Loan Against Property Interest Rates Offered by Top Lenders in Ahmedabad
| Name of the Lender | Interest Rate (% p.a.) |
| State Bank of India | 10.60-11.30 |
| Bank of Baroda | 10.85-16.50 |
| PNB Housing Finance | 9.65-13.00 |
| IDFC First Bank | 8.75-16.25 |
| HDFC | 9.35-12.25 |
| L&T Housing Finance | 9.60 onwards |
| LIC Housing Finance | 9.45-12.60 |
| Godrej Housing Finance | 9.75 onwards |
| ICICI Bank | 10.85-12.50 |
| Tata Capital | 9.85 onwards |
| Bajaj Housing Finance | 8.50-18.00 |
| Axis Bank | 9.90-10.35 |
| Kotak Mahindra Bank | 9.15 onwards |
Note: Interest rates as of 13th March 2023
Features of Loan Against Property in Ahmedabad
Some common features of loan against property in Ahmedabad are as follows:
- LAP interest rates: 8.75% p.a.
- Repayment tenure: 20 years
- LTV Ratio: Up to 70% of the property’s market value
- Facility of Lease Rental Discounting available
- Collateral: Industrial, commercial or residential property
- Existing LAP borrowers of other lenders can use the LAP balance transfer facility to transfer their existing LAPs to other lenders at lower interest rates.
- Lenders also offer top-up loan to their existing LAP borrowers and LAP balance transfer borrowers
- Processing fee: Up to 1% of the loan amount
- Foreclosure/part payment charges are NIL at floating interest rate
Income Criteria for Availing Loan Against property in Ahmedabad
- For salaried applicants: At least Rs 12,000 per month
- For self-employed applicants: At least Rs 1.5 lakh p.a.
Eligibility Criteria of Loan Against Property in Ahmedabad
The loan against property criteria set by most lenders in Ahmedabad is as follows:
- Indian resident
- Age:
- Minimum 18 years (at the time of loan application)
- Maximum 70 years (at the time of loan maturity)
- Job Profile: Salaried (government employees and corporate professionals)/ Self-Employed Professionals (Doctors, lawyers, CA, CS, engineer, architect, consultant)/ Self-Employed Non-Professionals (Traders, contractor, commission agent)
- Credit Score: CIBIL/Credit score should be 750 and above for higher chances of availing LAP. Many lenders also charge lower loan against property interest rates from borrowers with high credit scores.
- Work experience:
- For Salaried- At least 3 years of work experience
- For Self-Employed– At least 3 years of business continuity
- Repayment capacity: Many lenders also require their LAP applicants’ total EMIs, including the EMI of their proposed LAP, to be between 50 and 60% of their net monthly income. Those considering a loan against property should use the Loan Against Property EMI Calculator to determine the optimal EMIs and loan tenures for their LAP based on their repayment capacity, while keeping their total EMIs under 50% of their net monthly income.
Documents Required for Availing Loan Against Property in Ahmedabad
Loan against property documents required may differ from one lender to another. Some of the most common documents required to avail loan against property in Ahmedabad are as follows:
- Application form with a recent photograph
- Identity Proof: Passport/Voter ID/Driving License/PAN Card
- Address proof: Ration card/telephone bill/ Electricity bill/ Rent agreement/ Passport/ Driving License/ Bank passbook or statement
- Age proof: PAN Card/ Passport/ any other certificate from a statutory authority
- Form 16
- Income tax returns for last 3 years
- Bank statements (bank statements or passbook for last 6 months) or last 6 months salary slips
- Documents related to the property offered as collateral: Sales deed/copy of Agreement, share certificate (if society formed) and latest maintenance bill
Also check: Detailed list of documents required for loan against property