Godrej Housing Finance Loan Against Property

Godrej Housing Finance offers Loan Against Property starting from 9.75% p.a. onwards for loan amounts up to Rs 25 crore, with repayment periods of up to 25 years. The loan can be used for personal or business needs. Additionally, it provides 3 predefined EMI waivers in the first 3 years of the loan tenure: salaried customers can avail EMI break during tax season (March), self-employed applicants during the festival season (September), and practicing professionals during the holiday season (June).

Godrej Housing Finance LAP Highlights 

Interest Rate 9.75% p.a. onwards
Loan Amount Up to Rs 25 crore
Processing Fees Up to 3% of loan amount
Tenure Up to 25 years
LTV Ratio Up to 80% of property value

Godrej Housing Finance LAP Interest Rates

Type of Applicant Interest Rates (p.a.)
Salaried 9.75% onwards
Self-employed 9.75% onwards

Godrej Housing Finance sets different interest rates for Loan Against Property based only on the employment profile of its applicants. However, other lenders might also consider factors like credit score, loan amount, loan tenure, occupation profile, etc., when determining their Loan Against Property interest rates.

Also read: Best Loan Against Property Interest Rate

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the Lender Interest Rate (% p.a.)
State Bank of India 10.00 - 11.30 Apply Now
Axis Bank 10.50 - 10.95 Apply Now
Bank of Baroda 10.85 - 16.50 Apply Now
ICICI Bank 10.85 - 12.50 Apply Now
Standard Chartered Bank Starts from 9.25% Apply Now
HSBC Bank 9.75 - 14.00 Apply Now
Union Bank of India 10.45% - 13.10% p.a. Apply Now
PNB Housing Finance 9.25 - 15.00 Apply Now
IDFC First Bank 9.00 - 16.50 Apply Now
HDFC Bank Limited 9.50 - 11.00 Apply Now
L&T Housing Finance 9.50 onwards Apply Now
LIC Housing Finance 9.50 - 11.55 Apply Now
Godrej Housing Finance 9.75 onwards Apply Now
Indiabulls Finance 9.75% p.a. onwards Apply Now
Tata Capital 10.10 onwards Apply Now
Bajaj Housing Finance 9.75 - 18.00 Apply Now
Punjab National Bank 10.40 - 12.75 Apply Now
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Factors Affecting Loan against Property Interest Rates:

Your Profession:

Godrej Housing Finance may charge higher interest rates on a mortgage loan to a salaried person than to a self-employed professional or businessman. Self-employed professionals or businessmen are expected to use loan proceeds for productive purposes in their occupation or business, while salaried individuals may use them for personal purposes.

Your Net Monthly Income:

Your income helps determine your interest rate. Higher income indicates a higher repayment capacity, increasing your eligibility for a higher loan amount.

Loan Amount:

The property loan rates offered by Godrej Housing Finance depend on the loan amount you apply for.

Type of Loan Opted for:

Godrej Housing Finance offers different rates for various customer profiles and provides both fixed and floating rate schemes. Loan against property interest rates may vary for special loan products.

Type of Property:

Loans against prime residential properties are typically easier to obtain and may come with lower interest rates compared to loans against commercial and industrial properties.

Also read: Best Loan Against Property EMI Calculator

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Godrej Housing Finance LAP Fees and Charges

Particulars Charges
Processing Fee Up to 3% of loan amount
Conversion Charges Up to 1.5% of loan amount
Bounce Charges Rs 1,000
Property documents copy Rs 2,000
Repricing Fee 1% of outstanding principal
Penal charges 2% per month
Prepayment charges and foreclosure charges NIL
Loan cancellation charges

Up to 30 days- NIL

Post that 1% of outstanding principal

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Eligibility Criteria for Godrej Housing Finance LAP

  • The applicant must be an Indian resident.
  • Both salaried individuals and self-employed professionals are eligible for Godrej Housing Finance LAP.

In addition to the above criteria, Godrej Housing Finance may also consider factors such as credit score, monthly income, employer’s profile, etc., while evaluating Loan Against Property eligibility.

Also read: Best Loan Against Property Eligibility

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Documents Required for Godrej Housing Finance LAP

The detailed list of documents required for Loan Against Property by Godrej Housing Finance includes:

KYC Documents:

  • Copy of PAN card or Form 60
  • Copy of ID Proof (Aadhar card, passport, driving license, Voter ID)
  • Copy of address proof (Aadhar card, passport, driving license, voter ID)

Income Documents:

For Self-employed Individuals:

  • Tax audit report
  • Bank statement for the past 12 months
  • Business continuity proof for the last 5 years
  • ITR and financial statements including Profit & Loss, schedules, balance sheet, and COI for the past 2 years certified by a CA

For Self-employed Professionals:

  • Tax audit report
  • Practice continuity proof for 5 years
  • GST challans for the last 1, 2, or 3 quarters since filing of the last return
  • Bank statement reflecting rental credits and Registered Rental Agreements
  • Financial statements and ITR including balance sheet, Profit & Loss, schedules, and COI for the past 2 years certified by a CA

For Salaried Individuals:

  • Bonus proof for the past 2 years or proof of variable incentives for the past 6 months
  • Salary slip for the last 6 months, along with a salary certificate on company letterhead
  • Employment proof for the past 2 years (Form 16/joining letter with date of appointment/salary slip)

Property Documents required for Salaried/Self-employed/Self-employed Professional (for resale homes) by Godrej Housing Finance include:

  • Copy of maintenance bill, property tax receipt, or share certificate (only for Maharashtra)
  • Prior chain-link title documents
  • Copy of occupancy certificate of fully constructed property or copy of approved plan
  • Payment receipt copies or bank account statement reflecting payments made to the seller
  • Draft agreement for sale (only for Maharashtra), copy of current registration, stamped agreement for sale/allotment letter

Also Read : Best Loan Against Property Documents Required

Frequently Asked Questions

1. What is Godrej housing finance loan against property rate?

Godrej Housing Finance offers loan against property at a starting rate of 9.75%*, which is the lowest rate available.

2. How to increase my eligibility on Godrej housing finance loan against property loan?

If your spouse or family member has a good income, you can include them as a co-applicant for your loan. Combining both of your incomes can increase your eligibility to get the loan.

3. What factors determine the eligibility criteria of property loan from Godrej housing finance?

The eligibility criteria for Godrej Housing Finance property loan are determined by several factors:

- Monthly income

- Existing liabilities

- CIBIL Score

- Age of the applicant

4. What can a Loan against Property be used for?

With a loan against property, you have the flexibility to use the funds for various purposes, similar to a personal loan. Whether you need to renovate your home, start a business, cover medical expenses, or even go on a long vacation, you can use the loan to fulfill all your needs.

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