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Make full use of your property with Loan Against Property
Interest Rate
9.10%* Per Annual Onwards
EMI
Starts At ₹ 906/Lakh
Processing Fees
Upto 1% of Loan Amount
Loan Tenure
Upto 20 Years
Top Up Loans
After 6 Months
Pre-Closure Charges
Nil (Post 24 Months)
Getting a loan against your property is now simpler than ever. A Loan Against Property (LAP) is a secured loan that is sanctioned against the asset pledged as collateral. As the name suggests, it is a type of loan, in which the loan you get from the bank against the mortgage of your property. Here, the property can include your home, your commercial property or land.
Why OneNDF for Loan Against Property?
Feature and Benefits
Mentioned below are some features and benefits of loan against property:
Lower Interest Rates
The secured nature of the loan reduces lending risk of banks and NBFCs. Therefore, allowing them to offer the loan at lower interest rates.
No end use restrictions
Loan proceeds can be used for any purpose such as for consolidating multiple high-interest debts, covering costs related to wedding, business expansion, or purchase of commercial and industrial properties, etc.
Longer loan tenure
Banks and NBFCs offer tenures of up to 20 years on loan against property, resulting in more affordable EMIs.
Higher loan amount
Lenders usually finance up to 70% of the property value, resulting in higher loan amount.
Higher chances of loan approval
The loan is backed by any underlying property, thus, reducing lending risks for banks and NBFCs and increasing borrower’s odds of availing the loan.
Overdraft Facility
Borrowers can also avail overdraft facility on this loan, giving them higher liquidity at lower interest cost.
Loan Against Property Process Overview
Identifying Loan's Purpose
OneNDF helps identify the best use for your loan, whether for expansion, cash flow, or if you're unsure.
Sign up at OneNDF
Register using PAN number on OneNDF for instant loan application start.
Business Health Report
OneNDF provides a Business Health Report that offers a detailed look at your financial status, including credit, GST, and banking data.
Find the Perfect Loan
Explore various options in our Loan Marketplace to find the best rates and loans for your business.
Start Your Application
We ensure you understand and are satisfied with your loan terms to avoid surprises.
Leading Companies & SMEs Trust OneNDF with their financing needs
Testimonials
What our
customers say
Rated 5.0
I needed funds for my business, but my Lal Dora property made getting a Loan Against Property difficult. OneNDF connected me with three lenders who came through in less than 20 days. They really know their stuff!
Manjit Singh
A friend referred me to OneNDF for immediate funds while I was traveling. I needed 25 crores LRD. They quickly provided financial options from 5 lenders after creating a financial health card. Within 7 days, I had term sheets from all potential lenders. Excellent service and experience.
Sunil Patil
OneNDF is an excellent platform. Transparent, direct contact with the Actual Lenders and the chance of talking to as many lenders for one's requirements. I recommend using OneNDF for any Loan Against Property requirement.
Devika Rajgopalan
Loan Against Property for Various Purpose
Loan secured against residential properties, including houses, apartments, or residential plots.
Loan secured against commercial properties, such as office buildings, retail spaces, or industrial warehouses.
Loan secured against rental income generated from leased properties owned by the borrower.
Loan taken against the purchase of a plot of land, with the plot itself serving as collateral.
Loan taken against property to fund business expansion or investment opportunities.
Loan taken against property to consolidate existing debts, often resulting in lower interest rates and simplified repayment terms.
Loan taken against property to fund home renovation, repairs, or improvements.
Loan taken against property to cover wedding expenses, including venue rental, catering, and other related costs.
What is Loan Against Property?
Loan Against Property (LAP), also known as mortgage loan, allows individuals and businesses to raise funds by leveraging their residential, commercial or industrial properties. Loan Against Property can be availed for meeting both personal and business needs as compared to unsecured personal loans.
The loan amount for LAP can go up to 75% of the property’s market value, depending on the eligibility. Many lenders also offer Lease Rental Discounting (LDR) facility, which allows consumers to avail loan by pledging the rental receipts of their tenants.
Loan Against Property- Interest Rates, fees and tenure offered by Top banks/ NBFCs
| Bank/ NBFCs | Interest Rate | Tenure | Processing Fee | Apply Now |
|---|---|---|---|---|
| HDFC Bank | Starting 9.40% & Above | Maximum 15 years | 1% | Apply Now |
| ICICI Bank | Starting 9.50% & Above | Maximum 15 years | 1% | Apply Now |
| Kotak Mahindra Bank | Starting 9.25% & Above | Maximum 15 years | 1% | Apply Now |
| Axis Bank | Starting 9.40% & Above | Maximum 15 years | 1% | Apply Now |
| IDFC Bank | Starting 9.50% & Above | Maximum 20 years | 1% | Apply Now |
| Standard Chartered Bank | Starting 9.05% & Above | Maximum 15 years | 1% | Apply Now |
| Deutsche Bank | Starting 9.15% & Above | Maximum 15 years | 1% | Apply Now |
| Bajaj Finance | Starting 9.75% & Above | Maximum 15 years | 1% | Apply Now |
| L&T Finance | Starting 9.75% & Above | Maximum 15 years | 1% | Apply Now |
| India Bulls | Starting 10.5% & Above | Maximum 15 years | 1% | Apply Now |
| RBL Bank | Starting 9.50% & Above | Maximum 15 years | 1% | Apply Now |
| Hero Fincorp | Starting 11% & Above | Maximum 15 years | 1% | Apply Now |
| HDB Finance | Starting 9.75% & Above | Maximum 15 years | 1% | Apply Now |
| HSBC | Starting 9.5% & Above | Maximum 15 years | 1% | Apply Now |
| Shinhan Bank | Starting 9.10% & Above | Maximum 15 years | 1% | Apply Now |
| AU Small Finance Bank | Starting 10% & Above | Maximum 15 years | 1% | Apply Now |
Types of Loan Against Property
Below are some of the types of Loan Against Property:
- Loan Against Residential Property: It is the most common type of mortgage loan. Individuals can avail funds against their home or any other residential property they own. It may be self-occupied, rented out or vacant.
- Loan Against Commercial Property: This option lets individuals mortgage their owned commercial property, be it an office space or an industrial unit, to obtain funds against its present market value.
- Lease Rental Discounting: In this type of Loan Against Property, you put a property that you have leased as a collateral. The fixed rentals earned act as the EMIs, and the eligible loan amount is determined accordingly.
- Loan Against Industrial Property: In this type, a loan against industrial property is a loan that a businessman can take out against their pre-owned industrial property to get funds for their business. This type of loan is also known as an industrial property loan.
Eligibility criteria for Loan Against Property
The eligibility criteria for availing LAP varies across different vendors, below are the conditions that are needed to be fulfilled before to apply for loan against property:
- Residential Status: Resident Indian or Non-Resident Indian
- Type of Property: The property should be in India, be it a residential or commercial property.
- Minimum and Maximum Age limit: 18 to 70 years
- Employment Type: Salaried, Self-employed Professional or Non-Professional
- Net monthly income: At least Rs. 12,000 per month
- Net Annual income: At least Rs. 1.5 lakh p.a.
- Work Experience: At least 1 year in the current organisation
- LTV Ratio: Up to 75% of the property value
- Credit Score: 750 and above (preferred)
- Legal property documents authorised by Government of India: Registration Certificate, Property tax receipts, Sales Deed, etc.
Also Read: How to Increase CIBIL Score from 600 to 750?
Documents Required For Loan Against Property
The Loan Against Property Documents Required for both salaried and self-employed applicants are follows:
- Identity Proof: PAN Card, passport, driving licence, Voter ID, Ration card, bank passbook, etc.
- Address Proof: Electricity bill, Telephone bill, Rent Agreement, etc.
- Residence Owner Proof: Property documents, Maintenance bill, Electricity Bill.
- Copies of all Property Documents: Sales Deed/copy of agreement, Share Certificate, Latest Maintenance bill, etc.
Documents Required for Salaried Applicants
Here are the documents required for Salaried Applicants to avail loan against property:
Income Proof (any one):
- Form 16
- Bank statements or last 6 months salary slips
- Income tax returns for last 3 years.
Proof of Job Continuity (any one):
- Current job appoint letter
- Current employment certificate
- Experience letter
Other Important Documents:
- Sanction Letter, payment track record of existing loans (if any)
- Investment Proof, Shares, Fixed Deposits, Fixed Assets (if any)
- Processing fee cheque
Documents Required for Self-Employed
Here are the documents required for Self-Employed to avail loan against property:
Office Address and Ownership Proof (any one):
- Property Documents
- Electricity bill
- Maintenance Bill
Business Existence Proof (any one):
- Sale Deed/agreement (executed)
- Saral Copy (3 years old)
- Copy of Tax Registration
- Company registration licence
Income Proof (any one):
- Last 3 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
- Audited Balance Sheet and Profit and Loss accounts, including tax audit report, if applicable
- Latest 1 year bank statement
Other important documents:
- Application form with photograph
- Professional Degree certificate
- Sanction Letter, payment track record of existing loans (if any)
- Investment Proof, Shares, Fixed Deposits, Fixed Assets (if any)
- Processing fee cheque
Loan Against Property EMI Calculator
The Loan Against Property EMI Calculator is an online tool that computes your monthly instalments, interest payable, and the total cost of your loan. It will also let you adjust the loan amount and tenor to arrive at an EMI value that matches your repayment capacity, which will enable you to plan the repayment in advance. This will thereby minimise the chances of defaulting.
This calculator would also give you the interest that is payable and an informed look into several other attributes, such as the interest and outstanding principal, the balance after paying the EMI, and the month of the entire tenure.
How to calculate EMI of Loan Against Property?
Formula:
P*r(1+r)^n/([(1+r)^n]-1)
- P = It is the principal amount that you want to borrow.
- R = This is the rate of interest accrued every month
- N = This is the tenure of the repayment (typically in months)
Before applying for a mortgage loan, use OneNDF’s Loan Against Property Calculator to know how much EMI you can afford on a certain loan amount, interest rate and tenure. The online EMI calculator gives accurate results instantly and also displays total interest payable, total principal payable amortisation schedule to help you understand your loan repayment better.
Processing Fees and Other Charges of Loan Against Property
Below are some of the loan against property processing fees and charges that may be applicable to mortgage loans.
| Particulars | Charges |
|---|---|
| Processing Fee | 1% – 2% of Loan Amount |
| Part Prepayment Charges | Floating Rate: Nil Fixed Rate: Up to 4% on outstanding principal |
| Foreclosure Charges | Floating Rate: Before 12 months 4%, before 24 months 3%, before 36 months 2% Fixed Rate: Up to 2% on outstanding principal |
| Penal Interest | Usually at 24% p.a. (2% per month on the overdue installment/s) (it also varies across different banks) |
| Login Fees | May vary across different lenders |
| Legal & Valuation Charges | As per actuals, may vary from lender to lender |
How to Apply for Loan Against Property From OneNDF?
You can apply for Loan Against Property from OneNDF website by following the steps mentioned below:
Step 1: Visit OneNDF’s website to start the process of applying for the loan online. If you are a new user, click on sign up, incase of existing user click on sign in
Step 2: You can register by entering your mobile number and clicking on ‘Next’
Step 3: You would receive an OTP, through which you can authenticate your identity.
Step 4: Once authenticated with your OTP, you can upload your documents and apply for a Loan Against Property at attractive interest rates as per your requirements.
Step 5: 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.
Related Article
Frequently Asked questions
Got questions or wish to learn more? Talk to our team now and find the answers you need.
Banks such as SBI, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and PNB are considered good options for LAP due to competitive interest rates and the amount of loan they offer against the property value.
To secure the lowest interest rates on loan against property, start improving your credit score. Maintain a good credit history by paying EMIs, bill on time and reducing outstanding debts to get better terms such as a lower rate of interest on property loans.
Banks/ HFCs usually offer loans against property for tenures of up to 15 years with many lenders offering maximum loan tenures of 20 years or more. For example Godrej Capital offers loan tenures of up to 30 years and 25 years, respectively.
Loan Against Property allows individuals to raise funds by mortgaging their residential/commercial/industrial property, on the other hand, home loans help individuals to buy/build a new house or renovate existing one.
Lenders typically accept residential, commercial, and industrial properties, as well as plots. However, there are specific exclusions like agricultural land, vacant land, and properties in unauthorized areas.
The interest rates on mortgage loans range from 9.25% to 20% p.a. Usually, the amount of funding you can avail will be up to 70% of the registered value of the property. Some banks also offer mortgage loans up to Rs.60 crore. The repayment tenure for mortgage loans can be up to 20 years. Similar to mortgage loan we can opt for a personal loan. But, most of the time interest rates may vary across different lenders.
Yes, there are financial institutions that offer loan against property to NRIs.
Here are the steps to avail online loan property:
1.Enter your basic details along with Loan requirements
2.Check your Loan Offer
3.Confirm details and pay the Processing Fees
4.Upload the documents
5.Get Provisional Approval
Yes, there is typically an application fee, which can vary between banks. It could range from a fixed amount to a percentage of the loan amount, often plus GST.
Banks will notify you through the contact details provided in your application. This could be via email, SMS, or a letter.
Tips to avail a loan against property no income proof :
- Elaborate on your income to the lender’s representative.
- Keep a check on your savings.
- Opt for a lower loan to value (LTV).
- Consider choosing peer-to-peer lending.
- Apply with a co-applicant.
Yes, many banks offer top-up loans on an existing LAP, which allows you to borrow additional funds against the same property.
A co-applicant for a loan against property is mandatory only when the property being mortgaged is owned by more than one person. In such a case, all the co-owners of the property need to apply as co-applicants.
Penal Interest is a penalty loan company charges if you do not pay your loan EMIs on time as agreed in the repayment schedule. In case of loan against property, the penal interest is 8% p.a. above applicable interest on the overdue amount.
Yes, insuring the property is typically required by lenders to protect against damages from unforeseen incidents, ensuring the asset retains its value securing the loan.
Defaulting on a loan can lead to legal action from the lender, a negative impact on your credit score, and potential loss of the property through foreclosure.
Yes, a good CIBIL score is generally required as it reflects your creditworthiness and repayment history, influencing both the approval and terms of the loan.
Properties not eligible include agricultural lands, vacant or unused lands, properties in gram panchayat areas or unauthorized areas, properties acquired via power of attorney, and very small properties under 600 square feet.
Not paying your Loan against Property EMI will incur late fees, penal interest and reduction in your credit score. Loan, if not paid partially/fully within 90 days, will be classified as Non-Performing Asset (NPA), which may lead your lender to initiate recovery actions under the framework of the SARFAESI Act, 2002.
High-value loans such as these require extensive documentation and eligibility checks. You should approach major banks or financial institutions with strong financial profiles and valuable properties to qualify for such a high loan amount. Banks like SBI and HDFC are known to handle large loan against property applications.