Loan Against Property in Delhi

Loan Against Property Interest Rates Offered by Top Lenders in Delhi

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

Features of Loan Against Property in Delhi

Some common features of loan against property in Delhi are as follows:

• LAP interest rates start from 8.75% p.a.
• Repayment tenure can be up to 20 years
• LTV Ratio can go up to 70% of the property’s market value
• Facility of Lease Rental Discounting available
• Industrial, commercial or residential property can be used as collateral
• 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 as well as those availing LAP balance transfer
• Processing fee can go 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 Delhi

• 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 Delhi

The loan against property criteria set by most lenders in Delhi 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

Documents Required for Availing LAP in Delhi

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 Delhi 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
• 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) and latest maintenance bill

Also check: Detailed list of documents required for loan against property