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What is the meaning of mortgage loan?

A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the mortgage is the home itself, meaning that if the borrower doesn't make monthly payments to the lender and defaults on the loan, the bank can sell the home and recoup its money.

LAP Interest Rate Calculator

LAP interest rate calculator helps you get the approximation of the loan amount you are eligible for and the interest rate at which you can borrow the loan against your commercial or residancial property. The rate of interest for the loan is depends on the customer’s profile, which covers company name, salary, cibil history, etc.

Below mentioned are the top leading lenders providing LAP at lowest interest rates, features and benefits:

SBI Mortgage Loan Interest Rates

Any individual employee / professional & self-employed and other can apply for Loan Against Property with State Bank of India. Loan should be liquidated before the age of 70 yrs of the borrower.

Loan against property Interest rate: 9.50% onwards

  • Loan Amount: Min Rs. 10 Lakhs
  • Loan Amount Max: Rs. 10 Cr (depends on property location and valuetion)
  • Min salary requirement: Rs. 25000/- per month/3 years itr with financial min turnover 35 lacs
  • Processing Fee: Upto 1.5% of loan amount+ taxes, maximum Rs. 50,000 + taxes
  • Max: 60% of market value of property subject to EMI/NMI not exceeding 50% with a ceiling:
  • For Tier I and Tier II Cities (list annexed-I) : Max: Rs 2.00 Cr Rest of India: Max : Rs 1.00 Cr
  • Max Rs: 50 lacs for the State of Orissa, West Bengal, Meghalaya, Mizoram, Arunachal Pradesh, Assam, Tripura, Manipur and Nagaland but excluding those cities which are covered under Tier I and II cities given in Annexure – I

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