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Mortgage Loan | Apply for Loan against Property : Mortgage Loan – How to Apply – Interest Rate

Avail Loan against Property at attractive interest rate with HDFC : Apply for Mortgage Loan 2022

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Avail HDFC’s loan against property (LAP) for your personal or business needs at attractive interest rates. Both residential and commercial properties can be mortgaged for availing a loan against property. HDFC provides a smooth & hassle-free loan against property to both salaried and self-employed individuals. HDFC’s loan against property is a simple solution to your financial needs.

A mortgage loan is one in which you secure funds by pledging your property. The interest rates on mortgage loans range from 8.15% to 11.80% p.a. Usually, the amount of funding you can avail will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs.10 crore. The repayment tenure for mortgage loans can be up to 15 years.

Mortgage Loan

Mortgage Loan Interest Rates Offered Most Popular Banks :


Interest Rate (p.a.)

Loan Amount

Loan Tenure


8.75% Onwards

Up to 60% of the mortgaged property’s market value

Up to 15 years


9.40% Onwards

Up to Rs.5 crore

Up to 15 years

State Bank of India (SBI)

1.60% above 1-year MCLR rate to 2.50% above 1-year MCLR rate

Up to Rs.7.5 crore

Up to 15 years

Axis Bank

10.50% Onwards

Up to Rs.5 crore

Up to 20 years


8.15% Onwards

Up to Rs.5 crore

Up to 15 years


8.80% Onwards

Up to Rs.10 crore

Up to 15 years

PNB Housing Finance

9.80% Onwards

Up to 60% of the property’s market value

Up to 15 years


Up to 11.80%

Up to Rs.5 crore

Up to 15 years

Karur Vysya Bank

10.00% Onwards

Up to Rs.3 crore

Up to 100 months

Union Bank of India

9.80% Onwards

Up to Rs.10 crore

Up to 12 years


10.20% Onwards

Up to Rs.10 crore

Up to 15 years

Oriental Bank of Commerce

10.95% Onwards

Up to Rs.10 crore

Up to 10 years

Federal Bank

10.10% Onwards

Up to Rs.5 crore

Up to 15 years

Corporation Bank

10.85% Onwards

Up to Rs.5 crore

Up to 10 years

Vijaya Bank

Contact the bank for details

Up to Rs.5 crore

Up to 10 years

Union bank of india Mortgage Loan :


  • Personal needs such as marriages, higher education, business travel, medical emergencies or any unforeseen expenses

  • Secured overdraft may be allowed as liquidity finance

  • For taking benefit of lower interest rate, customers can also apply for takeover of existing mortgage loan/s from other Banks/FI


  • Indian citizen (both resident and non-resident) having regular source of income and owning non-agricultural (residential / commercial/industrial) property.

  • Minimum age – 18 years and maximum age – 75 years.

  • Individuals may apply singly or jointly with other eligible individuals.


  • Minimum of Rs.5 Lakh

  • Maximum – Resident Indian – Rs.10 Crore and Non Resident Indians – Rs.5 Crore


  • 50% of the fair market value of the property mortgaged as per the latest valuation report.


  • Term Loan

  • Overdraft


Term loan:

  • The maximum repayment tenure will be lowest of the following three:

  • 15 years (180 months)

  • Residual period till the borrower attains the age of 75 years

  • 5 years prior to the residual life of the property

  • Overdraft:

  • Maximum tenor of 15 years (180 months)

  • The limit will reduce every month with fixed amount so as the total principal is repaid in the tenure of the loan

  • Interest will be calculated and debited every month on the basis of actual use of the limit and to be serviced monthly.

  • Account to be adjusted 5 years prior to the remaining life of the property


  • No moratorium allowed under the scheme


  • Please click here to know our latest interest rates

  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.


  • There is NO prepayment penalty.


  • Residential / Commercial property, which is in the name of the borrower(s).

  • property should be located at metro/urban/Semi-urban areas coming within municipal limits only

  • All the co-owner(s) of the property need to join in as co-applicant(s).

  • Open Plot/Land not acceptable.


  • Third party guarantee is not mandatory for resident Indian.

  • Guarantee of a local resident Indian having means equivalent to that of the loan amount, is to be provided by the NRI applicant.


  • Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.

State Bank of India

Benefits/key highlights:

  • The SBI Loans Against Property scheme can be borrowed against residential as well as select commercial properties.
  • Your rental income may also be taken into account for loan eligibility.
  • Employed, professional, and self-employed individuals are eligible for this loan. Even NRIs who have properties in their own name or an immediate family member’s name can borrow this loan.
  • The minimum amount that you can borrow through SBI Loans Against Property is Rs.10 lakh, and the maximum is Rs.7.5 crore subject to the location of the property.
  • The minimum and maximum tenor of the loan is 5 years and 15 years respectively.
  • Your monthly income has to be a minimum of Rs.25,000 (Rs.3 lakh annually).
  • The interest rates on your loan are charged using the daily reducing balance method.

State Bank of India

1% of the loan amount or a maximum of Rs.50,000, plus service tax

No prepayment charges


Benefits/key highlights:

  • You can mortgage both commercial and residential properties to secure the ICICI Bank Loan Against Property scheme.
  • You can get this loan for personal or business needs such as children’s education, holiday, business expansion, purchase of equipment, and long-term working capital.
  • You can get up to 90% of this loan as an overdraft.
  • If you’re a doctor, you can get up to 70% of your property’s market value as the loan.
  • Salaried, self-employed, and employees of the ICICI Group and Infosys can apply for this loan, with varying interest rates for each category.


1% plus applicable taxes

4% plus applicable charges for fixed and floating interest loans


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