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Are you planning any business expansion or thinking of house renovation? Are you in a need of immediate funds for a surgery and you own a property? Apply for overdraft against property with us and utilize the amount as per your needs. Tata capital offers you hassle-free overdraft facility against your property.
This financial offering is designed to be accessible, multi-purpose, and flexible. What’s more, you can apply for an OD loan against property online from the comfort of your home with minimal documentation.
Minimum Loan value
10 Lacs
Maximum Loan value
3 Crore
Loan Tenure
Up to 15 years
Interest rate starting @
9% p.a.
The loan Against Property (LAP) OD facility was introduced to provide customers with flexibility in repayment mode & utilization of loans as & when they would have a requirement. Under this facility, only interest will be serviced on the amount of limit utilized by the customer. Also, the limit shall drop by an equal amount each month till the end of tenure.
With Tata Capital’s overdraft facility against property, you can access funds for any purpose, be it a medical emergency, home renovation, or any other expenses. This multi-purpose loan product offers you the utmost flexibility in repayment modes.
We offer competitive overdraft against property interest rates, and you only need to pay the interest on the amount you utilize. This means you can borrow a certain amount, utilize what you need, and then pay interest only on the amount you have spent.
When you opt for an overdraft facility for a loan against property, you will be assigned an overdraft limit. So, you can borrow funds within this overdraft limit, in addition to your existing credit. This overdraft limit depends on your eligibility and the collateral you provide.
As long as you stay within the overdraft limit, you have the flexibility to borrow as much as you need. The overdraft against property interest rates is applicable only on this amount and not the overall withdrawal limit.
Here are the key features and benefits of an overdraft facility against property:
| Type of charge | Applicable rate |
|---|---|
| Loan processing charges | 1% or Rs. 10,000 whichever is higher |
| Admin charges | Rs. 5,000 |
| Part-payment charges | Nil |
| Foreclosure charges | 2% of the opening overdraft limit for the specific year |
| Renewal charges | 0.5% of the drawing power set or Rs. 5,000 (whichever is lower) + GST |
| No due certificate | Nil |
| Duplicate no dues certificate/NOC | Rs. 50 per instance |
| Financial default | 8% per annum |
| Non-financial default | 1% per annum |
| Stamp duty | As per actuals |
*The interest rates and charges are subject to change and vary from lender to lender. For a more accurate value, please visit the official website of your preferred lender.
You can apply for an overdraft facility against property online from the comfort of your home. Just follow these steps:
Yes, you may obtain a loan against property overdraft for both residential and commercial property. Tata Capital offers a loan against property overdraft facility at competitive interest rates, where you only need to pay the interest on the amount you spend. When you opt for the overdraft facility on your loan, you will be assigned an overdraft limit based on your eligibility, and you can easily borrow funds against your residential or commercial property within this limit.
The maximum loan value that can be obtained through a loan against property overdraft is Rs. 3 crores. The minimum loan value for a LAP overdraft is Rs. 10 lakhs. However, it is essential to note that the actual loan value you obtain is calculated based on the property that you use as collateral. The property's market value is an important factor that helps decide the loan value and credit limit of your loan.
Tata Capital offers highly competitive interest rates for loans against property overdrafts starting from 10.10% per annum. The interest rate is determined based on your property's value and type, credit score, and loan tenure. The interest rate is charged on the outstanding balance of the borrowed amount. The interest rate may be applied daily or monthly, depending on the terms of your loan.
You must pay an application fee when you apply for a loan against a property overdraft. Additionally, a processing fee will also be charged based on the type of property. The processing fee is 1% of the finance amount and GST for a LAP overdraft on residential and commercial properties. For all other properties, the processing charge is 1.25% of the finance amount and GST.
Tata Capital offers a flexible repayment duration for a loan against property overdrafts ranging between 1 and 15 years. With us, you can choose a comfortable loan tenure based on your needs and affordability. There are various repayment options, such as standard and flexi EMI plans, based on which you may choose a comfortable pace to repay your loan.
You may also prepay your loan before the completion of the tenure. However, to do so, you may have to bear foreclosure charges of 4% calculated against your outstanding balance.
Yes, you can prepay and foreclose your loan against a property overdraft. To do this, there are some factors to consider-
1. Lock-in period - There is a 12-month lock-in period during which you cannot prepay your OD loan against the property. If you wish to prepay your loan during the lock-in period, lock-in period charges and foreclosure charges will be applied. For a loan against property overdraft, the lock-in charges are = (rate of interest x outstanding balance on the date of foreclosure x balance lock-in) + foreclosure charges at 4% of the outstanding balance.
2. After the lock-in period - After the 12-month lock-in period, you can prepay up to 25% of your outstanding balance in two payments. For this, you will not be charged any additional fee or penalty. However, if you wish to prepay a larger part of the loan in full, foreclosure charges at 4% of the outstanding balance will be applied.
The following documents are necessary to apply for an overdraft against property-
1. The filled application form
2. A passport-sized photograph
3. Identity proof
4. Residence proof
5. Signature verification
6. Verification of signature
7. Income details- these include salary slips or ITR filing reports from the last two years for salaried individuals. For self-employed applicants, P&L statements and balance sheets are required.
Yes, self-employed professionals, including doctors, chartered accountants and architects, and self-employed non-professionals, such as traders and business owners, can get a loan against property overdrafts with Tata Capital at competitive interest rates.
To be eligible for a LAP overdraft, the applicant must be at least 23 years old at the time of application and less than 70 at the time of loan maturity. Self-employed individuals must have a minimum annual income of Rs. 2.5 lakhs and a stable income for at least three years.
At Tata Capital, we specialise in quick loan execution with minimum documentation. When you apply for an OD loan against property, you can expect it to be verified and approved in just a few days.
The application process is simplified and made more accessible by allowing you to apply online through our website or WhatsApp.
Yes, with an overdraft loan against property, you can access the sanctioned loan amount in parts, as and when you need.
An overdraft secured by property is a facility where the lender extends you credit against your property. You can access this amount as and when you need and only pay interest on the utilised amount.
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