Loan Against Property Interest Rates Offered by Top Lenders in Guwahati
| 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: Rates as of 29th March 2023
Features of Loan Against Property in Guwahati
Some of the most important features of Loan Against Property are provided below:
- The loan against property interest rates usually start from 8.75% p.a.
- Banks/HFCs offer LAP repayment tenures of up to 20 years.
- Lenders offering LAP in Guwahati provide loan to value (LTV) ratios of up to 70% of the mortgaged property’s market value, with some lenders providing higher LTV ratios to their loan applicants.
- Banks/ HFCs offering LAP accept residential, commercial or industrial property as collateral.
- Lenders also provide the LAP balance transfer facility to existing borrowers of other banks/HFCs wherein they can transfer their loan against property to a different lender at lower interest rates.
- Existing LAP borrowers can avail the top-up loan on LAP from their lenders. The top-up facility allows LAP borrowers to avail additional finance, over and above their existing loan, to manage their personal and/or business-related expenses. Existing LAP borrowers who opt for balance transfer from other lenders are also eligible for availing top-up loans on LAP.
- Lenders also offer the Lease Rental Discounting facility wherein customers can procure funds for personal/business related uses by pledging their tenants’ rental receipts.
- Banks/HFCs do not charge any foreclosure/part-prepayment fees for LAP offered at floating interest rates.
- Processing fee: Up to 1% of the loan amount
Income Criteria for Loan Against Property in Guwahati
Most lenders offering loan against property in Guwahati follow the below mentioned income criteria for their loan applicants:
- For salaried LAP applicants: At least Rs 12,000 per month
- For self-employed LAP applicants: Minimum Rs 1.5 lakh p.a.
Loan Against Property in Guwahati: Eligibility Criteria
Although the eligibility criteria for loan against property set by banks/HFCs may differ from one another, most lenders usually ask their loan applicants to fulfil the loan against property eligibility criteria mentioned below:
- Nationality: Lenders usually offer loans against property to Indian residents with some banks/HFCs also providing LAP to NRIs.
- Age: The age limit set by most lenders for availing LAP in Guwahati are as follows:
- Minimum age: 18 years (at the time of applying for the loan)
- Maximum age: 70 years (at the time of loan maturity)
- Job profile: Lenders consider the following loan applicants as eligible for availing loan against property in Guwahati:
- Salaried (both private and public sector employees)
- Self-employed professionals like architects, engineers, lawyers, doctors, CA, consultants, etc.
- Self-employed non-professionals like contractors, traders and commission agents
- Credit score: Lenders usually prefer loan applicants availing LAP in Guwahati with CIBIL/credit scores of 750 and above. Banks/HFCs consider such applicants as financially disciplined and hence, they have higher chances of availing LAP. Loan applicants are also more likely to offer lower loan against property interest rates to prospective borrowers having higher credit scores.
- Work experience: The minimum work experience required by most lenders for availing loan against property in Guwahati are provided below:
- For salaried: At least 3 years of work experience
- For self-employed: Minimum business continuity of 3 years
- Repayment capacity: Lenders usually prefer offering LAP to applicants with total EMIs (including existing EMIs and EMI of their proposed LAP) to be within 60% of their net monthly income. LAP Applicants exceeding the 60% limit have lower chances of availing loan against property. Such loan applicants can improve their LAP eligibility by prepaying their existing loans and thus, bringing down their total EMIs to within the 60% limit. Loan applicants can also use the Loan Against Property EMI Calculator to find out the optimal loan tenures and EMIs for availing loan against property in Guwahati, based on their repayment capacity, while restricting their total EMIs to below 60% of their net monthly income.
Documents Required for Availing Loan Against Property in Guwahati
While every bank/HFC offering loan against property has their own documentation process, some of the main loan against property documents required for availing LAP in Guwahati are as follows:
- Identity Proof (any one): Passport, Ration Card, Driving Licence, Voter ID, PAN Card, etc.
- Age proof: Passport, PAN Card, Birth certificate or any other certificate from a statutory authority
- Proof of address (any one): Rent agreement, Ration Card, electricity bill, telephone bill, bank passbook, bank statement, etc.
- Income Proof:
- For salaried (any one): Income tax returns (ITR) of last 3 years, Form 16, promotion letter, last 6 month salary slips, etc.
- For self-employed (any one): Details of business licence, Balance Sheet and Profit & Loss Account of company/firm, Last 3 years ITR, etc.
- Bank statements/passbook of last 6 months
- Documents for property offered as collateral: Sales deed / copy of agreement, latest maintenance bill, approved plan (if applicable), share certificate (if the society has been formed), etc.
- Application form with recent photograph
Note: Any bank or HFC offering loan against property in Guwahati may ask its loan applicants to submit additional documents based on their credit profile, property type and the location of their properties.