What is a Home Loan?
A home loan is a secured loan that helps you finance the purchase, construction, renovation, or improvement of your property. Lenders like banks and NBFCs provide them, using the property itself as collateral.
- Loan amount: Up to 90% of the property value.
- Interest rates: Varying between 7.50% and 18.00%, based on your profile and loan features.
- Repayment terms: Flexible tenure up to 30 years to manage your EMI comfortably.
Benefits of Home Loans:
- Competitive Rates: Access loans starting at 7.50%, minimizing your long-term costs.
- Extended Repayment: Enjoy flexible repayment terms up to 30 years for manageable EMIs.
- High Financing: Get funding for up to 90% of your property value, reducing your upfront requirement.
- Prepayment and Foreclosure Flexibility: Avoid charges for early loan closure with floating rate loans.
- Tax Advantages: Reduce your taxable income through deductions for principal and interest payments.
- Balance Transfer Option: Switch lenders for better rates or terms if needed.
- Top-Up Loans: Access additional funds for renovations or other needs.
- PMAY Subsidy: Eligible individuals can benefit from interest rate subsidies under government schemes.
Types of Home Loans:
Home loans cater to diverse needs. Explore the options available:
- Home Purchase Loan: Finance your dream home, with options for apartments and independent houses.
- Home Improvement Loan: Upgrade your existing property with renovations, repairs, or expansions.
- Home Construction Loan: Build your dream home from scratch, following specific loan requirements.
- Land Purchase Loan: Secure funding for the plot where you envision your future home.
- NRI Home Loan: Non-resident Indians can also finance their Indian properties with tailored loan options.
- Joint Home Loan: Increase your loan eligibility by involving co-applicants like family members.
- Affordable Housing Loan: Government schemes like PMAY offer subsidized loans for eligible individuals.
- Home Loan Top-Up: Borrow additional funds against your existing home loan for various purposes.
- Home Loan Balance Transfer: Switch lenders to potentially enjoy better rates and benefits.
Ready to Apply?
Let Mortgage Buddy guide you through the process:
- Visit https://imperialfinexx.com/ to explore your options.
- Contact them through Whatsapp or the website's "Contact" page.
- Share your basic details and discuss your needs.
- Get expert assistance and personalized loan offers.
Disclaimer: Rates and terms may vary. Consult a financial professional for personalized advice.
Top Home Loan Schemes & Offers (Disclaimer: Rates and terms may vary):
Please consult with a qualified financial professional to determine the best loan options for your specific needs.
This is not an exhaustive list, and other lenders may offer competitive rates and terms.
-
SBI Privilege Home Loan
For Central/State Government employees, PSBs, PSUs, and others with pensionable service.
Competitive rates starting at 8.30%.
Processing fee: maximum ₹ 10,000.
-
LIC Home Loan for Pensioners
Tailor-made for retired PSU insurers, PSUs, nationalized banks, central/state government employees.
Requires drawing pension under DBPS and minimum age of 21 years.
Joint applicant option with spouse to increase eligibility. Lowest interest rate for pensioners: 8.30%.
-
Bank of Baroda Home Advantage Scheme
Linked with bank savings account.
Deposit savings in linked account for maximum interest benefits.
Available credit in savings account counts towards loan credit.
-
SBI Bridge Home Loan
Designed for home upgrades or renovations.
Maximum tenure: 2 years.
Lowest interest rate: 8.30%.
Special rates for women.
-
HDFC Reach Home Loan
Credit without income document.
For home purchase/construction, shop/office purchase, or land purchase.
Interest rate starts from 8.30%.
Documents Required for Home Loan Application
To ensure a smooth application process, please have the following documents ready:
- Application Form: Signed application form with your photograph.
- Identity Proof: Any one of the following:
- PAN card
- Passport
- Driving License
- Aadhaar Card
- Voter ID
- Government issued ID card
- Address Proof: Any one of the following (not older than 3 months):
- Passport
- Driving License
- Election ID card
- Electricity bill
- Telephone bill
- Mobile bill
- Bank statement
- Income Proof:
- Salary slips for the last 6 months
- Bank statement for the last 6 months
- Form 16 (for salaried individuals)
- Documents Related to Property:
- Past title chain (conveyance deed, sales deed)
- Allotment letter
- Possession letter
- Latest property tax receipt
- Copy of approved plan for construction/extension (if applicable)
**Note:** Specific requirements may vary slightly between lenders. Please consult your chosen bank or financial institution for their exact document checklist.
What is a Loan Against Property?
Loan against property is available for both salaried and self-employed borrowers to help them fulfil their business and personal needs by mortgaging their property. You can take a property loan against residential, commercial or industrial property. As a borrower you are required to declare the end use of the loan in its application form.
Available Loan Against Property Types:
-
Loan for Property Purchase
Finance the purchase of your dream home or investment property without compromising your liquidity. Enjoy competitive rates and flexible repayment terms.
-
Loan for Business Expansion
Fuel your business growth by using your property as collateral. Acquire capital for investments, working capital needs, or expansion plans.
-
Loan for Education or Marriage
Invest in your future or celebrate life's milestones with ease. Finance educational expenses for yourself or your loved ones, or plan a dream wedding without financial constraints.
-
Loan for Debt Consolidation
Simplify your finances and potentially reduce interest rates by consolidating multiple high-interest debts into a single, manageable Loan Against Property.
Loan Against Property Purposes
| For Which Loan Against Property Is A Good Option |
For Which Loan Against Property Is Not A Good Option |
| Business expansion |
Home purchase |
| Child education |
Home construction |
| Personal expenses such as wedding or vacation |
Home renovation |
| Medical emergency |
Plot purchase |
Property Loan Interest Rates & Charges
| Type Of Properties And Conditions |
Industrial Property |
Commercial Property |
Residential Property |
| Interest rate |
9.35% – 13.75% |
7.00% – 20.60% |
7.00% – 20.60% |
| Loan to value (LTV) |
50% – 80% |
40% – 80% |
1% – 80% |
| Processing fee |
0.20% – 1.00% |
0.20% – 3.00% |
0.10% – 3.00% |
| FOIR |
0.65 |
0.65 |
0.55 – 0.65 |
| CIBIL |
650 and more |
650 and more |
650 and more |
Types of Loan Against Property
Regular Loan against property: This is the most common loan taken to fulfill any kind of business and personal needs which may include loans for:
- Business expansion
- Acquiring assets
- For marriage or any medical emergency
Lowest interest charged on Loan against property is 9.20%. All banks and NBFCs provide property loans for these purposes. Various banks offer loans against residential property, while only selected banks offer loans against commercial or industrial property. Financing companies are typically more open to extend loans against residential property.
Loan against property Overdraft: Overdraft facility is availed to have surplus income or fluctuating income during the year. This facility allows you to deposit the available surplus amount for any period which can be as short as a few days in your Loan against property account and reduce your interest liability. This option is highly suitable for self-employed businessmen or professionals who have fluctuating funds requirements throughout the year.
| Bank |
Interest Rate |
| IDFC First Bank |
7.00% |
| Standard Chartered Bank |
7.49% |
| South Indian Bank |
7.50% |
| PNB |
7.75% |
| Axis Bank |
8.30% |
Loan against property Top Up: Top-up loan is an additional loan amount that you can avail on your existing Loan against property. Top-up can be taken either from the existing bank or can be availed at the time of transferring your outstanding property loan amount from one bank to another bank to avail low-interest rates. The LTV cap on Loan against property is applied to calculate your eligibility on a loan amount. This means that the amount of the top-up loan plus your existing loan outstanding.
| Bank |
Interest Rate |
| SBI |
8.40% |
| Axis Bank |
7.05% |
| HDFC |
8.60% |
| ICICI Bank |
8.40% |
| Citibank |
8.00% |
How to Get a Loan Against Property Online?
- Visit mortgagebuddyindia.com/ for a choose your best offer.
- On the website’s homepage, click on the Loan Against Property tab.
- Carefully fill in the required information like age, employment details, loan amount, repayment tenure, etc.
- Click on the “Send” button.
- Our representative quick contact on your respective mobile number & provide regarding all information.
Loan Against Property Comparison on Popular Schemes
The top loan against property schemes are mentioned below:
- SBI Rent Plus: Rent Plus is a loan product for property owners who are expecting rental income from their property. To avail of this loan, you can have a residential or commercial property that you have rented out or will rent out to banks, MNC, etc. and must be located in urban/semi-urban/metro/rural areas. You can avail of a Rent plus loan for a maximum tenure of 10 years.
- PNB Housing Finance Lease Rental Discounting: It is a term loan that you can avail of against your rent receipts obtained from leased contracts for loan tenures of up to 9 years, subject to balance lease term. The Loan is available only for rented commercial property for a maximum LTV of 60%.
- Citibank T-Bill Loan against Property Scheme: Under this scheme, the loan against property rates are revised as per changes in an external benchmark rate and not dependent on the internal benchmark rate of the bank. The rates are revised as per the change in T-Bill rates on the date of reset, without any delay. Treasury Bill or T Bill is a short term debt issuance from the Government of India for a tenure up to 1 year.
- ICICI Loan against Property: ICICI Bank provides special loan against property offers for salaried and self-employed professionals such as doctors and CAs. You can avail of the maximum loan amount of up to 70% of the property value for a maximum value of ₹ 50 Cr.
Based on their rate, the comparison of various loan against property schemes is mentioned below:
| Scheme Name |
Interest Rate |
| State Bank Rent Plus |
9.10% |
| Loan Against Lease Rental Discounting |
8.75% |
| Citibank T- Bill Loan Against Property Scheme |
7.95% |
| Loan Against Property for Personal Use |
9.75% |
Documents required for Loan Against Property
| Documents Required |
Individuals |
Firms, Partnerships |
| Application form |
Signed Application Form |
Signed Application Form |
| Identity Proof |
PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card |
PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card |
| Certificate and Proof of Business Existence |
|
PAN, sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI |
| Address Proof |
Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old) |
Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter |
| Age Proof |
PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate |
PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate |
| Income Proofs |
Form 16, Latest 6 months salary slip for salaried, Last 6 months bank statement, Last 2 years ITR |
Last 6 months bank statement, Last 2 years ITR |
Loan Against Property Eligibility
You may be eligible for a property loan in India from one or more banks if you meet the following eligibility criteria:
- Age: To avail loan against property, you should have a minimum age of 18 years and maximum up to 70 years. However, some banks also give loans to individuals of 18 years and/or individuals up to 70 years of age.
- Tenure: You can avail loan against property for a maximum tenure of 15 Years.
- Income: Banks prefer a minimum income of ₹10,000 for salaried persons and ₹3 lakh per annum for self-employed.
- Work Experience: For salaried applicants, the minimum work experience required is 3 years. For self-employed, business existence of a minimum of 5 years and ITR of 3 years is required.
- LTV: Banks typically give loans against property for an LTV of 1%, and it varies based on the type of property.
- CIBIL Score: Banks consider a 650 and above credit score to be eligible for a loan against property.
Loan Against Property Rate Trends of Top Banks
| Bank Name |
Current Rate |
Previous Rate |
Rate Difference |
| IDFC First Bank |
7.00% |
7.50% |
▼-0.5% |
| IndusInd Bank |
7.00% |
7.10% |
▼-0.1% |
| South Indian Bank |
7.50% |
8.50% |
▼-1% |
| PNB |
7.75% |
7.99% |
▼-0.24% |
| RBL Bank |
7.90% |
9.70% |
▼-1.8% |
Ready to Apply?
Get started by contacting our dedicated loan advisors or exploring our online application process. We'll guide you through every step to ensure a smooth and personalized experience.
Important Information:
Required Documents:
- Application Form with photo
- Identity Proof (PAN card, Passport, Driving License, Aadhaar Card, etc.)
- Address Proof (Residence proof like Passport, Election ID, etc.)
- Income Proof (Salary slips, bank statements, Form 16)
- Property Documents (Title deed, Sale deed, Allotment letter, Possession letter, Property tax receipts)
- Financial Documents (For businesses: audited financials, P&L statement, Balance sheet)
Eligibility Criteria:
| Parameter |
Eligibility Criteria |
| Eligible Age |
21-70 years (may vary depending on lender) |
| Net Monthly Income |
Varies based on lender and loan amount |
| Employment/Business Continuity |
Minimum employment/business duration required (varies by lender) |
| Loan-to-Value Ratio |
Up to 70-75% of the property's market value (may vary by lender) |
| CIBIL Score |
650 and above (generally preferred, may vary by lender) |
**Disclaimer:** Information provided is indicative and may vary depending on individual circumstances and specific lender policies. Please consult a qualified financial advisor for personalized guidance.
**Call to Action:** Contact us today to discuss your Loan Against Property needs and unlock your financial potential!
Fuel Your Growth: Explore Business Loan Options
Take your business to the next level with the right financing solution. Discover a variety of business loan options tailored to your unique needs and growth ambitions.
Available Business Loan Types:
-
Term Loan
Obtain a lump sum of capital for long-term investments, equipment purchases, or working capital needs. Repay in fixed installments over a set period.
-
Working Capital Loan
Bridge short-term cash flow gaps and manage seasonal fluctuations with flexible financing. Enjoy quick access to funds and convenient repayment terms.
-
Line of Credit
Gain greater financial flexibility with a revolving credit line. Draw funds as needed and only pay interest on the utilized amount, offering convenient cash flow management.
-
Equipment Loan
Finance the acquisition of essential equipment for your business without impacting your working capital. Choose from secured or unsecured options based on your needs.
-
SBA Loan
Access government-backed funding with attractive rates and terms through the Small Business Administration (SBA). Eligibility criteria and loan types vary, offering support for startups and established businesses.
Ready to Apply?
Get started by exploring our online application process or contacting our dedicated loan advisors. We'll help you choose the right financing solution and guide you through the application process.
Important Information:
Required Documents:
- Business registration documents
- Financial statements (tax returns, balance sheet, profit & loss statements)
- Business plan (for startups or new ventures)
- Personal identification and financial information of business owners/guarantors
- Collateral details (if applicable for secured loans)
Eligibility Criteria:
| Parameter |
Eligibility Criteria |
| Time in Business |
Varies depending on loan type and lender (typically minimum 1-2 years required) |
Revenue |
Minimum annual revenue requirements vary by lender and loan type |
Creditworthiness |
Strong personal and business credit history generally preferred |
Collateral |
May be required for certain loan types, depending on lender and risk assessment |
**Disclaimer:** Information provided is indicative and may vary depending on individual circumstances and specific lender policies. Please consult a qualified financial advisor for personalized guidance.
**Call to Action:** Contact us today to discuss your business loan needs and unlock your growth potential!
Unlock Your Possibilities: Explore Personal Loan Options
Whether you're consolidating debt, financing a dream vacation, or covering unexpected expenses, a personal loan can provide the financial flexibility you need. Discover a variety of loan options designed to fit your unique goals and budget.
Available Personal Loan Types:
-
Unsecured Personal Loan
Obtain financing without pledging collateral. Enjoy quick approval and flexible repayment terms, suitable for various personal needs.
-
Secured Personal Loan
Secure a lower interest rate by using an asset like a car or certificate of deposit as collateral. Ideal for larger loan amounts or borrowers with limited credit history.
-
Debt Consolidation Loan
Simplify your finances and potentially reduce interest rates by combining high-interest debts into a single, manageable personal loan.
-
Home Equity Loan or Line of Credit (HELOC)
Leverage the equity in your home to access funds for larger expenses like home improvements, education, or debt consolidation. Enjoy potentially lower interest rates compared to unsecured loans.
Ready to Apply?
Get started by exploring our online application process or contacting our friendly loan specialists. We'll help you find the perfect loan solution and guide you through the application process smoothly.
Important Information:
Required Documents:
- Government-issued ID
- Proof of income (pay stubs, bank statements)
- Proof of address (utility bills, rental agreements)
- Additional documents may be required based on loan type and lender
Eligibility Criteria:
| Parameter |
Eligibility Criteria |
| Age |
Varies by lender, typically 18-75 years old |
Income |
Minimum income requirements vary by lender and loan amount |
Employment History |
Stable employment history generally preferred |
Credit Score |
Generally higher credit score leads to better rates and terms |
**Disclaimer:** Information provided is indicative and may vary depending on individual circumstances and specific lender policies. Please consult a qualified financial advisor for personalized guidance.
**Call to Action:** Start your journey towards financial freedom today! Apply for a personal loan online or connect with our loan specialists to discuss your options.
Privacy Policy
Effective Date: 2024
Thank you for visiting Imperial Finexx. Your privacy is important to us, and we are committed to protecting your personal information. This Privacy Policy outlines the types of information we collect, how it is used, and the choices you have regarding your data.
1. Information We Collect:
a. Personal Information: We may collect personal information such as your name, contact details, social security number, financial information, and other relevant details when you apply for a loan or use our services.
b. Automatically Collected Information: We may collect non-personal information automatically, including but not limited to IP addresses, browser types, device information, and usage patterns.
2. How We Use Your Information:
a. Loan Processing: Your personal information may be used to process loan applications, verify identity, assess creditworthiness, and facilitate transactions.
b. Communication: We may use your contact information to communicate with you regarding your loan application, account updates, and promotional offers.
c. Analytics: Non-personal information may be used for analyzing website usage patterns, improving our services, and enhancing user experience.
3. Sharing of Information:
a. Third-Party Service Providers: We may share your information with trusted third-party service providers involved in the loan application process, credit reporting agencies, and other entities necessary for our business operations.
b. Legal Compliance: We may disclose your information when required by law, to enforce our policies, or protect our rights.
4. Security:
We employ industry-standard security measures to protect your information from unauthorized access, disclosure, alteration, and destruction.
5. Cookies:
We may use cookies and similar technologies to enhance your browsing experience. You can adjust your browser settings to block cookies or notify you when they are being used.
6. Your Choices:
You have the right to access, update, or request the deletion of your personal information. You may also opt-out of receiving promotional communications.
7. Updates to Privacy Policy:
We reserve the right to update our Privacy Policy. Any changes will be effective immediately upon posting on our website.
8. Contact Us:
If you have any questions or concerns about our Privacy Policy, please contact us at [your contact email or address].
1. Use of Services:
a. Imperial Finexx provides financial services, including but not limited to loan processing. By using our services, you acknowledge and agree to adhere to the terms outlined in this document.
2. Eligibility:
a. To use our services, you must be of legal age and have the legal capacity to enter into contracts. You also agree to provide accurate and complete information during the registration process.
3. Privacy Policy:
a. Your use of our services is also governed by our Privacy Policy. Please review the Privacy Policy to understand how we collect, use, and protect your personal information.
4. User Account:
a. You are responsible for maintaining the confidentiality of your account information and for all activities that occur under your account. Notify us immediately of any unauthorized use or security breach.
5. Prohibited Activities:
a. You agree not to engage in any activities that violate laws, infringe on the rights of others, or compromise the security and integrity of our website and services.
10. Changes to Terms and Conditions:
a. Imperial Finexx reserves the right to update and modify these terms and conditions at any time. Changes will be effective immediately upon posting on our website. It is your responsibility to review the terms periodically.
11. Contact Us:
a. If you have any questions or concerns about our terms and conditions, please contact us at [your contact email or address].
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