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Indian Bank Loan Against Property Highlights |
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| Interest Rates | 9.70%-12.85% p.a. |
| Loan Amount | Rs 5 lakh-Rs 5 crore
For IB Rental: Rs 5 crore and above |
| LTV Ratio | Up to 40% for Tier-I/Tier-II cities
Up to 50% for others For Lease Rental: Up to 90% of net present value of rent |
| Tenure | Up to 15 years |
| Processing Fee | 1% of loan amount or Rs 10,000 whichever is higher |
| Minimum Monthly Gross Income | Rs 25,000 |
Note: Rates as of 5th November 2024
Check LAP Interest Rates for Various Lenders Click Here
Table of Contents
Indian Bank Loan Against Property Interest Rates
Indian Bank has specified its Loan Against Property interest rates based on the type of loans and applicants. While the bank has not disclosed differential interest rates based on the credit score, occupation profile, loan amount, loan tenure, etc., many banks may consider these factors while setting the interest rates for their LAP applicants.
Floating Rates
IND Mortgage
Term Loan
| Loan Amount | Interest Rate (p.a.) |
| Up to Rs 7.50 crore | 10.10% to 11.60% |
| Up to Rs 7.50 crore | 10.60%-12.10% |
Overdraft
| Product | Interest Rate (p.a.) |
| Ind Mortgage (Overdraft) | 11.10%-12.75% p.a. |
Loan Against Rent Receivables
| Product | Interest Rate (p.a.) |
| IB Rental Encash | 10.00%-11.50% |
| IB Rental | 9.70%-11.35% |
Note: If the lessee is Indian Bank / PSB / Private Sector Bank / Reputed Financial Institution / Government Organization / PSU / Company & Firm (Externally rated “A” / equivalent and above), concession of 0.50% is applicable on effective ROI
Fixed Rates
IND Mortgage
| Product | Interest Rate (p.a.) |
| IND Mortgage (Term Loan) | 10.35% to 11.85% |
| IND Mortgage (Overdraft) | 11.35%-12.85% |
Loan Against Rent Receivables
| Product | Interest Rate (p.a.) |
| IB Rental Encash | 10.25%-11.75% |
| IB Rental | 9.95%-11.45% |
Compare LAP Interest Rates of Indian Bank vs Other Lenders
| Name of the Lender | Interest Rate (% p.a.) | |
| State Bank of India | 10.00-11.30 | |
| Bank of Baroda | 10.85-18.60 | Apply Now |
| PNB Housing Finance | 9.25-15.00 | Apply Now |
| IDFC First Bank | 9.00-16.50 | Apply Now |
| HDFC Bank Limited | 9.50-11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50-11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| ICICI Bank | 10.85-12.50 | Apply Now |
| Tata Capital | 9.00 onwards | Apply Now |
| Axis Bank | 10.50-10.95 | Apply Now |
| Punjab National Bank | 10.40-12.75 | Apply Now |
Check Lenders Offering Loan Against Property at Low Interest Rates Click Here
Type of Indian Bank Loan Against Property
IND Mortgage
Purpose: Any personal purpose including repair/renovation of buildings, marriage, festivals, functions, education, medical or any other purpose, except for speculation
Loan Amount
For Salaried:
Minimum Loan Amount: Rs 5 lakh
Maximum Loan Amount:
- Up to Rs 2 crore, if the property is located in Tier-I/Tier-II centers
- Up to Rs 1 crore, if the property is located in all other centers other than Tier-I/Tier-II centers
| Repayment Period | Loan Amount |
| <=5 years | Up to 36 times of latest gross monthly salary |
| >5 years | Up to 48 times of latest gross monthly salary |
For Non-Salaried:
Minimum Loan Amount: Rs 5 lakh
Maximum Loan Amount:
- Up to Rs 5 crore, if the property is located in Tier-I/Tier-II centers
- Up to Rs 1 crore, if the property is located in all other centers other than Tier-I/Tier-II centers
| Repayment Period | Loan Amount |
| <=5 years | Up to 3 times of annual cash profit (Profit After Tax + depreciation) |
| >5 years | Up to 4 times of annual cash profit (Profit After Tax + depreciation) |
Pensioners:
Minimum Loan Amount: Rs 5 lakh
Maximum Loan Amount:
- Up to Rs 1 crore, if the property is located in Tier-I/Tier-II centers
- Up to Rs 50 lakh, if the property is located in all other centers other than Tier-I/Tier-II centers
| Repayment Period | Loan Amount |
| <=5 years | Up to 3 times of annual income |
| >5 years | Up to 4 times of annual income |
For Business Class (Firms/Companies):
Minimum Loan Amount: Rs 5 lakh
Maximum Loan Amount:
- Up to Rs 10 crore, if the property is located in Tier-I/Tier-II centers
- Up to Rs 2 crore, if the property is located in all other centers other than Tier-I/Tier-II centers
| Repayment Period | Loan Amount |
| <=5 years | Up to 3 times of annual cash profit (Profit After Tax + depreciation) |
| >5 years | Up to 4 times of annual cash profit (Profit After Tax + depreciation) |
Tenure: Up to 7 years
Security: Equitable mortgage of property
IB Rent Encash
Purpose: For Repair/renovation/marriage/education/household festivals/medical/bankable purpose
Loan Amount: Rs 1 lakh-Rs 5 crore
“A” Category Lessee:
Minimum: Rs 1 lakh
Maximum:
- Rs 5 crore, if the property is in Tier-I/Tier-II centres
- Rs 2 crore, if property is in other centres
Tenure: Up to 10 years
If the lessee is not under above category:
Minimum: Rs 1 lakh
Maximum:
- Rs 2 crore, if the property is located in Tier-I/Tier-II centres
- Rs 1 crore, if property is located in other centres
Tenure: Up to 7 years
LTV Ratio:
| Category | On NPV of rent receivable | On RSV of property |
| PSBs/Central or State Governments/MNCs/Top Notch Corporates | 90% | 70% |
| All other cases | 80% | 60% |
Security:
- Assignment of the rent received
- Equitable mortgage of freehold/leasehold property
IB Rental
Purpose: To meet the financial requirements of the owners of residential and commercial properties who have let their property on lease
Loan Amount: Rs 5 crore and above
LTV Ratio: 80%-90% of net present value of rent
Tenure:
- Up to 12 years
- Up to 15 years on select basis
Security:
- Lease rental escrow
- Property mortgage with value to cover 125% of loan amount
- Tri-partite agreement between lender, borrower and lessee
Check LAP Interest Rates for Various Lenders Click Here
Eligibility Criteria for Indian Bank LAP
For IND Mortgage
- Minimum Age: 18 years
- Maximum Age: Up to 60 years or retirement age (for salaried); Up to 70 years (other individuals)
- Job Profiles: Salaried/Pensioners/NRIs/Non-Salaried owners
- Minimum Monthly Gross Income: Rs 25,000 (salaried)
For IB Rental
Owners of residential/commercial property who have proposed or let the property out to eligible lessee/tenants
For IB Rent Encash
Owners of residential and commercial buildings who have proposed or let out their buildings to State or Central Government offices/PSUs/top notch corporates
In addition to the above-mentioned eligibility criteria, Indian Bank may also consider the credit score of its LAP applicants, just like many lenders do while evaluating their Loan Against Property eligibility.
Check Lenders Offering Loan Against Property at Low Interest Rates Click Here
Documents Required for Indian Bank Loan Against Property
The loan against property documents required for availing Axis Bank LAP are mentioned below:
- Duly filled application form with photographs attached
- ID Proof (PAN card/voter ID/Passport/driving license)
- Address Proof (Telephone bills/electricity bills/voter ID/passport/property tax receipt)
- Employment proof
- Business address proof
- Salary certificate
- Sale deed
- ITR for last 3 years
- Other income proofs such as rent, interest on investment, etc.
- Approved building plan
- 30 years’ title deed documents
- Title proof in revenue records
- Copy of registered lease agreement in case of IB Rent Encash