A loan against property is when an individual offers their land or house as security against a loan. The interest rates are comparatively lower than other unsecured loans as the bank has collateral and this reduces the risk factor of lending. The bank can always sell the property and settle the loan if the customers fails to repay it. 

There are many banks and Non-Banking Financial Companies (NBFCs) that offer loan against property. Some of the top banks that offer them are:

1. ICICI bank: 

Tenures of up to 15 years are available 

Loan amounts from 25 lakhs to 5 crores are issued 

Interest rates begin at just 8.80% 

Fast processing of the loan is possible 

2. HDFC bank:

Tenures of up to 15 years are available 

Up to 60% of the property’s value is issued as loan amount 

Interest rates begin at just 8.50% 

Easy repayment options are available 

3. IndusInd bank:

Tenures of up to 15 years are available 

Loan amount of up to 1 crore 

Interest rates begin at just 9.5% 

Easy documentation and speedy approvals 

4. RBL bank:

Tenures of up to 15 years are available 

Loan amount of up to 10 crores (Up to 80% of the property’s value is given as the loan amount) 

Interest rates begin at just 9.25% 

Both residential and commercial property accepted as collateral

To apply for a loan against property, click here