Aadhar Finance Loan Against Property Apply Online 2024
Get a loan against your property from Aadhar Finance, allowing you to access up to 75% of the property's value to fulfil your emergency financial needs that can serve both personal and business requirements. Tata Capital offers competitive mortgage loans, with interest rates starting from just 10.10% - 14.00% p.a., with a repayment period of up to a maximum of 20 years.
Aadhar Finance Loan Against Property Details
| Interest rate | 11.25% to 16.50% p.a. onwards. |
| Loan Amount | Up to 75% of the property cost. |
| Eligible Monthly Income | Minimum ₹25,000 p.m. |
| Processing Fees | Up to 2.00% of loan sanctioned |
| Loan Tenure | 10 to 20 months |
Aadhar Finance Loan Against Property Interest Rate
Borrowers have the option to select either a fixed or floating interest rate, with charges varying based on the choice made. Here are the specifics:
Fixed Interest Type:
- Residential properties: Interest rates range between 11.25% and 16.50%.
- Commercial properties: Interest rates range from 10% to 10.25%.
Floating Interest Type:
- Residential properties: Interest rates range between 11.25% and 16.50%.
- Commercial properties: Rates vary from 11.25% to 16.50%.
Aadhar Finance recently modified the benchmark rates for Loan Against Property (LAP), Loan Against Commercial Property (LCP), and Loan Against Rent Receivables (LARR) to the Policy Repo Rate. They apply an additional spread of 3% to 4.5% over their current Policy Repo Rate of 6.50%. As a result, this sets the total lending rate within the range of 11.25% to 16.50%.
| Interest Rate | 11.25% - 16.50% |
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Eligibility Criteria for Aadhar Finance Loan Against Property
The eligibility for Aadhar Finance loans against property can be quickly calculated online through a LAP Calculator. Essential factors determining YES Bank LAP eligibility are age, income, repayment capacity, and property value. To secure a maximum loan amount of up to 75% of the property value, the minimum age requirement is 21 years. Both salaried individuals and self-employed applicants are eligible to apply for YES Bank Loan Against Property, assisting with both planned and unplanned expenses.
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Citizenship | All Indian citizens are eligible to apply for the YES Bank lap loan. | All Indian citizens are eligible to apply for the YES Bank lap loan. |
| Net Monthly Income | ₹25,000 | ₹200000 Lakh per annum |
| Age | 23 to 65 years. | 23 to 65 years. |
| CIBIL Score | 750 > The better the CIBIL score the lower the interest rate. | 750 > The better the CIBIL score the lower the interest rate. |
Documents Required for Aadhar Finance Loan Against Property
Getting a YES Bank loan against property is streamlined and hassle-free in terms of documentation. The application requires the following documents.
For Salaried Applicants:
| Identity Proof for KYC | PAN Card, Aadhaar Card, Voters ID or Driving License. |
| Address Proof | Aadhaar Card, Passport, or Driving Licence, Utility Bills. |
| Payslips | Last 3 months salary slips/latest salary certificate |
| Bank Statements | for past 3 months (Bank passbook for last 6 months) |
| Other Financials | Form 16 |
| Property Documents |
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| Other documents | 26AS of last 2 years of applicant & co-applicant |
| Other Financials |
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Documents required for Self-employed:
| Identity and Address proofs | Same as salaried individuals. |
| Income proofs | IT Returns accompanied by the computation of income for a minimum of three years (Individual as well as a Business entity - attested by a chartered accountant). Financial Statements for the last three years. Six months' Current Account statement of the business and savings accounts of the individual's. |
| Property Documents |
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| Other documents |
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For Co-Applicant KYC:
Aadhaar Card, PAN Card, Passport Size Photo.
Comparison of Loan Against Property Interest Rates of Aadhar Finance with other Banks/NBFCs
| Bank Name | Interest Rate Range | Processing Fees |
|---|---|---|
| HDFC LAP Loan | 10.25% to 11.00 | 0.50% to 1.00 |
| AXIS LAP Loan | 10.25% to 13.00 | 0.50% to 1.00 |
| ICICI LAP Loan | 10.25% to 12.00 | 0.00% to 2.00 |
| Kotak LAP Loan | 9.15% to 10.00 | 1.00% to 3.00 |
| Standard Chartered LAp Loan | 9.25% to 13.00 | 0.00% to 1.00 |
| Bajaj Finserv Home Loan | 10.25% to 13.00 | 0.00% to 3.50 |
| SBI LAP Loan | 9.00% to 20.00 | 0.00% to 1.00 |
| IDFC LAP Loan | 9.00% to 20.00 | 0.00% to 1.00 |
| Tata Capital LAP Loan | 10.25% to 14.00 | 0.00% to 2.00 |
| YES LAP Loan | 9.40% to 10.25 | 0.25% to 2.00 |
| BOB LAP Loan | 10.55% to 10.00 | 0.25% to 1.00 |
| PNB LAP Loan | 10.40% to 10.75 | 0.25% to 1.00 |
| IndusInd LAP Loan | 8.60% to 10.75 | 0.25% to 2.00 |
| Aditya Birla LAP Loan | 9.00% to 14.00 | 0.25% to 2.00 |
| Incred LAP Loan | 10.25% to 15.00 | 0.25% to 2.00 |
| Poonawalla LAP Loan | 8.50% to 22.00 | 0.25% to 2.00 |
| DCB LAP Loan | 9.75% to 15.00 | 0.25% to 2.00 |
| Piramal LAP Loan | 11.00% to 15.00 | 0.25% to 2.00 |
| Aadhar Finance LAP Loan | 11.25% to 16.50 | 0.25% to 2.00 |
| L&T LAP Loan | 8.65% to 15.00 | 0.25% to 2.00 |
| IIFL | 11.40% to 15.00 | 0.25% to 2.00 |
Fees and Other Charges of Aadhar Finance Loan Against Property
| Rate of Interest | 11.25% to 16.50% p.a onwards |
| Processing Fees | 0.25% to 2.00% on the loan amount |
| Prepayment and foreclosure charges | Up to 2% of the outstanding balance. |
| Stamp Duty and other statutory charges | As per the laws of the state |
| Cheque swapping charges | Up to ₹500 + applicable charges |
| Amortisation Schedule Charges | ₹200 |
| Overdue EMI interest | A monthly penalty of 2% will be applied to the principal amount or on overdue EMI. |
| Cheque bounce charges |
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| Document Retrieval Charges | ₹75 per document set (after disbursement). |
| Cost of Photocopies of Title Documents | Up to ₹500 |
Features and Benefits of the Aadhar Finance Loan Against Property
Aadhar Finance provides convenient repayment options and facilitates debt consolidation. Here are the key points:
- Competitive and attractive interest rates start as low as 11.25% per annum.
- Maximum loan tenure extends up to 15 years.
- Loans are offered against fully constructed, residential, and commercial properties.
- Available for both personal and business needs, covering expenses such as medical emergencies, weddings, education, travel, and more.
- Option to transfer similar loans from other banks to YES Bank, benefiting from their interest rates.
- Extended repayment periods resulting in smaller Equated Monthly Installments (EMIs).
- Simplified documentation process.
- Online eligibility checks and loan applications for a loan against property.
- A choice between fixed-rate and floating-rate interest options.
- Funding up to 75% of the property value for existing YES Bank customers and up to 50% for new customers.
* Note: Wherever the details regarding interest rates, processing fees and tenure are mentioned, they may differ as per the lenders' discretion. The actual eligibility will be determined based on the borrowers' risk profile during the loan application process.