IndusInd Bank Loan Against Property

About IndusInd Bank Loan Against Property

The loan that wins a borrower’s heart is the one which gives money without making a hole in their pockets. Everyone looks for a loan with low-interest rates for a longer tenure and low processing fee. Keeping in mind the needs of the customer and their convenience, Indusind Bank comes up with the loan against property scheme.

Indusind Bank offers LAP (both residential and commercial) for personal or business needs at one of the lowest interest rate linked to MCLR, processing fee of up to 2% and tenure of up to 15 years. Be it your residential property or a commercial one, you can easily get a loan. This customer-friendly loan fulfills all the desires of the borrower.

IndusInd Bank Loan Against Property Details

ParticularsDetails
Interest Rate9.75% - 14.00%
Loan AmountCustomized
TenureUp to 15 years
Processing FeesUp to 2% of the loan amount
Prepayment Charges

4% of the principal outstanding

How to Apply

Any individual/s who wants to take a loan against his/her residential or commercial property has to have the KYCs, loan application form, property documents, photographs, etc. and submit it all at the nearest bank branch. It is important to note that all the details and documents given to the bank must be genuine.

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Loan Against Property EMI Calculator

A loan EMI calculator is the tool that is used to calculate the monthly installments as per the chosen tenure and interest rate. Along with the EMI table, the amortization table tells you the detail about the EMI of the last year of the tenure.

For eg. If you are taking a loan of ₹15 lakhs at 9.85% per annum ROI, for the repayment period of 15 years, the EMI and total repayment amount are ₹15,982 and ₹28,76,707 respectively.

For your reference about the monthly EMIs and the amortization table, here is the table:

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 15,00,0009.85%1₹ 1,31,769₹ 81,230₹ 15,81,230
₹ 15,00,0009.85%2₹ 69,114₹ 1,58,726₹ 16,58,726
₹ 15,00,0009.85%3₹ 48,295₹ 2,38,628₹ 17,38,628
₹ 15,00,0009.85%4₹ 37,936₹ 3,20,924₹ 18,20,924
₹ 15,00,0009.85%5₹ 31,760₹ 4,05,598₹ 19,05,598
₹ 15,00,0009.85%6₹ 27,675₹ 4,92,631₹ 19,92,631
₹ 15,00,0009.85%7₹ 24,786₹ 5,81,997₹ 20,81,997
₹ 15,00,0009.85%8₹ 22,642₹ 6,73,667₹ 21,73,667
₹ 15,00,0009.85%9₹ 20,996₹ 7,67,609₹ 22,67,609
₹ 15,00,0009.85%10₹ 19,698₹ 8,63,787₹ 23,63,787
₹ 15,00,0009.85%11₹ 18,653₹ 9,62,161₹ 24,62,161
₹ 15,00,0009.85%12₹ 17,796₹ 10,62,687₹ 25,62,687
₹ 15,00,0009.85%13₹ 17,085₹ 11,65,319₹ 26,65,319
₹ 15,00,0009.85%14₹ 16,488₹ 12,70,010₹ 27,70,010
₹ 15,00,0009.85%15₹ 15,982₹ 13,76,707₹ 28,76,707

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

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YearPrincipalInterestBalance Amount
1₹ 46,073₹ 1,45,707₹ 14,53,926
2₹ 50,822₹ 1,40,958₹ 14,03,103
3₹ 56,060₹ 1,35,720₹ 13,47,042
4₹ 61,839₹ 1,29,941₹ 12,85,203
5₹ 68,212₹ 1,23,568₹ 12,16,990
6₹ 75,243₹ 1,16,537₹ 11,41,747
7₹ 82,999₹ 1,08,781₹ 10,58,748
8₹ 91,553₹ 1,00,227₹ 9,67,194
9₹ 1,00,990₹ 90,790₹ 8,66,203
10₹ 1,11,399₹ 80,381₹ 7,54,804
11₹ 1,22,881₹ 68,899₹ 6,31,922
12₹ 1,35,547₹ 56,233₹ 4,96,375
13₹ 1,49,518₹ 42,262₹ 3,46,857
14₹ 1,64,929₹ 26,851₹ 1,81,928
15₹ 1,82,058₹ 9852₹ 0

IndusInd Bank Loan Against Property Eligibility

Here is the list of the individual/s who can apply:

  • Individuals/Proprietorship concerns
  • Partnership firms
  • Private Limited Companies
  • Closely held Public Ltd Companies (not listed on any stock exchange)

Salaried Individual

  • Any individual employed permanently in any Public sector Undertaking, Government undertaking, Multi National Company, Listed public limited company or well-known private limited company can apply
  • Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should be lower than retirement age

Self Employed Professional/Non-Professionals

  • Doctors, Charted Accountants, Cost Accountants, Architects, Engineers, Company Secretary, CFA’s can apply
  • Any individual filing Income Tax returns can apply
  • Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should not exceed 70 years

IndusInd Bank LAP Documents Required

Here is the list of the documents that you must have at the time of applying:

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CategoryIndividualsNon-Individuals
Application FormApplication Form with photographApplication Form with photograph
KYC DocumentsValid Identity/Residence/Signature proofValid Identity/Residence/Signature proof
Proof of IncomeLatest Form 16/ITR copy/Appointment letter and latest 3 months’ salary slips / Salary CertificateLatest 2 years ITR along with Computation and Acknowledgement. 2 years financials with full schedules & audit report (Form 3CD & 3CB). Financials to be audited for T/O > 40 /60 Lacs case else shd be CA certified
Bank StatementLatest 6 months bank statement of the MAIN CA/SA/CC/OD accountLatest 6 months bank statement of the MAIN CA/SA/CC/OD account
Property documentsCopy of all property documents of the concerned property that you wish to mortgage for loanCopy of all property documents of the concerned property that you wish to mortgage for loan
Processing feeProcessing fee chequeProcessing fee cheque

Features & Benefits of IndusInd Bank LAP

  • Low-interest rate
  • Maximum tenure of up to 15 years
  • Maximum loan eligibility
  • Easy documentation & speedy approval
  • Loan for purchase of commercial property
  • Loan against residential or commercial property
  • Takeover of existing loan with additional finance
  • Processing fee of up to 2% of the loan amount

Personal Loan Interest Rates August 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.25%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank10.99% - 14.49%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates August 2018
State Bank of India/SBI8.45% - 9.00%
HDFC8.70% - 9.40%
Bank of Baroda8.50% - 9.50%
LIC Housing8.45% - 8.90%
PNB Housing Finance8.99% - 10.75%
ICICI Bank8.55% - 8.80%
Axis Bank8.50% - 8.85%
Citibank8.85% - 9.65%
Indiabulls Housing Finance Limited8.70% - 9.85%
Kotak Bank8.65% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
EMI Calculator