Bandhan Bank Loan Against Property
Bandhan Bank Loan Against Property (LAP) scheme provides a reliable solution to access funds quickly and at cheaper rates. Available at an ROI starting from 12.64% per annum, the LAP from Bandhan Bank offers substantial funding based on the value of your property for a maximum time of 30 years. Based on the eligibility, one can get up to 60% of the property value as loan against property at Bandhan Bank.
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Bandhan Bank Loan Against Property Interest Rate
The Bandhan Bank loan against property interest rate starts at 12.64% per annum and may go up to 17.22% per annum for eligible applicants.
Interested applicants can understand the Bandhan Bank Finance LAP interest rate 2024 through the given table:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 12.64%-17.22% p.a. |
| Fixed | 12.64%-17.22% p.a. |
Bandhan Bank Loan Against Property Eligibility Criteria
To qualify for a Bandhan Bank Loan Against Property, applicants must meet certain criteria including being an individual or business with ownership of the property. Eligibility is determined based on factors such as age, income stability, property value, and credit history. Meeting these requirements ensures a smooth approval process and access to the desired loan amount.
Listed below are the updated Bandhan Bank loan against property eligibility criteria that can help you understand your chances of getting such a loan from the bank:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 years | 21 - 65 years |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Steady Income | Steady Income |
| Credit Score | 700 or above (preferred) | 700 or above (preferred) |
Bandhan Bank Loan Against Property Fees and Charges
Bandhan Bank’s Loan Against Property involves various fees, including processing fees and legal costs. Understanding these charges upfront helps in budgeting and avoids unexpected expenses. Be sure to review all applicable fees to get a clear picture of the total cost associated with the loan.
Have a quick look at the Bandhan Bank loan against property processing fees and other charges through the table displayed below:
| Processing Fee | 0.25% to 1.00% depending on the scheme + GST |
|---|---|
| Administrative Fees | 0.25% to 1.00% depending on the scheme + GST |
| Login Fees | Rs. 3,500 + GST (Non-Refundable) |
| Income Tax Certificate | Will be provided once annually free of cost; Rs. 30 per copy + GST for each subsequent copy |
| Statement of Account | Will be provided once annually free of cost; Rs. 100 per copy + GST for each subsequent copy |
| CERSAI Charges | Rs. 100 per account + GST |
| Valuation Report Charges | Rs. 2,500 per property being offered as security to the bank |
| Prepayment Charges on Floater LAP Loans |
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| Prepayment Charges on Fixed LAP Loans |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Comparing interest rates on loans against property from top banks and NBFCs helps you find the most reasonable option, potentially saving you money over the loan term. It allows you to evaluate various offers and select the one that best fits your financial needs. To help you in this matter, we are now highlighting the rate of interest and processing fee of Bandhan Bank and other top 5 financial institutions offering LAP:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Bandhan Bank | 12.64%-17.22% p.a. | 0.25% to 1.00% depending on the scheme + GST |
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| Bank of Maharashtra | 10.95% – 11.45% p.a. | Up to 1% of the loan amount + GST |
| ICICI Bank | 10.85% - 12.50% p.a. | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
| Bank of India | 11.35% - 12.85% p.a. | 1% of the loan amount |
| IIFL Housing Finance | 11.50% p.a. onwards | 2% of the loan amount |
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Documents Required For Bandhan Bank Loan Against Property
To apply for a Bandhan Bank Loan Against Property, you will need to provide essential documents that verify your identity, income, and property ownership. These documents help the bank assess your eligibility and process the loan efficiently. Make sure to have all required paperwork ready to ensure a smooth and prompt application experience by being ready with the following Bandhan Bank loan against property documents:
1. For Salaried Loan Applicants
- Address or Identity Proof: Voter ID Card, PAN Card, Aadhaar Card, etc.
- Income Proof: Salary Slips and Bank Account Statements for the last 3 months, Recent ITR/ Form 16, etc.
- Documents of Property: Copy of all the Property Documents such as Title Deeds, Approved Plan, Proof of No Encumbrance, etc.
- Other Documents: Application Form with recent passport-size photograph, Appointment Letter, Processing Fee Cheque, Declaration with Documents mentioning the end use of the loan, etc.
2. For Self-Employed Loan Applicants
- Address or Identity Proof: Voter ID Card, PAN Card, Aadhaar Card, etc.
- Income Proof: ITR or Form 16 for 3 years, Form 26AS, P & L Account Statements and Balance Sheets for last 3 years, Savings Account Statement of the Business Entity for last 6 months, Business Profile
- Documents of Property: Copy of all the Property Documents such as Title Deeds, Approved Plan, No Encumbrance Proof, etc.
- Other Documents: Application Form with recent passport-size photograph, Appointment Letter, Processing Fee Cheque, Visiting Card, Declaration with Documents mentioning the end use of the loan, etc.
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Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Yes, Bandhan Bank may charge a penalty for missed or delayed EMI payments on a Loan Against Property.
The Bandhan Bank charges a processing fee of 0.25% to 1.00% depending on the scheme + GST on a loan against property scheme.
Bandhan Bank offers up to 60% of the property as the maximum loan amount for a LAP to eligible applicants.
You can mortgage both residential and commercial properties for a Bandhan Bank Loan Against Property. The property must be owned by the applicant and free of any legal encumbrances.
Yes, you can easily pre-close your Bandhan Bank LAP, but you may be charged a foreclosure fee by the bank for the same. So, please inquire about the same from the bank’s officials.