All about Loan against Property – How to apply and interest rate​

If you own a property, you can mortgage it and get a loan against its value. Let’s have a look at the ways to apply for the loan and the interest payable.

Online application

Most lenders allow you to apply for the loan online. You can apply through the lender’s website or mobile app by filling an online form.

Offline application

Offline application can be done by visiting the nearest loan centre of the lender. Fill out the application form and submit it physically.

In both the application modes, the lender evaluates the property to determine the maximum loan amount. Also, you have to submit a set of relevant documents.

The loan interest rate is affordable because the loan is secured by the mortgaged property. As such, the lender faces no risk of repayment default.

Lenders specify a minimum interest rate on the loan and the actual interest depends on your credit score, loan amount, and other eligibility parameters.

Get a hassle-free loan against property from IDFC FIRST Bank. Apply online and enjoy affordable interest rates starting from 9.40% p.a.