Apply Loan Against Property for Home Renovation

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Loan Against Property for Home Renovation

When it comes to home renovation projects, a loan against property can serve as a convenient and practical financing option. Renovating a home often requires a significant amount of funds to cover expenses such as repairs, remodeling, or expanding living spaces. By utilizing property as collateral, homeowners can access a loan with competitive interest rates and extended repayment terms. This type of loan provides a substantial amount of money to finance the renovation project, allowing individuals to enhance the aesthetics, functionality, and value of their homes. Whether it's upgrading the kitchen, adding an extra room, or renovating the entire house, a loan against property offers the financial flexibility and convenience needed to turn renovation dreams into reality.

LoanMoney provides Loan Against Property for Home Renovation at the most favorable interest rates, ensuring a quick and secure application process. Enjoy the convenience of flexible repayment options and minimal processing fees. Apply for Loan Against Property for Business Expansion with us to avail to these benefits.

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All Banks Loan Against Property

Bank Name

Loan Amount

Interest Rate

Special Features

HDFC Bank
Loan Against Property

Details

10 -5000 Lacs

7% - 8%

Term Loan | All Properties | Maximum Eligibility

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Maximum Tenure - 72 Month
Applicant Should Be Earning at Least 35,000 Per Month as Net Income
Nil Closure and Part Payment Facility Available for More than 10 Lac Loan Amount.

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 6 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - Form 16 & Office I-Card Mandatory for Government Customers

Fees & Charges

Nil Charges For Closure and Part Payment Available For More Than 10 Lac Loan Amount.
10 Lacs Loan Amount -pre-closure Fee = 4% Of Principal Outstanding 2nd Year. 3% In 3rd Year & 2% Afterwards.
Part-payments Can Be Made Only After 12 Months. For Part Payments Between 13 To 24 Months, A Fee Of 4% Is Applicable On The Part-payment Amount. 3% Is Applicable On Payments Between 25 To 36 Months. 2% Is Applicable Post 36 Months.
Part-payments Are Allowed Only Twice During The Loan Tenure And Once A Year. The Amount Cannot Exceed 25% Of The Principal Outstanding.
In Golden Edge Facility Pre Closure Charges Nil After 12 Months

ICICI Bank
Loan Against Property

Details

10 - 25 Crore

7.50% - 8.50%

Get 80% DOD & 20 % LAP

Eligibility Criteria

Salaried - Age at least 23 and less than 65
Applicant Must Have A Monthly Income Of 35,000 Or More
For Non Listed Companies Monthly Income Should Be 40,000 Per Month

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - 6 Months Banking Required If Case Book For Balance Transfer With 6 Months EMI Clearance

Fees & Charges

Nil Charges For Closure And Part Payment Available For More Than 10 Lac Loan Amount.
Pre-closure Fee - 5% Of Principal Outstanding
Golden Edge Scheme Available More Than 10 Lacs Loan Amount

Axis Bank
Loan Against Property

Details

5Lakhs - 25 Crore

7% - 8%

No Charges for Minimum Usage on DOD

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Monthly Income Should Be More Than 20,000
For Listed & Non Listed Both
Digital Process

Documents

Selfie, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - 3 Months Bank Statements Of Till Date

Fees & Charges

Pre-closure Fee = 5% Of Principal Outstanding After 6th EMI.

Kotak Mahindra Bank
Loan Against Property

Details

10Lakhs - 5 Crore

7 % Onwards

Loan Eligibility Up to 200% Of Income

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Applicant Should Be Earning at Least 25,000 Per Month as Net Income

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 6 Months Bank Statements Of Till Date
Additional Documents - Form 16 & Office I-card

Fees & Charges

Pre-closure Fee = 4% Of Principal Outstanding (Plus Applicable Tax) In 2nd Year. 3% (Plus Applicable Tax) In 3rd Year & 2.5% (Plus Applicable Tax) Afterwards
Part-payments Can Be Made Only After 12 Months. For Part Payments Between 13 To 24 Months, A Fee Of 4% Is Applicable On The Part-payment Amount. 3% Is Applicable On Payments Between 25 To 36 Months. 2% Is Applicable Post 36 Months
Part-payments Are Allowed Only Twice During The Loan Tenure And Once A Year. The Amount Cannot Exceed 25% Of The Principal Outstanding

Citi Bank
Loan Against Property

Details

5 Lakh - 5 Crore

7.50% - 8%

Term Loan with OD Facility

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Monthly Income Should Be More Than 20,000
For Listed & Non Listed Both
Digital Process

Documents

Selfie, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - 3 Months Bank Statements Of Till Date

Fees & Charges

Pre-closure Fee = 5% Of Principal Outstanding After 6th EMI.

IDFC First Bank
Loan Against Property

Details

5 Lakhs- 10 Crore

8.50% - 9.50%

Loan Tenure Upto 20 Yr. & Loan Up to 90% of Property Value

Eligibility Criteria

Age - At Least 23 And Less Than 58
Applicants Must Be Salaried Indian Residents Working At Mncs, Public Companies Or Other Large Private Organisations
Monthly Income Should Be More Than 35,000

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date
Additional Documents - Form 16 & Office I-card

Fees & Charges

Pre-closure Fee = 5% Of Principal Outstanding

Yes Bank
Loan Against Property

Details

5 Lakh To 25 Crore

8.50 % To 9.50%

Higher Loan Amount Facility

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Self-employed - Age At Least 23 And Less Than 58, Office & House Should Be Own

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - 6 Months Banking Required If Case Book For Balance Transfer With 6 Months EMI Clearance
For Self Employed Need Minimum 2 Years Of Itr Copy & 6 Months Bank Statement Of Current Account With Gst Registration Certificate

Fees & Charges

Pre-closure Fee - 5% Of Principal Outstanding

PNB Housing
Loan Against Property

Details

5 Lakh To 10 Crore

9.50 % To 8.00%

High standards of ethics, integrity and transparency

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Self-employed - Age At Least 23 And Less Than 58, Office & House Should Be Own

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - 6 Months Banking Required If Case Book For Balance Transfer With 6 Months EMI Clearance
For Self Employed Need Minimum 2 Years Of Itr Copy & 6 Months Bank Statement Of Current Account With Gst Registration Certificate

Fees & Charges

Pre-closure Fee - 5% Of Principal Outstanding

TATA Capital
Loan Against Property

Details

10 Lakh To 3 Crore

10% to 11%

Quick & Easy Processing

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Self-employed - Age At Least 23 And Less Than 58, Office & House Should Be Own

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - 6 Months Banking Required If Case Book For Balance Transfer With 6 Months EMI Clearance
For Self Employed Need Minimum 2 Years Of Itr Copy & 6 Months Bank Statement Of Current Account With Gst Registration Certificate

Fees & Charges

Pre-closure Fee - 5% Of Principal Outstanding

Aditya Birla Capital
Loan Against Property

Details

10 Lakh To 10 Crore

11% To 13.25%

Loan Tenure: Upto 20 years

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Self-employed - Age At Least 23 And Less Than 58, Office & House Should Be Own

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - 6 Months Banking Required If Case Book For Balance Transfer With 6 Months EMI Clearance
For Self Employed Need Minimum 2 Years Of Itr Copy & 6 Months Bank Statement Of Current Account With Gst Registration Certificate

Fees & Charges

Pre-closure Fee - 5% Of Principal Outstanding

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What our clients say

We pride ourselves on providing transparent and quality service to our clients, but you don’t just have to take our word for it. Read what our clients have to say about us.

Job Varghese

Client

I am totally satisfied by loan money and the way it services its customers.... especially I thank and appreciate Ms. Somya as she is a great resource to the organization. She has been constantly assisting me from start till the end and has been a very prompt and sensible officer as she could offer the relevant deal for me.

Vishwajeet Nanaware

Client

LoanMoney is really good in providing loan services. Particularly Chanchal, my loan assistant has great skills to communicate with her clients and understand their needs. She processed my personal loan on time. The rate of interest offered was lower than the others. it was overall a good experience with 100% satisfaction.

Avlokit Kaushik

Client

This is my second time in have taken a loan from LoanMoney. Kavita has helped me a lot..very cooperative very helpful very fast. Thanku again.

FAQs for Loan Against Porperty for Home Renovation

How does the lending bank decide the amount that I can get as loan against property?
Basically, the bank looks at your repayment capacity. For calculating the loan amount, your income, age, eligibility, number of dependents, the income of spouse, assets, liabilities, stability, and business continuity and savings history are taken into consideration. However, the loan eligibility generally does not exceed 60 percent of the market value of the property.
Can there be a co-applicant for Loan Against Property?
You can include your spouse as a co-applicant and as a result, more amount is borrowed. However, if the property is co-owned, all the co-owners must mandatorily be co-applicants.
What is the processing fee for such a loan?
The processing fee for a loan against any property varies from bank to bank and is generally around 1 percent.
How is the interest rate calculated on Loan Against Property?
Interest is calculated on the daily decreasing balance. Your monthly out-go (Equated Monthly Installment - EMI) is very less as compared to the interest on the annual reducing balance.