| 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% |
Lucknow, known as the city of Nawabs, is the capital of Uttar Pradesh, India. Situated on the banks of the River Gomti, the city is rich in historical heritage and is often called the epitome of cultural refinement, earning it the title of city of culture (“Tehzeeb”).
Although Hindi serves as the official language of both the state and the city, Lucknow is considered to be the birthplace of Urdu.
The economy of Lucknow
Lucknow is a major economic base in north India. The city has a well-established SME sector where handicrafts and textiles account for about 60% of the total exports from Uttar Pradesh. In order to fasten economic development in Uttar Pradesh, the government plans to develop the Kanpur-Lucknow Corridor where land was proposed to have 26% residential, 21% industrial, 20% green, 16% transportation zone, and the remaining for commercial and mixed land use.
Also, the government will be establishing an IT/ITeS Special Economic Zone (SEZ) to push the technology sector in the city and invite greater FDI.
Lucknow is a fast-growing and industrializing Tier-II city with a government that is eager to promote business interests. Moreover, the government is likely to invest an amount of INR 1,383 crore on a new integrated terminal at Lucknow airport that shall propel the growth of a rapidly diversifying economy. With such a plethora of opportunities, the city is bound to become one of the biggest investment locations in India.
Features & Benefits of Loan Against Property
1. Mortgage loan amount:
You could get anywhere from INR 30 lakh to INR 100 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: Benefits of Loan Against Property
Loan Against Property EMI Calculator
Eligibility Criteria for Loan Against Property
To avail of a Loan Against Property in Lucknow, the borrower must fulfil the following eligibility criteria:
| Particulars | Requirement |
| Citizenship | The applicant must hold an 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 Lucknow may vary. However, the following documents are usually sought by banks and NBFCs for a Loan Against Property in Lucknow:
- 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 Lucknow 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 Lucknow:
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 9.10% P.A. |
| Loan Amount | Starting 30 Lacs and upto 100 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 Lucknow through OneNDF
The process of applying for a Loan Against Property in Lucknow 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.
FAQs
Q.1 Can commercial property be provided as a security in a Loan Against Property?
The type of property might vary from lender to lender. However, any industrial, commercial, or residential property can be provided as collateral for availing Loan Against Property.
Q.2 What are the processing fees of a Loan Against Property in Lucknow?
Processing fees for loans against property in Lucknow usually range between 0.5% and 2%.
Q.3 Is LAP tax deductible?
Yes, one can claim tax deductions under section 24(B) and section 37(B) of the Income Tax Act for a Loan Against Property.
Q.4 Is a Loan Against Property a secured loan?
Yes, a Loan Against Property is a secured form of loan as it requires the borrower to pledge an asset as security for the lender.
Q.5 What is the CIBIL score required for availing a Loan Against Property in Lucknow?
Since, a Loan Against Property is a secured loan, a CIBIL score of 700 is required to avail the loan.
