Loan Against Property Interest Rates Offered by Top Lenders in Jaipur
| 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 Jaipur
Some of the most common features of loan against property in Jaipur:
- LAP interest rates start from 8.75% p.a. onwards
- Repayment tenure can go up to 20 years
- LTV Ratio can be up to 70% of the property’s market value
- Facility of Lease Rental Discounting available
- Collateral: Industrial, commercial or residential property
- Some lenders offer the facility of LAP balance transfer to existing customers of other lenders at lower interest rates
- Top-up loan are offered to existing LAP borrowers as well as borrowers exercising LAP balance transfer
- Processing fee: Up to 1% of the loan amount
- Foreclosure/part payment charges: NIL at floating interest rate
Income Criteria for Loan Against property in Jaipur
- 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 Jaipur
The eligibility criteria for availing loan against property in Jaipur may differ from one lender to another. The major criteria set by most lenders for their LAP borrowers in Jaipur are 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.
Documentation for Availing LAP in Jaipur
The documents required for loan against property in Jaipur can differ from one lender to another. Here is a list of common documents required to avail loan against property in Jaipur:
- 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