Loan Against Property in Bangalore

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What is Loan Against Property


Loan Against Property, is a loan which you can avail from a Bank/NBFC by keeping your property whether residential or commercial as collateral. This loan can also be called as a secured loan. It is called as a secured loan because the security is in the form of property owned by the individual applying the loan. Banks and NBFCs in Bangalore evaluate your property value using the help of their own valuator. Once they derive a value for the property, they can approve the loan amount ranging from 40-60%* as per the current property value. You can avail a Loan Against Property in Bangalore by keeping one or more properties under your name as collateral with the Bank/NBFC.

For what purposes you can use Loan Against Property funds?


Because of the many similarities in Personal loans and loan against property, one might confuse them both for being the same loan. Hence in order to get rid of this confusion we have mentioned few lines on the difference between a Loan Against Property and a personal loan. A Personal Loan is an unsecured loan. Here, you don’t need to keep any collateral to get a loan from the Bank/NBFC. Since the loan is unsecured in nature, the rate of interest is always higher. This leads to the individual repaying higher EMI’s to the Bank/NBFC. Banks and NBFC approve the personal loan only after analyzing the applicant’s financial history. Finally the tenure for a personal loan is between 5-7 years*. A Loan against Property is a secured loan. Here you need to keep collateral with the Bank/NBFC either in the form of commercial or residential property. Since the loan is secured in nature, the rate of interest is lower than personal loans. This leads to the individual repaying lower EMI’s to the Bank/NBFC. Banks and NBFC not only approve the Loan against property after analyzing the applicant’s financial history but also after evaluating the current market price of the property. Finally the tenure for a Loan against property goes up to 15 years*.

What are the differences between Loan Against Property and Personal Loan?


Because of the many similarities in Personal loans and loan against property, one might confuse them both for being the same loan. Hence in order to get rid of this confusion we have mentioned few lines on the difference between a Loan Against Property and a personal loan. A Personal Loan is an unsecured loan. Here, you don’t need to keep any collateral to get a loan from the Bank/NBFC. Since the loan is unsecured in nature, the rate of interest is always higher. This leads to the individual repaying higher EMI’s to the Bank/NBFC. Banks and NBFC approve the personal loan only after analyzing the applicant’s financial history. Finally the tenure for a personal loan is between 5-7 years*. A Loan against Property is a secured loan. Here you need to keep collateral with the Bank/NBFC either in the form of commercial or residential property. Since the loan is secured in nature, the rate of interest is lower than personal loans. This leads to the individual repaying lower EMI’s to the Bank/NBFC. Banks and NBFC not only approve the Loan against property after analyzing the applicant’s financial history but also after evaluating the current market price of the property. Finally the tenure for a Loan against property goes up to 15 years*. .

What are the features of Loan Against Property?


  • Loan against property in Bangalore is a type of secured loan. A borrower has to mortgage the residential or commercial property for loan against property.
  • This is a long tenure loan as the repayment period is as long as 15 years*. Banks and NBFCs in Bangalore offer higher loan amount for longer tenure with enchanting interest rates as compared to other loan plans.
  • The process of obtaining Loan Against Property in Bangalore is very quick and hassle free. Some banks approve the loan as quick as within three days*.
  • You can use your collateral property while repaying the Loan Against Property in Bangalore, unlike gold where the gold ornaments remain with the banks or NBFCs and you don’t get them back until the loan is paid in full.
  • Borrower can avail loans from Rs. 5 lakh onwards against property, if they apply for Loan Against Property in Bangalore. The minimum amount Rs. 10-15 lakh*.
  • You can get Loan Against Property in Bangalore by keeping residential as well as commercial properties as mortgage.
  • The borrower is also supposed to pay all the hidden and extra charges such as processing fee and administrative fee for Loan Against Property in Bangalore. The borrower also has to pay the bank for property valuation and its processing fee. Many banks ask to pay 1%-2% of loan amount sanctioned under LAP in Bangalore.
  • Mortgage loans prove to be the best way to debt consolidation. That mean you can pay of your multiple debts by bringing them under a singular debt in Bangalore.
  • If the property is owned by partners or directors of a company, it can be taken in the name of that firm.

What are the Eligibility Criteria to avail a Loan Against Property?


For every type of a loan, there is a specific criteria that an individual must possess. For availing a loan against property, there is a set criteria which every Bank/NBFC follows. The criteria include;

  • The individual must be a citizen of India
  • Individual’s professional stability and Income history.
  • Good credit history
  • Property must be under the applicant’s name.
  • Loan can be taken as co-applicants if the property is registered under multiple names.

The eligibly criteria for loan against property also changes based on applicant's profession. The details of the same are given below:

  • Salaried Applicant
  • The applicant should be a permanent employee with the government or a reputed company.
  • The applicant should be an employee with the existing company or government for minimum 3 months.
  • The minimum age to avail Loan Against Property transfer without top up for salaried applicant is around 24 to 25 years.
  • The applicant should currently be employed with existing organization.
  • The applicant should also have a good credit score.
  • Professional Applicant/ Self-Employed Applicant
  • This category is further divided into two:

    Self-Employed Professional: Doctor, architect, chartered accountant, etc.

    Self-Employed Non-Professional: Trader, commission agent, contractor etc.
  • The minimum age to avail LAP transfer without top up for professional applicant is 25 years and the maximum age has to be 65 years.
  • The applicant should be involved in his/her business for 3 years.
  • The applicant should be filing income tax returns regularly.
  • The property which is being mortgaged also has to be eligible to be kept as collateral in the bank or NBFCs. The property eligibility criteria are given below:
  • The property which will be kept as collateral should not be involved in any legal tangles.
  • The property should have clear titles registered in the name of the applicant.
  • The market value of the given property should be higher as the loan amount you'll get will totally depend on the current value of property.
  • The property which will be kept as collateral should not be involved in any legal matters.

What are the Documents Required to avail a Loan Against Property?


To avail a loan against property, there is a list of documents needed. This list changes as per the profession of the applicant. There is a different list for a salaried applicant and also for a self-employed professional. The process of getting this loan gets easier when you know what kind of documents are needed to be submitted. There are many documents needed as per different banks but there are few which are similar in every bank/NBFC. Hence we have created a generic list of documents you would need;

  • Documents Required for Salaried Applicant:
  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • Salary slips of last 3 months from application date.
  • Form-16 issued by current employer.
  • Bank statements of last 6 months from application date.
  • Copy of details of all existing loans.
  • A cheque covering the administrative costs/processing fees incurred by the bank in processing the application
  • Property papers with OC and CC.
  • Documents Required for Self-Employed Businesspersons:
  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • IT Returns of the three years preceding the one in which loan is applied for.
  • Copy of details of all existing loans.
  • Property papers with OC and CC.
  • Documents required for self-employed professionals:
  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Proof of educational qualification which includes certificates, degrees, diplomas, and other academic credentials.
  • Business proof (registration of business)
  • Copy of challans proving that Advance Income Tax has been paid.
  • Copy of details of all existing loans.
  • Bank statements of last 6 months from application date.
  • Property papers with OC and CC.

Why Choose Ruloans To Apply For Loan Against Property?


We at Ruloans follow the mantra of helping our customers to borrow right. Our motto is to give our customers “much more than money”. With this outlook, we have been operating in the loan industry over the past decade providing our expertise to customers all over India. Our team has internally developed a highly proficient loan calculator which gives you an idea of how much loan EMI you would end up paying for a certain amount at a certain rate of interest for a specific period. You can also choose from a variety of banks and NBFC’s from where you can take a loan.

Hassle free process

We understand that making the process user friendly is beneficial and helpful to customers. Hence our online portal is easy to operate and understand for the average customer. You can also upload your documents and use our loan calculator which guides the customers in deciding what kind of a loan they need.

Benefits of applying with us

We at Ruloans have been in this loan industry over a decade. Hence we have a very good team of finance professionals with a lot of experience in the loan industry. Our customers can avail of these services along with the best offers and deals from our partnered Banks and NBFCs.

Compare your loan options

With our online portal which is user friendly, you can compare the rate of interest, tenure, fees of different types and also more details of different Banks and NBFCs. With this, you can choose the lender of your choice.

Free expert guidance and advice

We provide all of our guidance and expertise to our customers without charging any fee. We guide them and help them with the loan process free of cost.

Privacy policy

At Ruloans, we keep privacy of our customer’s data as very important. All the applications are processed electronically and sent only to the Bank and NBFC of your choice. Your data will be safe with us.

How to Apply For a Loan Against Property on Ruloans?


  • How to Apply For a Loan Against Property Transfer without Top Up on Ruloans?
  • Step 1:Go to the ‘Loan Against Property in Bangalore on our website and click on Apply Now box.
  • Step 2:Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
  • Step 3:Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
  • Step 4:From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
  • Step 5:Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions


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