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Loan Against Property Interest Rate
A Loan Against Property (LAP) is a secured loan that comes with a competitive interest rate, making it an attractive financing option for borrowers who can pledge their property as collateral. LAP provides flexible repayment terms and greater Loan amounts based on the property's market value. Furthermore, the documentation is simple and funds are delivered promptly. This Loan allows you to unlock the value of your property without selling it while also providing tax benefits in some situations. Here is an overview of the interest rates for Loan Against Property.
Loan Amount |
Salaried Customers, Self-Employed Priority Sector (PSL) Customers |
Self-Employed: Non-PSL Customers |
|---|---|---|
Up to ₹ 50 lakh |
11.35% - 12.00% |
11.85% - 12.50% |
₹ 50 lakh to ₹ 100 lakh |
11.10% - 11.75% |
11.60% - 12.25% |
Above ₹ 100 lakh |
10.85% - 11.50% |
11.35% - 12.00% |
*Note: These rates are linked to the Repo Rate and are subject to change based on regulatory or market conditions. The interest rates mentioned are valid only until 31st March, 2025
Home Loan Interest Rate
A Home Loan helps people buy, build or remodel a home. Due to the competitive interest rates of Home Loans, house ownership is achievable with easy EMIs. Home Loans provide variable repayment terms allowing borrowers to schedule payments based on their financial circumstances. Sections 80C and 24(b) of the Income Tax Act provide tax deductions on both principal repayment and the interest paid. A Home Loan makes your goal of buying a house a reality due to easy eligibility requirements.
Special Home Loan Rates
Credit Score |
Salaried Customers |
Self-Employed Customers |
800 |
9.00% |
9.00% |
750 - 800 |
9.00% |
9.10% |
Loan Amount |
Salaried Customers |
Self-Employed Customers |
Up to ₹ 35 lakh |
9.25% - 9.65% |
9.40% - 9.80% |
₹ 35 lakh to ₹ 75 lakh |
9.50% - 9.80% |
9.65% - 9.95% |
Above ₹ 75 lakh |
9.60% - 9.90% |
9.75% - 10.05% |
*Note: These rates are linked to the Repo Rate and are subject to change based on regulatory or market conditions. The interest rates mentioned are valid only until 31st March, 2025
Top-Up Loans Interest Rate
Top-Up Loans are additional funds added to an existing Home Loan or Loan Against Property. Top-Up Loans are offered at interest rates slightly higher than the original Loan. These loans meet various demands, including home repairs, education and personal spending. They provide flexibility in usage without needing additional collateral or extensive documentation. The approval procedure is fast because these laons are linked to an existing loan. Borrowers also benefit from a single EMI for both loans. Top-Up Loans are a practical choice for people who want additional finances while keeping repayment conditions acceptable.
FAQs about Mortgage Loan Interest Rate
What is Mortgage Loan interest rate?
The interest rate of a Mortgage Loan represents the expense incurred when borrowing funds from an institution such as a bank. It is applied to the outstanding Loan balance over a period of time and is expressed as a percentage of the total Loan amount.
How is a Mortgage Loan EMI calculated?
When determining Mortgage Loan repayments, lenders consider factors such as the Loan amount, interest rate and repayment period to calculate your EMI, which includes both principal and interest payments.
What is the current interest rate on Mortgages?
The specific interest rate is calculated according to the applicant’s credit history and the Loan amount, as set by the lender's guidelines.
