Piramal Loan Against Property
Piramal Loan Against Property
Piramal Loan Against Property comes up as a convenient option to help people grow businesses and meet other personal financial needs such as a child’s education or health emergencies. The rate of interest on Piramal LAP starts at 11.50% per annum. The maximum loan amount that can be availed under the Piramal Finance loan against property is Rs. 2 crore for a maximum tenure of 15 years.
Piramal 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
Piramal Loan Against Property Interest Rate
A significant aspect of a loan against property is its interest rate, which plays a crucial role in determining the affordability and overall cost of the loan. Piramal loan against property interest rate starts at 11.50% per annum and may vary depending on the loan amount, tenure, credit history, and other criteria.
The Piramal LAP interest rate 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 11.50% per annum onwards |
| Fixed | 11.50% per annum onwards |
Piramal Loan Against Property Eligibility Criteria
The eligibility criteria for a loan against property are designed to safeguard the interests of both the lender and the borrower. For lenders, these criteria help in managing risk, ensuring legal compliance, and maintaining financial stability. For borrowers, meeting these criteria ensures they are not overburdened with debt. Overall, it helps promote a healthy lending environment.
Have a look at the table below to understand the Piramal loan against property eligibility:
For Salaried Individuals
Age Range (in years)
21 - 62 years
Nationality
Indian Residents
Minimum Income Earned
Nothing specific
Credit Score
700 or above (preferred)
For Self-Employed Individuals
Age Range (in years)
23 - 70 years
Nationality
Indian Residents
Minimum Income Earned
Nothing specific
Credit Score
700 or above (preferred)
Piramal Loan Against Property Fees and Charges
Paying a processing fee to banks and NBFCs for a LAP is standard practice and necessary for several reasons. It helps these lenders recover their administrative costs, operational expenses, and other costs. The Piramal loan against property processing fees and other charges can be clearly understood through the table below:
| Processing Fee | Up to 3% of the loan amount + applicable taxes |
| Part-Prepayment Charges | Rs. 1000 + GST |
| Photocopy of Documents | Rs. 500 + GST |
| Cancellation of Loan Application Charges | Rs. 5000 + GST |
| Repayment Instrument Dishonour Charges | Rs. 500 + GST |
| Legal Fees | As per actuals + GST |
| Custodial Charges | Rs. 500 + GST |
| Copy of Account Statements | Rs. 500 + GST |
| No Due Certificate | 1st Time: Free; 2nd Time onwards: Rs. 500 + GST |
| CERSAI Charges | Rs. 500 + GST |
| Loan Repayment Schedule Charges | Rs. 500 + GST |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
A little comparison of Piramal Finance LAP interest rate and processing fee with other competing banks and NBFCs makes sense for an informed decision. You will not only be able to feel more confident about your decision to choose Piramal LAP over others but also be able to figure out the affordability of the loan with this comparison:
- Rate of Interest - 11.50% p.a. onwards
- Processing Fee - Up to 3% of the loan amount + applicable taxes
- 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 - 10.85% - 18.60% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 11.35% - 12.85% p.a.
- Processing Fee - 1% of the loan amount
Documents Required For Piramal Loan Against Property
Like all other lenders, who ask for a variety of documents when approving a loan against property, Piramal Finance also has a set of document requirements that applicants are required to submit. You can have a look at the Piramal loan against property documents required list given below and arrange for the same before applying for one:
| For Salaried Loan Applicants | Identity Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, Etc
Address Proof: Latest Electricity Bill, Phone Bill, Ration Card
Income Proof: Salary Slips For 3 Months, Bank Account Statements For 6 Months, Latest ITR/ Form 16
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 | Identity Proof: Like Aadhaar Card, PAN Card, Passport, And Voter ID Card
Address Proof: Latest Electricity Bill, Phone Bill, Ration Card
Income Proof: ITR/ Form 16 For 3 Years, Profit And Loss Account Statements And Balance Sheets For 3 Years, Savings Account Statement/ Current Statement Of The Business Entity For 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 a Piramal Loan Against Property
You can easily proceed with the Piramal loan against property apply online procedure in the following manner:
Apply Now on the BASIC Website
Visit the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Opt for the ‘Loan Against Property’ option under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Fill in the details on the online form 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 a Piramal Home Loan Against Property
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