Loan Against Property Rate Trends of Top Banks
| Bank Name | Current Rate | Previous Rate |
|---|---|---|
| ICICI Bank | 8.35% | 8.60% |
| HDFC | 8.75% | 8.35% |
| HDFC Bank | 8.75% | 8.25% |
| SBI | 8.80% | 8.90% |
Just so, how can I get a personal loan against my property?
You will need the following documents* to apply for a Loan against Property:
- Salaried individuals.
- Latest Salary Slips.
- Bank account statements of the previous 3 months.
- PAN card/Aadhaar card.
- Address proof.
- Copy of the documents of the property to be mortgaged.
- IT returns.
- Self-employed individuals.
Also know, what is eligibility for loan against property?
SBI Loan Against Property Calculator India May 2021
| Eligibility Criteria | Salaried | Self Employed |
|---|---|---|
| Age of Eligible Borrower | 18 – 70 years | 18 – 70 years |
| Maximum Loan Tenure | 15 years | 15 years |
| Eligible Monthly Income | ? 25,000 | ? 25,000 |
| Loan as percent of Property Value | Upto 65% | Upto 65% |
What are the 3 types of mortgages?
8 Types of Mortgage Loans for Buyers and Refinancers
- 30-year fixed-rate mortgage. The 30-year fixed-rate mortgage is a home loan with an interest rate that’s set for the entire 30-year term. …
- 15-year fixed-rate mortgage. …
- Adjustable-rate mortgage. …
- FHA mortgage. …
- VA mortgage. …
- USDA mortgage. …
- Jumbo mortgage. …
- Interest-only mortgage.
Can I take loan on my father property?
The bank or any financial institution will not give any home loan to you as the property is in the name of your father. … You can avail only personal loan. In that case the rate of interest is bit high. As the property is in the name of your father and after his demise , his property will be devolve upon his legal heirs.
What are the documents required for a lap loan against property?
Financial
| Aadhaar Card | Driving License | Voter ID |
|---|---|---|
| GOI Issued Photo ID | Govt Employee ID | Electricity Bill |
| Gas Bill | Telephone Bill (Land line) | Property Tax Receipt |
Can I get loan against property without income proof?
Keep the following list of documents handy to avail a mortgage loan against property without income proof: Duly filled application form. Proof of identity like PAN Card, Voter ID Card, Aadhaar Card, Driving License, etc. Proof of address like Aadhaar Card, Voter ID Card, Ration Card, Passport, Utility Bills, etc.
How much loan can I get if my salary is 20000?
Consider –
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 20,000 | Rs. 5.40 lakhs |
| Rs. 30,000 | Rs. 8.10 lakhs |
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
What is difference between mortgage loan and loan against property?
In simple terms, a home loan is a loan taken to buy or construct a new home – i.e. the property is not owned by the loan applicant. A mortgage loan, also known as a loan against property, is a loan secured by a property that the loan applicant already owns.
What is the interest rate for loan against property?
TruFixed Loan – 2 Year Fixed Rate Variant
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| Self Occupied Residential Property (50 Lakhs & Above) | 9.15 to 10.15 |
| Non – Self Occupied Residential Property (Upto 49.99 Lakhs) | 9.80 to 10.40 |
| Non – Self Occupied Residential Property (50 Lakhs & Above) | 9.60 to 10.25 |
Why do people take loan against property?
Loan Against Property serves different purposes for individuals as well as businesses. It is often used by individuals to address essential life goals such as higher education of children, marriage or making a down payment for a home or car. … Generally, this loan is given against residential or commercial properties.
How much loan can I get if my salary is 15000?
HDB Financial Services offers personal loans of up to Rs. 20 lakh to individuals who earn a minimum income of Rs. 15,000.
How much loan can I get on 50000 salary?
How much home loan can I get on my salary?
| Net Monthly income | Home Loan Amount |
|---|---|
| Rs.30,000 | Rs.22,37,206 |
| Rs.40,000 | Rs.29,82,941 |
| Rs.50,000 | Rs.37,28,676 |
| Rs.70,000 | Rs.52,20,146 |
How much loan can I get on 40000 salary?
If you take a personal loan for a maximum of 5 years, then your loan amount will be ? 20,000*12*5 = ? 12,00,000. However, the multiplier is 20, then the loan amount will be ? 40,000*20 = ? 8,00,000. Therefore, the amount you will get on ? 40,000 salary is ? 8,00,000.