Loan Against Property
India Home Loan Ltd. offers Loan Against Property (LAP) to individuals who own self-occupied residential properties. Unlock the value of your property and get up to 60% of its market value to meet diverse financial needs such as business expansion, education, or personal expenses.
"India Home Loan made it so easy to unlock the potential of my property. The loan process was hassle-free, and their team was incredibly supportive!"
- Easy documentation process
- Competitive interest rates
- Flexible repayment options
- Quick loan approval
- No hidden charges
- Loans for multiple purposes
- Transparency throughout the process
- Expert assistance
Comprehensive Solutions
Our Loan Against Property solutions are designed to cater to diverse needs, providing a perfect blend of flexibility and affordability.
Personalized Assistance
With a customer-first approach, we ensure a seamless experience by offering tailored solutions that align with your financial goals.
Comparison of Reduction Methods
| Activity | Annual Reducing Method | Monthly Reducing Method | Daily Reducing Method |
|---|---|---|---|
| Reduction from Principal | The principal component of the EMI is reduced from the loan amount only at the time of prepayment or on March 31 each year. Thus, the customer continues to pay interest on the opening principal as on April 1 each year. | The principal component of the EMI is reduced from the loan amount each month, and the interest for the next month is calculated on the reduced principal. Thus, the customer benefits from principal payment reduction every month. | Interest is calculated only up to the date of payment, and any excess payment received is adjusted towards principal. Thus, the customer benefits from amortization on each date of payment. |
| Impact of Rate Revision | Effective from the month following the month when the rate revision is effected. | Effective from the month following the month when the rate revision is effected. | Effective from the same day when the rate revision is effected. |
| Calculation of ODI | ODI (Overdue Interest) is applicable if any payment is not received by the due date. | ODI is applicable if any payment is not received by the due date. No waiver in ODI is possible. | ODI is applicable if any payment is not received by the due date. No waiver in ODI is possible. |
| Prepayment Calculation | The effect of prepayment is given from the month following the month in which prepayment is received. | A 5-day grace period is provided for prepayment benefit each month. If prepayment is made by the 5th of the month, the benefit is given from the same month; otherwise, the full EMI is payable for the current month, and the prepayment impact is given from the next month. | The benefit of prepayment is given from the immediate next date of prepayment, irrespective of the date the prepayment is made. |
Frequently Asked Questions
Step 2: Your application would be assessed on the basis of various eligibility and funding norms.
Step 3: A property valuation and title check may be carried out by the company representative to determine the property value and legal clearance of the property to arrive at the loan amount.
Step 4: Based on the internal and regulatory guidelines, IHLL may approve or reject the loan application.
Step 5: Submission of the original property documents are required along with signing of agreements, handing over of registered property papers and submission of post-dated cheques/ECS/NACH.
Step 6: Upon finding all the documents in order, IHLL will disburse the loan amount to the developer/contractor based on the progress of construction. The EMI/Pre-EMI will commence after the disbursement.
You are eligible for a loan if you are an Indian citizen or a person of Indian Origin and are a salaried/ self- employed professional/ a businessman. Your loan eligibility will be determined by IHLL on the basis of professional income, age, qualifications, number of dependents, co-applicant’s income, assets, liabilities, stability and continuity of occupation, savings and prior credit history. Further, the loan eligibility will also be dependent on the value of property selected by you.
We can fund up to 80% of the property value in case of Home Loan and up to 70% in case of Loan Against Property. However, IHLL funding norms may change from time to time and from property to property or based on the loan amount.
Your loan is repaid through Equated Monthly Instalments (EMI), which includes principal and interest component. EMI repayment starts from the month subsequent to the month of final disbursement. Pre-EMI Interest is the simple interest, payable every month till the time loan amount is not fully disbursed.
Credit check calculator .
Home Loan Eligibility Calculator
Home Loan Eligibility Calculator