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Processing Fee
A loan against land interest rate will vary from a loan against commercial property interest rate. But, besides the loan against property interest rate, you'll have to pay a processing fee depending on the type of property.
Part Payment Charges
12 months lock-in period.
After 12 months, a maximum of 25% of the principal outstanding is allowed by way of part prepayment during the entire tenor of the loan, with payments being made in 2 tranches at the maximum.
Penal interest/Additional Loan Against Property Interest Rate
3% on Overdue Amount per month + GST
| Effective From | PLR |
|---|---|
| March 3rd 2023 | 19.75% |
| January 1st 2023 | 19.50% |
| September 30th, 2022 | 19.25% |
| August 22nd, 2022 | 18.75% |
| June 15th, 2022 | 18.25% |
| May 16th, 2022 | 17.75% |
| January 1st, 2019 | 17.45% |
| October 1st, 2018 | 17.15% |
| July 1st, 2018 | 16.85% |
| May 1st, 2018 | 16.65% |
| November 1st, 2015 | 16.50% |
| May 1st, 2015 | 16.65% |
| December 10th, 2013 | 16.75% |
| September 1st, 2013 | 16.65% |
| March 1st, 2013 | 16.40% |
| October 1st, 2011 | 16.50% |
| July 1st, 2011 | 16.00% |
| April 1st, 2011 | 15.50% |
| December 20th, 2010 | 14.75% |
| November 15th, 2010 | 14.25% |
| January 1st, 2009 | 13.75% |
₹ 2000 + GST
₹ 450 + GST
Charges will be applicable on your EMI Due date in case the account does not have an Active mandate after the exhaustion of the given post-dated cheques. This charge would be applied every month until there is an Active Mandate linked to the account.
₹ 10,000 + GST
Up to ₹ 3 Cr - ₹ 3,000 + GST
Above ₹ 3 Cr - ₹ 5,000 + GST
Soft Copy – Nil
Branch walk-in - ₹ 250 + GST
4% of outstanding principal + GST
4% of outstanding principal + GST
4% of the Dropdown Limit amount + GST
₹ 25,000 + GST
₹ 550 + GST
₹ 550 + GST
₹ 550 + GST
₹ 500 + GST per request
₹ 2000 + GST
₹ 5000 + GST
₹ 1000 + GST per request
₹ 200 + GST per request
₹ 200 + GST per request
₹ 500 + GST per request
At Actuals
At Actuals
Up to ₹ 1 Cr - ₹ 6,000 + GST per property
Above ₹ 1 Cr - ₹ 11,000 + GST per property
Lock-in period charges (Prevailing ROI x Principal Outstanding as on date of Foreclosure x Balance Lock-in) + Foreclosure charges (4%) + GST
With Tata Capital, you can avail of affordable property loans with LAP interest rates starting at 10.10%. Your loan against property interest rate will depend on factors like your employment type, income, credit history, existing debt, current interest rate on loan against property, etc. It will also depend on your property. For example, loan against land interest rate will vary from loan against commercial property interest rate or loan against plot interest rate, and so on.
Here's how these factors affect your loan against property interest rate-
Disclaimer: The loan against property interest rates/charges indicated above are subject to revision at Tata Capital’s discretion from time to time.For the definitions of the above charges, please refer to the Master Terms & Conditions sheet.Soft copies of documents mentioned in the table above will be provided free of cost. For hard copies, please refer to the above table for the applicable fees & charges.
At Tata Capital, you can choose between two kinds of loan against property interest rates, fixed rate of interest and variable/floating rate of interest.
With a fixed interest rate, the percentage charged remains fixed throughout the loan tenure. This ensures a fixed EMI to be charged every month.
With a variable/floating interest rate, the percentage of interest charged will fluctuate depending on the market scenario.
Yes, a nominal fee is charged as processing fees at the beginning of your loan application process. Here are the details of Tata Capital’s processing fee.
On getting your hands on surplus funds, you might think of prepaying your home loans to save up on further loan against property interest rates charges.
But it is important to remember that Tata Capital charges a foreclosure fee for repaying your loan prematurely. Here are the details of Tata Capital’s foreclosure fees.
Yes, apart from the loan against property interest rates and processing fees, loan applicants might be required to pay other costs as well. These costs include.
These charges are levied in case you want to pre-pay part of your outstanding loan amount. While applicants can’t pre-pay their loan during the lock-in period (12 months from loan disbursement), they can do so after. However, only 25% of the principal outstanding is accepted as part prepayment during the entire tenure of the loan.
In case of default on repayment of the loan, 3% on the overdue amount per month and GST is charged as penal interest.
If applicants decide to foreclose their loan within the lock-in period, they are liable to pay the lock-in period charges, 4% of the outstanding principal amount and GST. Once the lock-in period passes, the foreclosure charges are 4% of the outstanding principal amount and GST.
These include bounce charges, mandate rejection charges, legal and technical charges etc.
At Tata Capital, we believe in providing complete transparency when disclosing our fees and charges. The final loan document will give you all the transactional details of the fees charged on your loan against your property.
Comparing lap loan lowest interest rates is one of many things under your control. Apart from loan against land interest rates, you also have the liberty to select your loan tenure.
You can choose the loan tenure that best suits your needs and financial plans. However, an important thing to note is that the loan tenure has to be for at least one year and, at most, 30 years.
The loan against property interest rates is calculated with the help of a basic formula:
EMI = [P x R x (1+R) ^N]/[(1+R) ^ (N-1)]
Here,
P= Principal loan amount
R= Interest rate
N= Number of EMI instalments
However, using the EMI calculator available at Tata Capital's official website, you can skip the tedious EMI calculation on loan against property based on interest rates.
Tata Capital charges foreclosure or loan pre-closure fees if you want to completely or partially prepay the loan. But it is important to remember that the amount of foreclosure fees charged is depended on when you prepay your loan.
When financing your new property with a competitive lap loan interest rate, it is essential to be aware of its associated charges. Processing charges are levied during the application process, and stamp duty is a charge that is associated with property value.
Stamp duty is charged based on the property’s market value and other factors such as the state in which it is located, the type of property, etc.
Yes, Tata Capital offers a hassle-free overdraft facility that can be combined with your lap loan. This facility was introduced as a measure to provide flexibility in the utilisation and repayment of loans by customers.
With a loan against land overdraft facility, interest will be serviced only on the amount you utilise. The limit drops by a fixed amount every month until the tenure ends.
No, insurance is not mandatory to apply for a loan against property. However, planning your finances to safeguard yourself from defaulting on your payments is recommended.
At Tata Capital, apart from offering flexible loan tenures, attractive interest rates and multiple repayment plans, we provide an EMI calculator. With this, you can structure your loan against land in the way that is the most feasible for you.
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