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Sundaram Finance Loan Against Property

Home Sundaram Finance Sundaram Finance Loan Against Property

Sundaram Home Finance Ltd. offers Loan Against Property (LAP) @14.90% p.a. onwards for tenures of up to 10 years. The loan amount of Sundaram Home Finance LAP can go up to 50% of the mortgaged property’s market value for new customers and up to 60% of the mortgaged property’s market value for existing customers. LAP borrowers can use the loan proceeds to fulfil their personal (other than speculative) purposes, business requirements as well as debt refinancing needs.

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Updated: 28-11-2024 10:07:56 AM
Sundaram Home Finance Loan Against Property Highlights 2024
Interest Rate (annual percentage rate) 14.90% p.a. onwards
Tenure Up to 10 years
Loan to Value Ratio
  • For new customers: Up to 50% of the market value of mortgaged property
  • For existing customers: Up to 60% of the market value of mortgaged property
Processing Fees Up to 1% of the loan amount plus GST (Rs 5,000 to Rs 10,000 depending on type of loan or borrower profile)

Note: Interest rates as of 11th June 2024

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Sundaram Home Finance Loan Against Property Interest Rates

The Sundaram Home Finance Loan Against Property interest rates (annual percentage rate) starts from 14.90% p.a. onwards.

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the LenderInterest Rate (% p.a.)
State Bank of India9.20-10.50Apply Now
Bank of Baroda10.85-18.35Apply Now
PNB Housing Finance9.25-15.00Apply Now
IDFC First Bank9.00-16.50Apply Now
HDFC Bank Limited9.50-11.00Apply Now
L&T Housing Finance9.50 onwardsApply Now
LIC Housing Finance9.50-11.55Apply Now
Godrej Housing Finance9.75 onwardsApply Now
ICICI Bank10.85-12.50Apply Now
Tata Capital9.00 onwardsApply Now
Axis Bank10.50-10.95
Apply Now
Punjab National Bank10.15-14.00Apply Now

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Sundaram Home Finance Loan Against Property Fees and Charges

The fees and charges for Loan Against Property levied by Sundaram Home Finance is as follows:

Processing Charges

Particulars Rates
Processing Fees Up to 1% of the loan amount plus GST (Rs 5,000 to Rs 10,000 depending on type of loan/borrower profile)

Prepayment Charges

Particulars Rates
Prepayment Charges
  • For Individuals: Nil (for both variable interest rates)
  • For Non-Individuals (Applicant/Co-applicant/Guarantor): 2% (for variable interest rates)
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Other Charges related to Sundaram Home Finance Loan Against Property

Particulars Rates
Cheque dishonour charges Rs 500 plus GST per instrument
CERSAI fee Rs 100 plus GST for each property
Documentation charges
  • Kerala: Rs 800 plus GST
  • Rajasthan: Rs 700 plus GST
  • Maharashtra and Gujarat: Rs 600 plus GST
  • Other States: Rs 450 plus GST
Documentation handling charges (when an external agency handles registration)
  • Tamil Nadu: Rs 1,200 plus GST
  • Telangana and Andhra Pradesh: Rs 1,500 plus GST
  • Karnataka: Rs 1,550 plus GST
  • Odisha, Madhya Pradesh, Rajasthan, Gujarat, West Bengal and Maharashtra: Rs 2,500 plus GST
Charges for defaults/delayed payments
  • Additional interest rate @24% p.a.
  • Incidental Charges: Levied to cover charges, costs, expenses, etc. in connection with recovery of dues from a defaulter
  • Expenses: As per the actuals
Stamp duty and other charges Applicable to respective states and charged as per actuals (can vary for each state)

Eligibility Criteria for Sundaram Home Finance Loan Against Property

The Loan Against Property Eligibility Criteria for availing Sundaram Home Finance LAP are as follows:

  • Nationality: Indian
  • Both salaried and self-employed professionals are eligible
  • Age: 18 to 65 years
  • Co-owner of the property should also be a co-applicant. Only spouse or other close family members can be co-applicants.
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Documents Required for Sundaram Home Finance Loan Against Property

The following documents are required Availing Loan Against Property from Sundaram Home Finance:

Proof of Identity and Address (KYC Documents)

  • Driving License
  • Aadhaar Card
  • Passport
  • PAN Card (Mandatory)
  • Bank Passbook (with photo)
  • Voter ID Card
  • Photo Credit Card
  • Other Photo ID (subject to company’s satisfaction)

Proof of Income (Salaried)

  • Salary slips of last 6 months
  • Bank statements of last 6 months, showing salary credits
  • Latest IT returns and Form-16

Proof of Income (Self-employed)

  • GST Returns of last 12 months
  • Bank statements of last 6 months
  • IT returns of last 3 years

 

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