Capcut Pro (TechTide) & Mortgage Loan 2024 – How to Apply – Interest Rate

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A mortgage loan is one in which you secure funds by pledging your property. The interest rates on mortgage loans range from 8.15% to 11.80% p.a. Usually, the amount of funding you can avail will be up to 60% of the registered value of the property.

Some banks also offer mortgage loans up to Rs.10 crore. The repayment tenure for mortgage loans can be up to 15 years.

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Mortgage Loan Interest Rates Offered by Various Banks

Lender	Interest Rate (p.a.)	Loan Amount	Loan Tenure
HDFC Bank	8.75% Onwards	Up to 60% of the mortgaged property’s market value	Up to 15 years
State Bank of India (SBI)	1.60% above 1-year MCLR rate to 2.50% above 1-year MCLR rate	Up to Rs.7.5 crore	Up to 15 years
Axis Bank	10.50% Onwards	Up to Rs.5 crore	Up to 20 years
Citibank	8.15% Onwards	Up to Rs.5 crore	Up to 15 years
HSBC Bank	8.80% Onwards	Up to Rs.10 crore	Up to 15 years
PNB Housing Finance	9.80% Onwards	Up to 60% of the property’s market value	Up to 15 years
IDFC Bank	Up to 11.80%	Up to Rs.5 crore	Up to 15 years
Karur Vysya Bank	10.00% Onwards	Up to Rs.3 crore	Up to 100 months
Union Bank of India	9.80% Onwards	Up to Rs.10 crore	Up to 12 years
IDBI Bank	10.20% Onwards	Up to Rs.10 crore	Up to 15 years
Oriental Bank of Commerce	10.95% Onwards	Up to Rs.10 crore	Up to 10 years
Federal Bank	10.10% Onwards	Up to Rs.5 crore	Up to 15 years
Corporation Bank	10.85% Onwards	Up to Rs.5 crore	Up to 10 years
Vijaya Bank	Contact the bank for details	Up to Rs.5 crore	Up to 10 years

HDFC Bank

Benefits/key highlights:

• There are two loan variants under this loan—Adjustable Rate Home Loan and TRUFIXED Home Loan for 2 years.
• You can mortgage both commercial and residential properties for the HDFC Bank Loan Against Property scheme.
• This loan is available against freehold and fully constructed commercial and residential properties.
• This loan is available for both salaried and self-employed individuals.
• You can either apply for the loan individually or jointly with a co-applicant.
• You can make payments on a monthly basis for up to 15 years.
• If you’re an existing HDFC customer, you’ll get a maximum margin of 60% of your property’s market value.
• New HDFC customers will get a maximum margin of 50% of the property’s market value.
• The documentation is hassle-free with minimal requirements and you can expect a quick disbursal of the loan.

Bank	Processing Fee	Pre-Closure Charges
HDFC Bank	Up to 1.50% or Rs.4,500, whichever is higher, plus applicable taxes	Individual borrowers – 2% plus applicable taxes and other charges if the loan is prepaid within the first 6 months from the date of disbursement

Penalties/internal charges:

• Any delays in interest or EMI payments will attract an additional interest of up to 24% p.a.
• You will be charged up to Rs.500 for an increase or decrease in your loan term. This amount is exclusive of any applicable taxes.
• The pre-payment charges for loans sanctioned with a company/firm/sole proprietorship or HUF as an applicant are as follows:
  • Loans prepaid within the first six months will attract a charge of 2% plus taxes and other charges.
  • No prepayment charges if 25% of the loan is paid after six months and within 36 months.
  • No prepayment charges if the loan is paid after 36 months.

State Bank of India

Benefits/key highlights:

• The SBI Loans Against Property scheme can be borrowed against residential as well as select commercial properties.
• Your rental income may also be taken into account for loan eligibility.
• Employed, professional, and self-employed individuals are eligible for this loan. Even NRIs who have properties in their own name or an immediate family member’s name can borrow this loan.
• The minimum amount that you can borrow through SBI Loans Against Property is Rs.10 lakh, and the maximum is Rs.7.5 crore subject to the location of the property.
• The minimum and maximum tenor of the loan is 5 years and 15 years respectively.
• Your monthly income has to be a minimum of Rs.25,000 (Rs.3 lakh annually).
• The interest rates on your loan are charged using the daily reducing balance method.

Bank	Processing Fee	Pre-Closure Charges
State Bank of India	1% of the loan amount or a maximum of Rs.50,000, plus service tax	No prepayment charges

Penalties/internal charges:

• You’ll be charged Rs.250 for every bounced cheque, ECS, or SI dishonours.
• Any delays in payments will attract a penal interest of 2% p.a. on the overdue amount.

Axis Bank

Benefits/key highlights:

• You can borrow the Axis Bank Loan Against Property against residential and commercial property or for the purchase of a commercial property.
• There are three variants available—Asset Power, Dropline Overdraft Against Property/Commercial OD against Property, and Lease Rental Discounting.
• You can transfer your existing loan to Axis Bank as well.
• The minimum loan amount that can be borrowed through Asset Power (Loan Against Property), Lease Rental Discounting, Reverse Mortgage Loan as well as Overdraft Facility Against Property is Rs.5 lakh and the maximum is Rs.5 crore, and the maximum tenure is set at 20 years for Loan Against Property, 9 years for Lease Rental Discounting, 10 years for Overdraft Facility Against Property, and 20 years for Reverse Mortgage Loan.
• Salaried individuals, self-employed individuals, and self-employed professionals can apply for this loan.
• Only select self-employed professionals are eligible for this loan:
  • Chartered accountants
  • Doctors
  • Architects
  • Engineers
  • Cost accountants
  • Dentists
  • Management consultants
  • Company secretary
• A 40% to 50% margin is granted for a loan against your commercial or residential property.
• A 20% to 30% margin is granted for a loan to purchase a commercial property.
• The loan can be sanctioned in five days.

Bank	Processing Fee	Pre-Closure Charges
Axis Bank	1% or 10,000, whichever is higher	For Asset Power (Loan Against Property): 3% for non-individuals in case the prepaid amount is in excess of 25% of the principal outstanding amount during a quarter. Nil for individuals. For Overdraft Against Property: Nil For Lease Rental Discounting: 3% for non-individuals in case the prepaid amount is in excess of 25% of the principal outstanding amount during a quarter. Nil for individuals.

Penalties/internal charges:

• If there are any overdue instalments, you’ll be charged a penal interest of 24% p.a., which equals to 2% per month.
• Bounced cheques will attract a fee of Rs.500 per instance.
• Switching your interest rate from a higher floating rate to a lower floating rate will attract a 0.5% charge on the outstanding principal.

Citibank

Benefits/key highlights:

• The Citibank Loan Against Property is available against your residential and commercial property.
• You can get up to Rs.5 crore for your residential property and up to Rs.3 crore for your commercial property.
• There are two variants under this scheme—Home Credit Vanilla and Home Credit Fast Track.
• The maximum repayment tenure of the loan is set at 15 years.
• You can apply for this loan to fulfil your personal or business needs like:

• Children’s education
• Purchasing new property
• Purchasing machinery
• Clearing existing debts
• Other business or personal needs
• You can get up to 70% of your property’s market value sanctioned as the loan.
• Your property needs to be located in the below-mentioned cities to be eligible for this loan:
  • Ahmedabad
  • Bangalore
  • Chennai
  • Delhi/NCR
  • Hyderabad
  • Jaipur
  • Kolkata
  • Mumbai
  • Pune
  • Coimbatore
  • Chandigarh
  • Surat

Bank	Processing Fee	Pre-Closure Charges
Citibank	Up to Rs.5,000	Charges vary based on the type of loan and the type of borrower

Penalties/internal charges:

• You will have to pay up to Rs.5,000 as a booking fee for this loan. This is collected during the loan documentation process.
• Any cheque, NACH, or SI bounces will attract a fee of Rs.500.
• In case of non-payments for a particular month, you will be charged a 2% penal interest over and above your existing interest rate.

HSBC Bank

Benefits/key highlights:

• Secure the HSBC Smart Loan Against Property scheme by submitting your residential property as collateral.
• The application will be processed within five days of submitting all the completed documents. It will take another three days for the evaluation of your property.
• Processing of the loan will take four days once you’ve submitted your documents and the amount will be disbursed with two days of submitting the completed loan agreement.
• The maximum amount you can borrow is Rs.10 crore and the maximum tenure of the loan can extend up to 15 years.
• The documentation process is simple and hassle-free.
• You enjoy free unlimited access to HSBC ATMs and five free transactions per month at other banks’ ATMs.
• You get a withdrawal limit of Rs.25,000 at HSBC ATMs and a purchase limit of Rs.40,000 at various merchants.

Bank	Processing Fee	Pre-Closure Charges
HSBC Bank	1% of your loan amount or Rs.10,000, whichever is higher	No pre-payment charges for floating rate loans

Penalties/internal charges:

• Converting your loan to another variant will attract a conversion fee of 0.50% on your outstanding limit plus any additional applicable taxes.
• If your cheque bounces or you dishonour the SI, you’ll be charged Rs.250 for each delayed instalment.
• You’ll be charged a 2% penal interest over your existing interest rate if you miss your monthly payments.
• There’s a non-utilisation fee of up to 1% that is charged on amounts above 25% of your sanctioned loan.

PNB Housing Finance

Benefits/key highlights:

• Pledge your immovable residential or commercial property to get the PNB Housing Loan Against Property scheme.
• The sanctioned amount can be used for various personal or business reasons:
  • Education
  • Medical expenses
  • Children’s marriage
  • Home renovation
  • Purchase of high-cost consumer durables
  • Expansion of business
  • Travelling overseas
• You get up to 60% of your property’s market value as the sanctioned loan amount.
• You need to be a salaried or self-employed individual or professional to be eligible for the loan.

Bank	Processing Fee	Pre-Closure Charges
PNB Housing	Rs.1,500	No pre-payment charges

Penalties/internal charges:

• For inspection of your property, you will be charged Rs.250 plus applicable GST per inspection. This will be conducted at least once a year for regular accounts, once every half year for irregular accounts, and once in three months for NPA accounts.

IDFC Bank

Benefits/key highlights:

• IDFC Bank offers two types of Loan Against Property—LAP Simple and LAP Short Sweet.
• While LAP Simple is a pretty straightforward loan, the LAP Short Sweet offers benefits similar to the ones you receive with a savings or current account.
• You can use the funds from the LAP Short Sweet scheme as an overdraft facility. This helps you save on interest.
• The documentation for both the variants is quick and simple.
• You can add your family member’s income to increase the loan eligibility for the LAP Simple variant.
• You can add co-applicants to increase your loan eligibility for the LAP Short Sweet variant.

Bank	Processing Fee	Pre-Closure Charges
IDFC Bank	Up to 1% of the loan amount	No pre-payment charges for floating and fixed rate loans borrowed by individuals

*The calculations for the EMI and repayment are based on a borrowed amount of Rs.5 lakh for 15 years at an interest rate of 11.80% p.a. with a processing fee of 1%.

Penalties/internal charges:

• For every bounced EMI, you will be charged Rs.500.
• You will be charged a 2% penalty interest on non-payments for a month.
• Converting your loan to another variant has a 0.5% fee.
• Individual borrowers don’t have to pay any fees for foreclosure of their floating rate or fixed rate loans.

Karur Vysya Bank

Benefits/key highlights:

• Only resident individuals can apply for the Karur Vysya Bank Mortgage Loan.
• This loan is available in two variants—Overdraft facility and term loan (EMI).
• You can get this loan to fulfil your personal or business needs, which include health and education-related reasons.
• The property should be in the applicant’s name. If you own the property jointly, the other title holders have to join as co-applicants.
• Only residential and commercial buildings owned by Indian residents are accepted as securities. The following types of properties are not eligible as collateral for this loan:
  • Godowns
  • Restaurants
  • Factories
  • Cinema halls
  • Agricultural properties
  • Schools
• The application and approval processes are paperless and convenient.
• Depending on your rating and CIBIL score, the loan can be sanctioned in 15 minutes.

Bank	Processing Fee	Pre-Closure Charges
Karur Vysya Bank	0.5% of the loan amount	2% on the amount prepaid

Union Bank of India

Benefits/key highlights:

• You can get the Union Bank of India Mortgage Loan by submitting your commercial or residential property. However, agricultural properties are not accepted as collateral.
• You can use the sanctioned loan amount to meet various expenses, both personal and business.
• If you’re an Indian resident, you can get up to Rs.10 crore as the loan.
• Agriculturists can get up to Rs.1 crore and NRI applicants can get up to Rs.5 crore.
• Salaried individuals only have access to the term loan facility.
• Non-salaried individuals have access to both overdraft and term loan facilities.

Bank	Processing Fee	Pre-Closure Charges
Union Bank of India	0.50% of the loan amount plus GST	No pre-payment charges	Enquire

Penalties/internal charges:

• If this loan is taken over by another financial institution or bank, you will be charged a 2% penalty fee on the average balance from the past 12 months.

IDBI Bank

Benefits/key highlights:

• IDBI Bank has two variants of mortgage loans – Loan Against Property and Loan Against Property with Interest Saver (LAPIS).
• This loan can be used for an array of personal or business needs like medical expenses, education or marriage expenses, home renovation, buying a house, or business expansion.
• The maximum amount you can borrow is Rs.10 crore and the repayment tenures are quite flexible, extending up to 15 years.
• If you apply for LAPIs, it will be linked to your Flexi Current Account. You have the flexibility of withdrawing surplus or idle money that is deposited in this account.

Bank	Processing Fee	Pre-Closure Charges
IDBI Bank	0.50% of the loan amount or a minimum of Rs.10,000 plus applicable taxes	2% on the outstanding amount and applicable taxes – for floating rate and fixed rate loans

Penalties/internal charges:

• You will be charged a 2% penal interest for the overdue period and amount.
• Changing your loan to another variant will attract a conversion charge of Rs.10,000 plus the applicable taxes.

Oriental Bank of Commerce

Benefits/key highlights:

• The Oriental Bank of Commerce offers two variants under its Mortgage Loan Scheme—term loan and overdraft facility.
• You can borrow this loan to meet your personal or business expenses by submitting immovable property as collateral.
• Several types of borrowers are eligible for this loan:
  • Individual and joint borrowers who are income tax assessees for more than two consecutive years.
  • Individuals involved in agricultural activities.
  • NRIs with a residential Indian as a co-borrower.
  • The maximum amount you can borrow through this loan is Rs.10 crore and the repayment can be done before the superannuation of non-pensionable salaried employees, and extends up to 75 years for salaried applicants with pension.
  • Companies or firms jointly with directors or partners (the collateral should be owned by either the partner/director or the firm/company).

Bank	Processing Fee	Pre-Closure Charges
Oriental Bank of Commerce	0.50% of the loan amount plus service tax for term loans 0.10% of the loan amount plus service tax for overdraft facility	–	Enquire

Penalties/internal charges:

• There are no documentation charges when you apply for this loan.
• A penal interest rate of 2% will be charged for delayed payments.

Federal Bank

Benefits/key highlights:

• The Federal Bank Property Power scheme is available as a term loan and an overdraft facility as well.
• Indian residents, non-residents, and PIOs can apply for this loan.
• You can pledge your residential and commercial property, and plot as security to avail this loan.
• You can opt for a balance transfer programme with additional finances.
• There is a surrogate scheme for self-employed individuals.
• The loan is processed quickly and requires minimal paperwork.

Bank	Processing Fee	Pre-Closure Charges
Federal Bank	1% of the sanctioned limit with a minimum of Rs.3,000	No pre-closure charges on floating rate and term loans for individuals	Enquire

*The calculations for the EMI and repayment are based on a borrowed amount of Rs.5 lakh for 15 years at an interest rate of 11.90% p.a. with a processing fee of 1%.

Penalties/internal charges:

• You will be charged a 2% penal interest rate on the overdue amount.
• Switching a loan from fixed to floating rate and vice versa attracts a conversion fee of 0.25% of the outstanding balance.

Corporation Bank

Benefits/key highlights:

• You can use your residential, commercial, industrial property, land, or building as security to get the Corp Mortgage Scheme.
• Partnership firms, HUF and Trusts, companies, and NRIs are also eligible for this loan.
• The loan can be used for personal or business requirements.
• The loan amount sanctioned to you depends on the location of your property—Metro, port town and urban centres, semi-urban centres, and rural centres.

Bank	Processing Fee	Pre-Closure Charges
Corporation Bank	1% of the loan amount for term loans 0.50% when sanctioned and during renewal every year for running accounts	No pre-payment charges	Enquire

Vijaya Bank

Benefits/key highlights:

• The Vijaya Bank Mortgage Loan Against Property Scheme is available for all individuals between the ages of 21 and 65 years.
  • Salaried
  • Professional
  • Self-employed
  • Proprietorship
  • Businessmen
  • LLPs
  • Companies
• The loan amount sanctioned can go up to 48 months of your average gross income.
• You will have to submit 70% of your property’s market value as collateral.
• You cannot pledge agricultural or industrial property to secure this loan.

Bank	Processing Fee	Pre-Closure Charges
Vijaya Bank	Up to 0.55% of your loan	–	Enquire

Eligibility for Mortgage Loan

To get approved for a mortgage loan, you need to fulfil the eligibility criteria set by banks and financial institutions. While the criteria may vary from bank to bank, listed below are general factors that determine your eligibility:

• Gross annual/monthly income
• Minimum age requirement of 21 years
• Valuation of your property
• Income proof documentation
• Existing liabilities
• Number of dependants

Whether you’re salaried or self-employed, you’re eligible for a mortgage loan.

Documentation Required

The documentation required for the loan application varies based on your employment status i.e., self-employed or salaried.

If you’re a salaried individual, listed below are some documents you may be asked to submit:

• Duly filled loan application form
• Passport-size photographs
• Identity proof (PAN card, Aaadhar card, passport, driving licence, voter ID card, etc.)
• Address proof (electricity bill, ration card, Aaadhar card, driving licence, rental agreement)
• Latest salary slips
• Form 16 issued by employer
• Latest bank statements
• Processing fee cheque

If you’re a self-employed professional/individual, you may be required to submit the following documents:

• Duly filled loan application form
• Passport-size photograph
• Identity proof (PAN card, Aaadhar card, passport, driving licence, voter ID card, etc.)

• Business proof
• Financial statements for the last 3 years
• Latest income tax return certificates (last 3 years)
• Profit and loss statement (P&L)
• Latest bank statements
• Cheque for processing fee

Things to Consider Before Applying for a Mortgage Loan

Before you decide to opt for a mortgage loan, there are certain factors you need to evaluate. Let’s find out what they are in the section below:

• Loan amount: For a mortgage loan, you’re required to submit your residential or commercial property as collateral. The sanctioned amount depends on the metric value of your property. Most banks and financial institutions have a 40% to 60% margin. Other factors that are taken into account are the property’s condition as well as the age.
• Interest rate: Depending on the lender, you may get interest rates anywhere between 11% to 15%. You can choose to get a floating rate loan or a fixed rate loan.
• Fees and charges: Processing fees, documentation charges, application fees, property inspection fees, loan overdue fees, late payment penalties, loan conversion fees—these are just some of the charges you need to take into account. These fees can increase the cost of your loan.
• Tenure: The repayment period offered by lenders can go up to 15 years. However, if you’re choosing an overdraft facility for your mortgage loan, the tenure may be much lower.
• Repayment schedule: This also differs from bank to bank. While most banks offer an EMI option for the mortgage loan, there are other repayment options available too. It’s important to clarify this with your lender before getting the loan.
• Eligibility criteria: The criterion for the loan changes on the type of employment, your residency status, your income, your age, among other factors. Always check the criteria with your lender before applying for the loan.

How to Apply for a Mortgage Loan?

You can apply for a mortgage loan through the bank’s official website or by visiting the nearest branch. For an online application, go to the lender’s website and choose the product you wish to apply for. If they entertain online applications, you will find an ‘Apply Now’ option on the page. Depending on the process, you may have to fill an online application form and submit the details.

You can also go to the nearest branch, request for an application, and submit it along with the required documents.

Here’s a look into the application process for a mortgage loan:

• Document collection to process the loan
• Credit appraisal by the bank
• Verification of personal/business information provided
• Sanction letter delivered via post and email post approval
• Request for disbursal
• Property documents collection
• Evaluation of your property and its documents
• Post successful verification, disbursement cheque delivered

Features and Benefits of Mortgage Loan:

A mortgage loan comes with the following attractive features and benefits:

• It is a cost effective way of borrowing. Normally, you can take a mortgage loan for a longer duration and pay off your repayment by using smaller monthly EMIs.
• Mortgage loans charge lower rates of interest on your borrowings than any other loans.
• Mortgage loan is a secured loan. It is secured against your property. The bank or lender has the right to repossess your property if you can’t repay your loan.
• A mortgage loan helps you buy your own house. You can afford to buy a home with the help of this loan and be the sole owner of your property once repayment is over.
• You can get loans against under construction property, fully constructed property, freehold residential and commercial properties for:
• Get loan for a longer tenure.
• Repay your loan with a simple repayment process through monthly instalments. You can pay it off by paying smaller monthly EMIs.
• Mortgage loans are offered at attractive interest rates.
• Enjoy an easy and hassle free documentation process.
• You can get a mortgage loan anywhere in India with integrated branch network provided by banks.
• You can choose from a number of interest rates to pay off your loan. They include – floating rates, fixed interest rates, interest-only mortgage and Payment option ARMs.
• Get access to a higher amount of funds.
• Mortgage loan can be sectioned even before your select your property.
• You can apply for it both online and offline and enjoy doorstep services.
• Both residential and commercial properties are accepted as collateral for mortgage loan.
• Funds received from a mortgage loans can be used for business as well as personal needs.
• Self –employed individuals get customized loan options.

FAQs: on Mortgage loan

Can I apply for a mortgage loan to finance other personal or business needs?

Yes. The sanctioned loan amount can be used for a wide range of financial needs, both personal and business. However, it’s important to understand what expenses can be catered to with this loan. Read the fine print and if you have any queries, get in touch with the lender for additional information. For instance, some banks don’t offer a mortgage loan for individuals who are involved in property development.

Who can apply for a mortgage loan?

The type of borrower who can apply for this loan varies from bank to bank. For instance, most banks offer this loan for both salaried and self-employed individuals. Resident Indians and NRIs are also eligible for a mortgage loan. However, there may be additional criteria you’ll have to meet to be eligible for a mortgage loan.