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Loan Against Property Interest Rates & Charges

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.

  • Residential and Commercial properties (HE) - 1% of finance amount + GST and up to 3%
  • Rest all other properties (HE Plus) - 1.25% of finance amount + GST and up to 3%
  • Mint Loan - 1.25% of finance amount + GST and up to 3%

 

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

 

    Miscellaneous Charges

  • Bounce Charges

    ₹ 2000 + GST

  • Mandate Rejection Service Charge

    ₹ 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.

  • CCOD Annual Maintenance Charges

    ₹ 10,000 + GST

  • Application Fees

    Up to ₹ 3 Cr - ₹ 3,000 + GST
    Above ₹ 3 Cr - ₹ 5,000 + GST

  • Statement of Accounts

    Soft Copy – Nil
    Branch walk-in - ₹ 250 + GST

  • Foreclosure Charges

    4% of outstanding principal + GST

  • Foreclosure Charges for Top Up

    4% of outstanding principal + GST

  • Foreclosure Charges in CCOD Cases

    4% of the Dropdown Limit amount + GST

  • Loan Cancellation Charges

    ₹ 25,000 + GST

  • Instrument Swap Charges

    ₹ 550 + GST

  • Duplicate Repayment Schedule

    ₹ 550 + GST

  • Duplicate NOC

    ₹ 550 + GST

     

  • Foreclosure Letter Charge

    ₹ 500 + GST per request

  • One-Time Maintenance Charges

    ₹ 2000 + GST

  • Document Retrieval Charges

    ₹ 5000 + GST

  • LOD Statement Request Charges

    ₹ 1000 + GST per request

  • Provisional LAP Interest Rate Certificate Request charges

    ₹ 200 + GST per request

  • Final LAP Interest Rate Certificate Request charges

    ₹ 200 + GST per request

  • Other Statements Request charges

    ₹ 500 + GST per request

  • Stamp Duty

    At Actuals

  • Broken Period Interest

    At Actuals

  • Legal & Technical Charges

    Up to ₹ 1 Cr - ₹ 6,000 + GST per property
    Above ₹ 1 Cr - ₹ 11,000 + GST per property

  • Foreclosure within Lock-In Period

    Lock-in period charges (Prevailing ROI x Principal Outstanding as on date of Foreclosure x Balance Lock-in) + Foreclosure charges (4%) + GST

  • Switch Fee Charges

    • 12 months lock-in period - No changes allowed
    • After 12 months - 5000 + GST or 0.10% + GST of POS whichever is higher - For rate reduction less than 0.75%
    • 7500 + GST or 0.15% + GST of POS whichever is higher - For rate reduction greater than 0.75% to 1.50%
    • 10000 + GST or 0.25% + GST of POS whichever is higher – For rate reduction greater than 1.5%

Loan Against Property Interest Rate

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-

  • Your Credit Score

    An excellent score works in your favor to avail of a larger loan amount at attractive loan against property interest rates. 

  • The Type of Property You Want to Mortgage

    The type of property you want to mortgage will also affect the LAP interest rate. Depending on this, you will have different LAP interest rates like-

     

    • Loan against land interest rate

    • Loan against commercial property interest rates

    • Loan against plot interest rate

    • Loan against property interest rates for properties like schools, hospitals, etc.

    • Loan against under-construction property interest rate, etc.

  • Property Value

    The loan against property interest rate will depend on the value of the collateral property. Some factors that help determine this are the location of the property, date of construction, existing disputes, size of property, etc. The loan against property interest rate will vary based on these factors.

  • Loan Tenure

    The loan against property interest rate will also depend on the tenure of your loan. If you avail of a loan for a longer duration, you will have to pay a lower LAP interest rate. The current interest rate on loan against property will also affect your LAP interest rate.

  • The Type of Loan Against Property Interest Rate You Select

    There are two types of interest rates of LAP- fixed LAP interest rate and flexible LAP interest rate. In fixed rate, your loan against property interest rate will be pre-decided. With a flexible interest rate of LAP, you will have to pay the current loan against property interest rate.

  • Your Profile

    The loan against property interest rate will depend on your age, income, occupation, city of residence, etc. The LAP interest rate will also vary depending on your employment type (salaried, self-employed, etc.). If you're in the early years of your career, you can avail of a lower loan against property interest rate. Make sure you have the required documents for income proof to get the best deal on the current loan against property interest rates. 

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.

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Popular FAQs

What is Loan Against Property?

Financial emergencies can knock at your door without warning. And when that happens, you can make the most of your owned property with a Loan Against Property. It is a secured form of finance that you can avail against  self owned property  and get immediate access to funds for all your urgent needs – from business expansion to a personal needs . 

What are the benefits of a Loan Against Property?

A loan against property is a convenient means of securing immediate funds for varying financial needs. It offers exciting benefits such as-

  • Multipurpose loan
  • Attractive interest rates
  • Flexible loan tenure
  • Low processing fee
  • Simple application process
  • Fast approval and disbursal
What types of properties will be considered?

When it comes to a loan against property, it is a common myth that you can only put a residential property as collateral. But you can secure an affordable loan against various commercial and residential properties. These include-

  • Residential property (House, Flat, Bunglow, etc)
  • Commercial property (Shops, Offices, Commercial Space, etc.)
  • Residential & Industrial plots
  • Properties such as hospitals, schools, industrial property, etc.
Will I get Loan Against Property if I own it along with my relatives?

Yes, you can easily secure a loan against a co-owned property. However, all the co-owners have to apply for the loan as co-applicants.

What are the variants of Loan Against Property?

There are several types of Loan Against Property for,

  • Loan to traders for working capital needs
  • Loans to manufacturers for equipment/machinery purchases
  • Loan to commercial purchase of property
  • Additional Loan to existing customers
  • Loan to consolidate all existing debts to reduce EMI burden
  • Lease rental income
What can I use Loan Against Property for?

Excited to give your home a makeover? Need funds for business expansion? Or need to take care of a personal expense? With a Loan Against Property from Tata Capital, there are no restrictions on the end-use of funds. Here are the various ways you can use a loan against property –

  • Personal needs such as Marriage, Higher education to children, medicale emergency etc
  • Property renovation
  • Debt consolidation
  • Fulfil working capital needs of business
  • Mortgage buyout
  • Refinancing self-financed property
Will my processing fee be refunded?

No. The processing fee is non-refundable under any situation, such as rejection or withdrawal of the loan application. It covers the expenses we incur to process your loan application, including calculating your eligibility, assessing your loan application, verification of documents, and so on. 

What is the maximum tenure allowed to repay Loan Against Property?

At Tata Capital, we offer a flexible tenure to make the loan repayment super comfortable for you. You can avail of a loan against property for a maximum term of up to 240 months. 

What is the maximum amount available for a Loan Against Property?

 

The maximum loan amount you can borrow depends on your eligibility and is customisable to suit your needs. We extend an affordable loan against property for up to Rs. 5 crores.

What is the interest rate for Loan Against Property?

 

We offer highly competitive interest rates starting from 10.10%. Moreover, we offer flexible loan tenure and a convenient EMI structure to make your loan extremely affordable. 

Can I pre-pay my loan?

 

There are times when you might receive a sudden inflow of cash. In such situations, you can easily pre-pay your loan against property in part or in full and reduce your outstanding amount.

Am I eligible for a Loan Against Property?

At Tata Capital, our loans come with easy-to-meet eligibility criteria, which differ for salaried or self-employed individuals. Here are the basic eligibility criteria-

For Salaried Individuals

  • Segment- Working in MNC/ Large Pvt. Ltd. Co./ Public Ltd. Co./ State Govt./ PSU/ Central Govt.
  • Must be between the age of 23 to 65 years or retirement age (whichever is earlier)
  • Minimum income – Rs. 2,40,000
  • Must be working for at least 3 years

    • For Self-Employed Professionals

  • The applicant must be between the age of 23 to 70 years (at loan maturity)
  • Segment- Doctors, Chartered Accountants, Architects
  • The applicant must have a minimum annual income of Rs. 2,50,000
  • The applicant must be in the profession for at least 3 years

    • For Self-Employed Individuals (Non-Professionals)

  • Segment- Retailers, Wholesalers, Traders, Manufacturer
  • Age- 23 to 70 years (at maturity)
  • Must have a minimum annual income of Rs. 2,50,000
  • Must be working in the business for at least 3 years

    • Non-Individuals

  • Segment- Firm, Pvt. Ltd., Public
  • Age- 25 to 60 years (at loan maturity)
  • The applicant must have a minimum annual income of Rs. 3,00,000
  • Must have occupational stability of at least 3 years (with at least 2 years of cash profit)
What are the documents I require for a Loan Against Property?

We only ask for minimal documentation to process your loan against property.

  • Application form
  • Photograph
  • ID proof (Voter card/Aadhaar Card/ Driving License)
  • Address proof
  • Signature verification
  • Latest bank statements (last 6 months)
  • Form 16 and salary slips of the last 2 months (salaried individuals)
  • IT returns, Balance Sheet, and Profit & Loss (for self-employed professionals and individuals)
What are the Flexi EMI plans available to me?

With Tata Capital, you can choose from a standard and flexible EMI structure depending on your income.

  • Under the Standard EMI plan, your EMI amount remains the same for the entire loan tenure, and you make consistent payments. It is ideal for applicants with a fixed income.

  • Under the Step up Flexi plan, you can pay lower EMI at the beginning and gradually increase the payment with an increase in income. Individuals who expect a regular increase in their income can benefit from this plan and manage their income flow more efficiently.

How do you get a Loan Against Property?

Securing a loan against property with Tata Capital is fairly simple and quick. All you need to do is-

  • Visit our website and fill in the application form
  • Upload the necessary documents
  • Wait while we process your application and verify the documents
  • Get instant approval
What are the different ways to apply?

At Tata Capital, your convenience is our priority. That is why we offer you various easy ways to apply for a loan.

Online

Visit our website and share your details by clicking here

Branch

Visit your nearest branch and get in touch with our lending experts. Rest assured, you can secure a loan hassle-free as they will manage the loan process, from application to disbursal.

Phone

Looking to know more? Call us on our customer care number at 1860 267 6060 from 9 am  to 8 pm.

Virtual Assistant

Ditch the long wait and get answers to your queries in real time! Connect with our 24/7 virtual assistant and enjoy a hassle-free loan application experience!

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16 November, 2022
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