People and corporations alike frequently use Loan Against Property (LAP), a financial tool. In order to qualify for a loan amount based on the market value of their residential or commercial property, borrowers can use the product's secured loan feature. This allows them to pledge their property as collateral. There are numerous financial institutions that provide LAP in India. Let’s take a look at the top 5 financial institutions for a loan against property in this article.
1. Axis Bank:
Headed by Managing Director Amitabh Chaudhary, Axis Bank is a leading financial institution in India. The bank offers secured loans against property up to Rs. 5 crores, with a maximum 20-year loan term. In addition to providing a balance transfer option, the bank offers excellent floating interest rates. Along with online loan applications, Axis Bank also provides tracking services.
Also Read: Top 5 NBFCs In India
2. HDFC Bank:
Sashidhar Jagdishan, the bank's managing director, leads one of India's top financial institutions, HDFC Bank. For new customers and existing customers, the bank offers loans against property up to 50% and 60% of the value of the property, respectively, with a maximum 15-year loan term. In addition to providing a balance transfer option, the bank has favorable interest rates. Borrowers can apply for loans conveniently at HDFC Bank because of its doorstep services for loan disbursement and paperwork.
3. ICICI Bank:
The popular financial institution of ICICI Bank is led by Sandeep Bakhshi, MD. The balance transfer facility, which enables borrowers to transfer their existing loans from other lenders to ICICI Bank and enjoy cheaper interest rates and longer loan terms, is one of the highlight features of the bank's LAP services.
For the convenience of borrowers, ICICI Bank also provides online loan application and tracking services, allowing them to submit LAP applications from the comfort of their homes. The bank offers a straightforward application process and prompt loan disbursal.
Another best NBFC is the Poonawalla Fincorp, which is headed by its Managing Director, Abhay Bhutada. The organization offers LAPs up to Rs. 10 crores with a maximum 15-year credit term. Poonawalla Fincorp offers competitive interest rates that begin at 9% annually. Additionally, the business provides borrowers with a balance transfer option, allowing them to transfer their current LAP from other lenders to Poonawalla Fincorp and take advantage of reduced interest rates and a longer loan term.
5. Bajaj Finserv:
Rajeev Jain, the Managing Director of Bajaj Finserv, is the leader of this significant NBFC in India. The organization provides a balance transfer option in addition to competitive interest rates starting at 9% annually. For the convenience of borrowers, Bajaj Finserv also provides doorstep services for loan disbursement and documentation.
Bottom Line
When getting a loan against property, borrowers must consider the offered interest rates, loan terms, and other services. Borrowers can be confident of simple loan disbursement, affordable interest rates, and practical services with the institutions featured above. So, if you're searching for a loan against property, check out these institutions and pick the one that best meets your needs.
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