LAP or Loan Against Property is a secured loan for emergency crises. Choose the right bank for a smooth loan process. Several banks offer competitive interest, flexible tenure, and friendly customer support.
24hr Loan lists the 5 best banks for loan against property in India. These lists fulfill all your needs with trusted lenders.
The 5 Best Banks for Loan Against Property
1. State Bank of India (SBI)
State Bank of India, is a trusted and popular public sector bank in India. Most personal reliable to get a loan against property from SBI. The borrower obtains residential and commercial property mortgage loans. SBI branches are spread all over India location that ensuring easy customer support from the branch.
Key Features
Competitive Rates: State Bank of India offers an LAP interest rate of 8.50% p.a. onwards. This interest rate is lower.
Loan Amount: Obtain SBI loan against property loan up to 7.5 crores.
Flexible Tenure: Extend loan tenure up to 15 years which is a good option for borrowers.
Processing Fee: SBI charging flat Rs. 10,000 processing charge for mortgage loans.
Transparency: Ensuring no hidden charges from borrowers. SBI maintains transparency with customers.
2. HDFC Bank
HDFC Bank which is India’s largest private sector bank, provides a wide range of financial products. HDFC Bank offers 60% to 70% loan against property of market value. With the competitive interest with 15 years repayment term, HDFC won customer support.
HDFC Bank takes both residential and commercial properties as mortgages. Ensuring the fastest loan approval and minimal documentation.
Key Features
Loan Amount: Get a loan amount of 60% to 70% of property market value. The loan amount is up to 5 crores.
Competitive Rates: Assuring the lowest interest of 8.40% to 10.95% p.a. which is affordable for customers.
Minimal Documentation: The simplified application process with minimal documentation requirements. HDFC loan against property makes it accessible for borrowers.
Flexible Tenure: Facility to extend repayment tenure up to 15 years.
Processing Fee: HDFC Bank loan against property processing charge is 1.50% of the loan amount.
Also Read: Make Dream Home at Home Loan
3. ICICI Bank
Our third customer choice lender is ICICI Bank, which is a leading private sector company. ICICI Bank covers different products such as personal loans, car loans, home loans, gold loans, loans against property, etc. This bank is popular among customers for quick processing and disbursement.
Key Features
Loan Amount: Secure loan up to 5 crores which is 75% of property valuation.
Competitive Rates: ICICI Bank offering LAP interest rate is 10.85% to 12.50% p.a.
Flexible Tenure: Borrower can extend loan up to 15 years.
Processing Fee: Available up to 0.5% of the loan amount plus GST
Easy to Apply: The easy application process makes it comfortable with hassle-free and minimal paperwork.
4. Axis Bank
Axis Bank provides good customer support which is one of India’s top lenders. This bank is offering competitive interest loans against properties segment. Obtain LAP loan from Axis Bank up to 5 crores. The innovative banking approach makes you special.
Key Features
Loan Amount: Get a maximum loan amount of up to ₹5 crores which is suitable for your needs.
Competitive Rates: Axis Bank assures affordable interest that is 10.50% to 10.95% p.a.
Flexible Tenure: Repay loan against property loan for up to 20 years.
Processing Fee: Axis Bank charges a processing fee of 1% of the loan amount with GST.
Simple Process to Apply: The digital application process simplifies your journey with minimal documentation.
5. Kotak Mahindra Bank
Kotak Mahindra Bank which end-to-end provides a digital approach. This bank mainly focuses on customer-approach solutions. This private sector bank provides a maximum loan of up to ₹5 crores. Borrower obtains loan against property for financial needs or business purposes.
Key Features
Loan Amount: Borrow loan Rs. 10 lakh to Rs. 5 crores based on property valuation.
Competitive Rates: The LAP (Loan Against Property) interest rate is 9.15% p.a. onwards.
Flexible Tenure: Choose repayment tenure up to 15 years.
Processing Fee: The loan against property processing charge is 1% of the loan amount.
Digital Application: Kotak Mahindra Bank approaching digital solutions with the online journey.
Conclusion
Whenever taking a loan against property, you must consider some factors like interest rates, loan amount, repayment tenure, etc. Borrower loan from 24hr Loan with a digital approach. Choose different loan segments such as personal loan, business loan, home loan, mortgage loan, project loan, etc.
Compare lenders before taking a loan against property. It makes a big difference in interest amount if you truly get a lower interest.