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A Loan Against Property (LAP) offers a convenient financial solution to secure funds for personal or business needs. However, understanding the LAP interest rate is important to determine the overall cost of borrowing and your monthly repayment obligations. Let's look at the loan against property interest rate in detail so you can make an informed decision.
Processing Fee
A loan against land interest rate will vary from a loan against commercial property interest rate. But, besides the loan against property interest rate, you'll have to pay a processing fee depending on the type of property.
Rate of Interest
(The above fixed ROI can be opted by the borrowers (Individual/Non-Individual) while availing a fresh LAP loan from the Tata Capital. However, in case of rate change, as per the circular “Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans” issued by the RBI, Individual Borrower having an existing EMI based loan at floating ROI for personal purpose would have an option to switch to the above ‘Fixed Rate of Interest’ i.e., 14.25% or opt for enhancement/reduction in EMI or tenure or combination of both.
| Effective From | TCL RPLR |
|---|---|
| September 1st 2024 | 11.50% |
Note: The above PLR will be applicable for the cases disbursed on or after 1st May 2024.
| Effective From | PLR |
|---|---|
| September 1st 2024 | 20.20% |
| March 11th 2024 | 20.00% |
| March 3rd 2023 | 19.75% |
| January 1st 2023 | 19.50% |
| September 30th, 2022 | 19.25% |
| August 22nd, 2022 | 18.75% |
| June 15th, 2022 | 18.25% |
| May 16th, 2022 | 17.75% |
| January 1st, 2019 | 17.45% |
| October 1st, 2018 | 17.15% |
| July 1st, 2018 | 16.85% |
| May 1st, 2018 | 16.65% |
| November 1st, 2015 | 16.50% |
| May 1st, 2015 | 16.65% |
| December 10th, 2013 | 16.75% |
| September 1st, 2013 | 16.65% |
| March 1st, 2013 | 16.40% |
| October 1st, 2011 | 16.50% |
| July 1st, 2011 | 16.00% |
| April 1st, 2011 | 15.50% |
| December 20th, 2010 | 14.75% |
| November 15th, 2010 | 14.25% |
| January 1st, 2009 | 13.75% |
Note: The above PLR will be applicable for the cases disbursed before 1st May 2024.
Here are some effective tips to secure a mortgage loan at low interest rates:
3% per month on overdue amount
These are those charges that are levied in case of an EMI bounce per instance. In other words, these charges are levied when you miss a personal loan EMI payment due to inadequate funds in your bank account. At Tata Capital, you’ll be required to pay ₹ 600 for every Cheque/Payment Instrument Dishonour.
Charges will be levied if EMI is due but valid instrument is not available for banking due to Mandate rejected by Borrower’s bank or EMI Post-dated cheques(wherever applicable) are not available. Tata Capital charges a nominal amount of Rs. 450 + GST
Nil
Note: GST, other government taxes and levies as applicable, will be payable on all fees and charges.
₹ 10,000
₹ 2000
Customer portal – Nil
Branch walk-in - ₹ 250
₹ 25,000
Rs. 550/- per swap instance
₹ 550
₹ 550
₹ 250
For loans upto ₹ 5 Lacs - ₹ 59 (per filing/modification)
For loans above ₹ 5 Lacs - ₹ 118 (per filing/modification)
Or such other charges as may be stipulated by Central Registry from time to time
₹ 5000
₹ 1000 per request
Nil
₹ 200 per request
₹ 200 per request
₹ 500 per request
Nil
Nil
Nil
At Actuals
At Actuals
Up to ₹ 1 Cr - ₹ 6,000 property
Above ₹ 1 Cr - ₹ 11,000 per property
Disclaimer
(These are charges levied to Individual customers having floating rate personal loans for switching their rate from floating rate of interest to fix rate of interest in case of reset of interest rates by TCL. LAP charges are also subject to change. For the latest charges, please visit the official website of the lender.)
Note: GST, other government taxes and levies as applicable, will be payable on all fees and charges.
| Charges | Charge Value |
|---|---|
| Payment Instrument swapping | 550/- |
| Dishonor Charges | 600/- |
| Stamp Duty | As per Actual |
| Broken Period Interest | As per Actual |
| Legal+ Technical Charges | 4000/- |
| Mandate rejection service charges | 450/- |
| Annual Maintenance charges(Term Loan) | 0/- |
| Annual Maintenance charges (Dropline facility) | NA |
| Application Fees/Document processing charges (Login Fees) | 2000/- |
| Cancellation charges | 2% of the Facility amount 0r 5750/- whichever is higher |
| Duplicate Repayment Schedule | 550/- |
| Duplicate NOC | NA |
| Statement of Account (SOA) | Customer walkin- 250/- |
| Foreclosure Letter Charge | 500/- |
| Post Dated Cheque Charges Rs | NA |
| Conversion Charges | NA |
| Collection Charges | As per Actual |
| Cersai Charges | Upto 5 lac-RS 59; >5 lac Rs 118 |
| Document Handling and retrival Charges | 2000/- |
| For issue of Duplicate copy of agreement | 250/- |
| LOD statement Charges | 1000/- |
| Provisional interest Certificate Charge | 200/- |
| Final interest Certificate Charge | 200/- |
| Other statement Request Charge | 250/- |
| Additional Interest | For default in payment of interest and/ or principal amounts - 3% p.a. |
| Prepayment / Foreclosure Charges |
6%- Within Lockin Period 4%- After lockin period Lockin period of 9 months |
Note: The amounts are net of taxes such as GST, etc.
GST, other Government taxes and levies as applicable, will be payable on all fees and charges in above mentioned
| Rate Description | Party to the Agreement & Purpose | Foreclosure Charges within 12 months of Disbursement | Foreclosure Charges after 12 months of Disbursement | Part Prepayment Charges (For Term Loan) |
|---|---|---|---|---|
| Floating Rate Scheme | Individual Borrower with end use other than business | No charges | No charges | No charges |
| Floating Rate Scheme | Individual Borrower with end use as business | 6% of Principal Outstanding | 4% of Principal Outstanding |
Upto 25% of the Sanction Amount - Nil Charges More than 25% of the Sanction Amount for any pre- payment taking place during the tenure of the loan – 4% on amount prepaid in excess of 25% of the Sanction amount |
| Floating Rate Scheme | Non- individual Borrower irrespective of end use | 6% of Principal Outstanding | 4% of Principal Outstanding |
Upto 25% of the Sanction Amount - Nil Charges More than 25% of the Sanction Amount for any pre-payment taking place during the tenure of the loan – 4% on amount prepaid in excess of 25% of the Sanction amount |
| Fixed Rate scheme | Individuals/ non- individual borrowers irrespective of the end use | 6% of Principal Outstanding | 4% of Principal Outstanding |
More than 25% of the Sanction Amount for any pre- payment taking place during the tenure of the loan – 4% on amount prepaid in excess of 25% of the Sanction amount |
With Tata Capital, you can avail of affordable property loans with LAP interest rates starting at 9%. Your loan against property interest rate will depend on factors like your employment type, income, credit history, existing debt, current interest rate on loan against property, etc. It will also depend on your property. For example, loan against land interest rate will vary from loan against commercial property interest rate or loan against plot interest rate, and so on.
Here's how these factors affect your loan against property interest rate-
Disclaimer: The loan against property interest rates/charges indicated above are subject to revision at Tata Capital’s discretion from time to time.For the definitions of the above charges, please refer to the Master Terms & Conditions sheet.Soft copies of documents mentioned in the table above will be provided free of cost. For hard copies, please refer to the above table for the applicable fees & charges.
At Tata Capital, you can choose between two kinds of loan against property interest rates, fixed rate of interest and variable/floating rate of interest.
With a fixed interest rate, the percentage charged remains fixed throughout the loan tenure. This ensures a fixed EMI to be charged every month.
With a variable/floating interest rate, the percentage of interest charged will fluctuate depending on the market scenario.
Yes, a nominal fee is charged as processing fees at the beginning of your loan application process. Here are the details of Tata Capital’s processing fee.
On getting your hands on surplus funds, you might think of prepaying your home loans to save up on further loan against property interest rates charges.
But it is important to remember that Tata Capital charges a foreclosure fee for repaying your loan prematurely. Here are the details of Tata Capital’s foreclosure fees.
Yes, apart from the loan against property interest rates and processing fees, loan applicants might be required to pay other costs as well. These costs include.
These charges are levied in case you want to pre-pay part of your outstanding loan amount. While applicants can’t pre-pay their loan during the lock-in period (12 months from loan disbursement), they can do so after. However, only 25% of the principal outstanding is accepted as part prepayment during the entire tenure of the loan.
In case of default on repayment of the loan, 3% on the overdue amount per month and GST is charged as penal interest.
If applicants decide to foreclose their loan within the lock-in period, they are liable to pay the lock-in period charges, 4% of the outstanding principal amount and GST. Once the lock-in period passes, the foreclosure charges are 4% of the outstanding principal amount and GST.
These include bounce charges, mandate rejection charges, legal and technical charges etc.
At Tata Capital, we believe in providing complete transparency when disclosing our fees and charges. The final loan document will give you all the transactional details of the fees charged on your loan against your property.
Comparing lap loan lowest interest rates is one of many things under your control. Apart from loan against land interest rates, you also have the liberty to select your loan tenure.
You can choose the loan tenure that best suits your needs and financial plans. However, an important thing to note is that the loan tenure has to be for at least one year and, at most, 30 years.
The loan against property interest rates is calculated with the help of a basic formula:
EMI = [P x R x (1+R) ^N]/[(1+R) ^ (N-1)]
Here,
P= Principal loan amount
R= Interest rate
N= Number of EMI instalments
However, using the EMI calculator available at Tata Capital's official website, you can skip the tedious EMI calculation on loan against property based on interest rates.
Tata Capital charges foreclosure or loan pre-closure fees if you want to completely or partially prepay the loan. But it is important to remember that the amount of foreclosure fees charged is depended on when you prepay your loan.
When financing your new property with a competitive lap loan interest rate, it is essential to be aware of its associated charges. Processing charges are levied during the application process, and stamp duty is a charge that is associated with property value.
Stamp duty is charged based on the property’s market value and other factors such as the state in which it is located, the type of property, etc.
Yes, Tata Capital offers a hassle-free overdraft facility that can be combined with your lap loan. This facility was introduced as a measure to provide flexibility in the utilisation and repayment of loans by customers.
With a loan against land overdraft facility, interest will be serviced only on the amount you utilise. The limit drops by a fixed amount every month until the tenure ends.
No, insurance is not mandatory to apply for a loan against property. However, planning your finances to safeguard yourself from defaulting on your payments is recommended.
At Tata Capital, apart from offering flexible loan tenures, attractive interest rates and multiple repayment plans, we provide an EMI calculator. With this, you can structure your loan against land in the way that is the most feasible for you.
You can check the latest LAP interest rates by visiting the official Tata Capital website.
Yes, existing borrowers will get the updated rate of interest. Make sure to check for terms and conditions before proceeding with your loan.
To determine the total interest cost payable on a loan against property, you can use an online loan EMI calculator. By entering the loan amount, interest rate, and tenure, the calculator will provide the monthly EMI and the total interest payable over the loan period.
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