Indian Bank Loan Against Property
Indian Bank Loan Against Property
The Indian Bank Loan Against Property is a financial product that allows individuals and businesses to leverage their immovable assets to secure a substantial loan amount. It involves mortgaging residential, commercial, or industrial property to get funds for various business or personal purposes. The Indian Bank LAP interest rate 2024 ranges between 10% - 12.75% per annum and can be availed for a maximum tenure of 15 years.
Indian Bank Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Indian Bank Loan Against Property Interest Rate
The Indian Bank LAP interest rate are competitive and vary based on factors such as the loan amount, type of property, tenure, and borrower’s credit profile. Moreover, these may vary for floater and fixed-rate basis plans.
The Indian Bank loan against property interest rate 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 10.00% - 12.75% p.a. |
| Fixed | 10.00% - 12.75% p.a. |
Indian Bank Loan Against Property Eligibility Criteria
It is not tough getting loans against property these days, provided you are eligible for the same. Banks like Indian Bank have set their specific eligibility criteria to check who is eligible to get these loans and who is not. The table given below will help you understand the basic Indian Bank loan against property eligibility criteria:
For Salaried Individuals
Age Range (in years)
18 - 60 years
Nationality
Indian Residents/ NRIs
Minimum Income Earned
Rs. 25,000 per month
Credit Score
650 or above (preferred)
For Self-Employed Individuals
Age Range (in years)
18 - 70 years
Nationality
Indian Residents/ NRIs
Minimum Income Earned
Rs. 25,000 per month
Credit Score
650 or above (preferred)
Indian Bank Loan Against Property Fees and Charges
Banks and financial institutions charge applicants a nominal fee for processes like loans against property. So, if you are aiming to apply for a LAP scheme from Indian Bank, make sure to first go through the processing fee and other charges levied by the bank. The Indian Bank loan against property processing fees and other charges can be clearly understood through the table below:
| Processing Fee | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| CERSAI Charges | As per actuals |
| Stamp Duty | As applicable |
| Prepayment Charges | If the loan is taken by another bank: 2.25% of the outstanding amount; If the loan is closed through the borrower’s funds: Nil |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
No matter how sure you are about Indian Bank being your first choice for a LAP plan, we still urge you to do some comparison of its interest rates and processing fees with other leading competitors in the same field. So, check the table below for this comparison between Indian Bank and other 5 lenders:
- Rate of Interest - 10.00% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 10.00% - 11.30% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 10.40% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 10.85% - 12.50% p.a.
- Processing Fee - 1.50% of the loan amount or Rs. 11,000 (whichever is higher)
- Rate of Interest - 11.35% - 12.85% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 11.50% p.a. onwards
- Processing Fee - Up to 3% of the loan amount + applicable taxes
Documents Required For Indian Bank Loan Against Property
Financial service providers like banks never take chances lending money to people without proper verification. This verification is often conducted via a set of KYC documents that serves as proof of the applicant’s identity, age, address, income, and property. Indian Bank loan against property documents required list is shared below for your easy understanding:
| For Salaried Loan Applicants | Address/ Identity Proof: Passport, Voter ID Card, Aadhaar Card, PAN Card, Etc.
Income Proof: ITR/ Form 16 For The Last 2 Years, Salary Slips For The Last 3 Months, Bank Account Statements For The Last 6 Months
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, And So On
Other Documents: Processing Fee Cheque, Duly-Filled Application Form With Recent Passport Size Photograph, Appointment Letter |
| For Self-Employed Loan Applicants | Address/ Identity Proof: Latest Electricity Bill, Latest Landline Phone Bill, Aadhaar Card, PAN Card, Passport, And Voter ID Card
Income Proof: ITR/ Form 16 For The Last 3 Years, Profit And Loss Account Statements And Balance Sheets For The Last 3 Years, Savings Account Statement/ Current Statement Of The Business Entity For The Last 6 Months, Business Profile, Form 26AS
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, Etc.
Other Documents: Processing Fee Cheque, Duly Filled Application Form With A Recent Passport-Size Photograph, Declaration And Documents Mentioning The End Use Of The Loan, Partnership Deed If The Business Entity Is In Partnership, And The List Of Stakeholders |
How to Apply for an Indian Bank Loan Against Property
The Indian Bank loan against property apply online procedure is as simple as counting 1, 2, 3 and can be done in the following manner:
Apply Now on the BASIC Website
Go to the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Choose ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for an Indian Bank Home Loan Against Property
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