Loan Against Property Interest Rates Offered by Top Lenders in Chennai
| Name of the Lender | Interest Rate (% p.a.) | |
| State Bank of India | 9.20-10.50 | Apply Now |
| Bank of Baroda | 10.85-18.35 | Apply Now |
| PNB Housing Finance | 9.25-15.00 | Apply Now |
| IDFC First Bank | 9.00-16.50 | Apply Now |
| HDFC Bank Limited | 9.50-11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50-11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| ICICI Bank | 10.85-12.50 | Apply Now |
| Tata Capital | 9.00 onwards | Apply Now |
| Axis Bank | 10.50-10.95 | Apply Now |
| Punjab National Bank | 10.15-14.00 | Apply Now |
Note: Interest rates as of 18th May 2023
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Features of Loan Against Property in Chennai
Here are some common features of loan against property in Chennai:
- LAP interest rate: 8.75% p.a. onwards
- 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
- Facility of LAP balance transfer for existing customers of other lenders at lower interest rates
- Top-up loan for existing LAP borrowers and LAP balance transfer borrowers
- Processing fee: Up to 1% of the loan amount
- Foreclosure/part payment charges: NIL at floating interest rate
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Income Criteria for Loan Against property in Chennai
- For salaried applicants: Minimum Rs 12,000 per month
- For self-employed applicants: Minimum Rs 1.5 lakh p.a.
Eligibility Criteria of Loan Against Property in Chennai
The eligibility criteria for availing loan against property in Chennai may differ from one lender to another. The major criteria set by most lenders for their LAP borrowers in Chennai 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.
Also Check: Loan Against Property Eligibility Calculator
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Documentation for Availing LAP in Chennai
The documents required for loan against property in Chennai can vary from one lender to another. Some of the most common documents required to avail loan against property in Chennai are as follows:
- Application form with a recent photograph
- Age proof: PAN Card/ Passport/ any other certificate from a statutory authority
- 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
- Form 16
- Bank statements (bank statements or passbook for last 6 months) or last 6 months salary slips
- Income tax returns for last 3 years
- Documents related to the property offered as collateral: Sales deed/copy of Agreement, share certificate (if society formed), latest maintenance bill
Also check: Detailed list of documents required for loan against property