to urban households with monthly incomes (documented or undocumented) and more.
Mortgage interest rates are higher for home equity loans (or Loan against Property), where the end-use is not for housing. A file processing fee of 4.0% (including GST) is charged.
A loan against property (LAP) is a secured loan which will be disbursed on the property you wish to mortgage. The property can be residential property (either self-occupied or a rent), commercial property or even a piece of land. You can also term this as loan on property, mortgage loan and in case of commercial property, commercial property loan.
When loan against property eligibility is met, just like a personal loan, there is no restriction on using the proceeds of LAP. You can use the LAP proceeds to finance your child’s education and wedding, to build a home for yourself, to meet medical expenses, to buy personal or commercial vehicles and even to finance your business.
Rs. 8 Lakhs to Rs. 50 Lakhs
None, if pre-closure happens from borrower's own source of funds. If, other than own sources, pre-payment charges up to 4.5% (inclusive of GST) of principal outstanding as on date, will be applicable.
A file processing fee of 2%-3% (including GST) is charged.
Family members and co-owners of the property.
Equitable Mortgage of the property being financed
by deposit of title deeds