9.50% & Above | Maximum 15 years | 1% |
| Hero Fincorp | Starting 11% & Above | Maximum 15 years | 1% |
| HDB Finance | Starting 9.75% & Above | Maximum 15 years | 1% |
| HSBC | Starting 9.5% & Above | Maximum 15 years | 0.50% |
| Shinhan Bank | Starting 9.10% & Above | Maximum 15 years | 0.50% |
| AU Small Finance Bank | Starting 10% & Above | Maximum 15 years | 1% |
Remember Bangalore as sleepy gardens and quiet streets? Forget it! Today, the city has transformed into a bustling business hub, primarily attributed to the growth of the software sector.
Commencing in the 1950s, significant immigration flooded Bangalore due to state investments in the public sector and education, generating ample employment opportunities in southern India.
Evolving into one of India’s largest cities, Bangalore officially became Bengaluru in 2006, although the previous name persisted. Now the premier industrial and commercial hub of South India, the city’s economic potential can be further amplified through business loans, fostering continued growth and development.
The Economy of Bangalore
Primarily renowned for its IT sector, Bangalore hosts a myriad of prominent IT companies such as Infosys, Mphasis, Wipro, Tata Consultancy Services, Nasdaq, Facebook, Google, and Microsoft, with Infosys and Wipro headquartered in the city. Emerging as a crucial centre for high-tech heavy manufacturing,
Bangalore attracts multinational technology giants, establishing their headquarters there. Acclaimed as the “Silicon Valley of India,” the city is home to premier engineering and research institutions.
Beyond its IT prowess, Bangalore thrives as a startup hub, witnessing success in e-commerce, health tech, and artificial intelligence, further solidifying its status as a technological and entrepreneurial powerhouse.
Features & Benefits of Loan Against Property
1. Mortgage loan amount:
You could get anywhere from INR 20 lakh to INR 7.5 crore, depending on how much your property is worth and other things that make you eligible.
2. Low-Interest Rate:
Get the best deal on interest rates with OneNDF Loans, so you can easily afford and efficiently finance your property.
3. Loan-to-Value Ratio:
You can get a Loan-to-Value (LTV) Ratio of up to 75% of your property’s value, giving you enough money to meet your goals and allowing you to borrow more based on your property’s worth.
4. Hassle-free Documentation:
Make the loan application process easier with OneNDF Loans, as we guarantee hassle-free paperwork for your convenience.
5. Tenure:
The LAP repayment period can be as long as 15 years, making it easier for borrowers to comfortably pay off their EMIs.
6. Easy Repayment & Longer Tenure:
Get flexible repayment options and a longer loan duration with OneNDF Loans, making it easier for you to manage your finances.
Also Read: Advantages of Loan Against Property
Loan Against Property EMI Calculator
Eligibility Criteria for Loan Against Property
To avail of a Loan Against Property in Bangalore, the borrower must fulfil the following eligibility criteria:
| Particulars | Requirement |
| Citizenship | The applicant must hold Indian citizenship. |
| Age | The borrower must be at least 25 years old, and the maximum age must not be more than 75 years old at the time of loan maturity. |
| Nature of work for salaried applicants | Salaried Employee of an MNC, public sector or private sector with stable income |
| Business Vintage for self-applicant | The business must be at least 3 years old if applicable |
| Credit Score | Both the promoter and the business must have a good credit score of more than 700. The credit score of co-applicants is also checked wherever applicable. The credit score has a crucial role to play in determining the creditworthiness of the borrower. It determines the limit of the lender’s credit exposure based on the repayment history of the business. |
Documents Required to Apply for a Loan Against Property
The documents required for a Loan Against Property in Bangalore may vary. However, the following documents are usually sought by banks and NBFCs for a Loan Against Property in Bangalore:
- Application form with a recent photograph
- Passport copy, voter ID card, driver’s license, PAN card or any other proof of identity.
- Address proof as such passport, utility bills, driving license etc.
- Age proof as such bank statement, bank passbook, or other certificate from a statutory authority.
- Bank statement of last 6 months or last 6 months’ salary slips.
- Form 16
- Income tax returns of last 3 years
- Processing fee cheque
Additional documents for self-employed and SMEs for Loan Against Property
- For self-employed: CA attested income statements and other financials of the past 2 years.
- For SMEs: last 2 years financial audited.
Also Read: Detailed List of documents required for loan against property
Interest Rates on Loan Against Property
The interest rates on a Loan Against Property in Bangalore can vary from lender to lender. However, here is an overview of the interest rates and charges on various types of Loan Against Property in Bangalore:
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 9.10% P.A. |
| Loan Amount | ₹20 Lakh to ₹ 7.5 Cr |
| Loan Processing Charges | Minimum Processing fee is 1%+ GST |
| Foreclosure Charges | Pre-Payment is not allowed within 12 months of loan sanction After 12 months, pre-payment charges will be applicable as described in the sanction letter |
How to apply for a Loan Against Property in Bangalore through OneNDF
The process of applying for a Loan Against Property in Bangalore may differ based on the type of Loan Against Property availed.
OneNDF streamlines this process by allowing individuals to apply for Loan Against Property online and match with lenders according to their unique Loan Against Property requirements:
- Open the official website of OneNDF and SIGN UP.
- You can register by entering your mobile number and clicking on ‘Next’.
- You would receive an OTP, through which you can authenticate your identity.
- Once authenticated with OTP, you can upload your documents and apply for a Loan Against Property at attractive interest rates as per your requirements.
- Once the loan application form is submitted, the platform connects you with the best lender available as per your requirements. It helps you get a Loan Against Property at a competitive interest rate.
Frequently Asked Questions (FAQs)
Q.1 How are processing fees for Loan Against Property determined in Bangalore?
Usually falling within the range of 0.5% to 2% of the loan amount, processing fees are non-refundable. Lenders may vary in their fee structures.
Q.2 What documents are required to apply for a Loan Against Property in Bangalore?
You’ll typically need to provide an application form, proof of identity, address verification, age confirmation, bank statements, and income tax returns. Self-employed individuals or SMEs may also need to submit additional documents.
Q.3 Is the interest paid on the Loan Against Property tax deductible in Bangalore?
Loan Against Property (LAP) tax deductions depend on the property’s purpose and type. If the loan is used for business, the interest is deductible under Section 37(1). For residential and self-occupied properties, up to INR 2 lakh of interest is deductible, and for rented-out residential or commercial properties, the entire interest amount may be deductible. It’s important to consult with a tax professional for personalised guidance.
Q.4 What is the repayment period if I get a loan against property in Bangalore through OneNDF?
When it comes to loans against property with OneNDF, the repayment period is typically more extended compared to other personal loans. This flexibility allows you to select a duration that aligns with your financial circumstances and the terms of the loan.
Q.5 Can the loan amount sanctioned for the loan against property be used for various purposes in Bangalore?
Absolutely! In Bangalore, the loan amount is flexible and can be used for various purposes such as growing your business, handling educational expenses, managing medical bills, consolidating debts, or meeting other personal needs.
