Indian Bank Loan Against Property
The Indian Bank Loan Against Property is a financial product that allows individuals and businesses to leverage their immovable assets to secure a substantial loan amount. It involves mortgaging residential, commercial, or industrial property to get funds for various business or personal purposes. The Indian Bank LAP interest rate 2024 ranges between 10% - 12.75% per annum and can be availed for a maximum tenure of 15 years.
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Indian Bank Loan Against Property Interest Rate
The Indian Bank LAP interest rate are competitive and vary based on factors such as the loan amount, type of property, tenure, and borrower’s credit profile. Moreover, these may vary for floater and fixed-rate basis plans.
The Indian Bank loan against property interest rate 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 10.00% - 12.75% p.a. |
| Fixed | 10.00% - 12.75% p.a. |
Indian Bank Loan Against Property Eligibility Criteria
It is not tough getting loans against property these days, provided you are eligible for the same. Banks like Indian Bank have set their specific eligibility criteria to check who is eligible to get these loans and who is not. The table given below will help you understand the basic Indian Bank loan against property eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 18 - 60 years | 18 - 70 years |
| Nationality | Indian Residents/ NRIs | Indian Residents/ NRIs |
| Minimum Income Earned | Rs. 25,000 per month | Rs. 25,000 per month |
| Credit Score | 650 or above (preferred) | 650 or above (preferred) |
Indian Bank Loan Against Property Fees and Charges
Banks and financial institutions charge applicants a nominal fee for processes like loans against property. So, if you are aiming to apply for a LAP scheme from Indian Bank, make sure to first go through the processing fee and other charges levied by the bank. The Indian Bank loan against property processing fees and other charges can be clearly understood through the table below:
| Processing Fee | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
|---|---|
| CERSAI Charges | As per actuals |
| Stamp Duty | As applicable |
| Prepayment Charges |
|
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
No matter how sure you are about Indian Bank being your first choice for a LAP plan, we still urge you to do some comparison of its interest rates and processing fees with other leading competitors in the same field. So, check the table below for this comparison between Indian Bank and other 5 lenders:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Indian Bank | 10.00% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| 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 |
| Piramal Housing Finance | 11.50% p.a. onwards | Up to 3% of the loan amount + applicable taxes |
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Documents Required For Indian Bank Loan Against Property
Financial service providers like banks never take chances lending money to people without proper verification. This verification is often conducted via a set of KYC documents that serves as proof of the applicant’s identity, age, address, income, and property. Indian Bank loan against property documents required list is shared below for your easy understanding:
1. For Salaried Loan Applicants
- Address/ Identity Proof: Passport, Voter ID Card, Aadhaar Card, PAN Card, etc.
- Income Proof: ITR/ Form 16 for the last 2 years, Salary Slips for the last 3 months, Bank Account Statements for the last 6 months
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
- Other Documents: Processing Fee Cheque, Duly-Filled Application Form with recent passport size photograph, Appointment Letter
2. For Self-Employed Loan Applicants
- Address/ Identity Proof: Latest Electricity Bill, Latest Landline phone Bill, Aadhaar Card, PAN Card, Passport, and Voter ID Card
- Income Proof: ITR/ Form 16 for the last 3 years, Profit and Loss Account Statements and Balance Sheets for the last 3 years, Savings Account Statement/ Current Statement of the Business Entity for the last 6 months, Business Profile, Form 26AS
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc.
- Other Documents: Processing Fee Cheque, Duly Filled Application Form with a recent passport-size photograph, Declaration and Documents mentioning the end use of the loan, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
Find Shubham Home Loan Offices Near You
Shubham Housing Finance has over 140 branches across 12 popular states of India. You can easily locate a branch of Shubham Finance near me by searching online. Alternatively, you can fill in the Free Consultation Form, and the BASIC Home Loan team will reach out to you for needful assistance in the procedure.
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, chances are high that you can get a loan against property from Indian Bank but for this you have to show your tax payments and must show a good credit score.
The interest rate range to avail of Indian Bank LAP is from 10% - 12.75% per annum.
Yes, borrowers failing to pay the Indian Bank loan against property EMI can be penalized with fines by the bank, and this may also impact their CIBIL score negatively. At the worst, their property can be put on auction.
A loan against property from the Indian Bank can be used for professional and personal financial needs such as expanding the business, buying raw materials, financing the child’s education, and building a home.
Indian Bank offers loan against property for a maximum of 15 years repayment tenure.
Yes, NRIs are eligible for an Indian Bank LAP, however for this, they need to have the property they want to put on the mortgage in India, which should either be owned by them or some close family member.