Urgent Loan For Real Estate: Here Are The Top 15 Loan Options For Quick Loans
Having access to instant loans can help you maximize your returns if you want to invest in real estate properties. You can do so by leveraging your down payment, payback terms, and interest rates. Furthermore, with the help of real estate loans, you will be able to improve your returns. If you need urgent loans, there are many loan providers in India that can offer you loans within a few hours.
In this article, you will learn about some of the best urgent loan providers in India. Apart from that, you will also learn the necessary details about each of these loan options. Finally, this article also discusses some factors that you need to consider before you choose instant loan providers. Hence, to learn more, read on through to the end of the article.
Do You Need an Urgent Loan for Real Estate Investment?
Although one can invest a relatively small amount in the stock market, a real estate investment requires a big investment. Hence, if you are considering investing in real estate, you need to get financing for your investment property. However, if you want to invest in real estate real quick, you will need to consider an urgent loan option for your investment. Furthermore, you will also need to ensure that your financing is secure.
Basically, there are four types of real estate investment loans – traditional bank loans, private loans, hard money loans, and home equity loans. However, if you want to get investment financing, there are certain criteria that you need to meet. Hence, you will need to understand the requirements for each type of loan. Furthermore, you must also be aware of how different alternative loans work in the case of real estate investment.
On the other hand, investment properties, in general, involve higher risk than investment in a residential property. Hence, it is a bit difficult to secure a loan to invest in real estate properties. This is because if something goes wrong, there is a high chance of losing the money. Furthermore, whether you get a loan depends also on your credit score, property location, and length of the loan. Hence, you need to consider all these factors before you apply for a loan.
Top 15 Urgent Loan Providers for Real Estate Investment
If you are looking for loans for investment in commercial real estate, then you must know that these loans are different from traditional loans. Since commercial property loans are complex and larger than traditional loans, the process of securing a loan is a bit difficult. Generally, these urgent loans are designed to meet certain needs of investors and businesses that are looking to finance or refinance their investments.
The following are some of the major banks and financial institutions that offer urgent loan options to real estate investors:
1. HDFC Bank
The following are some of the essential details of a real estate property loan from HDFC Bank:
| Loan Amount | Up to 65% of the property value |
| Interest Rate | 9.50% – 11.00% p.a. (floating) 11.80% – 13.30% p.a. (fixed) |
| Processing Fees | Up to 1% of the amount of the loan (the amount must be a minimum of ₹75,000) |
| Pre-Payment Fees | None – if the prepaid amount is not more than 25% of the loan amount. 2.5% – if the prepaid amount is more than 25% of the loan amount. |
| Loan Term (Tenure) | 5 to 15 years |
2. Axis Bank
Here are a few details about real estate property loans from Axis Bank:
| Loan Amount | ₹5 Lakh to ₹5 Crore |
| Interest Rate | 10.50% – 10.95% p.a. |
| Processing Fees | Up to 1% of the amount of the loan (the amount must be a minimum of ₹10,000) |
| Pre-Payment Fees | None – if the prepaid amount is not more than 25% of the loan amount. If the prepaid amount is more than 25% of the loan amount, then the charge is 3% on the excess amount paid. |
| Loan Term (Tenure) | Up to 20 years |
3. IDFC First Bank
The following are some of the essential details of a real estate property loan from IDFC First Bank:
| Loan Amount | Up to ₹7 crore |
| Interest Rate | Floating: 9.00% – 16.50% p.a. Fixed: 9.00% – 20% p.a. |
| Processing Fees | Up to 3% of the loan amount |
| Pre-Payment Fees | None |
| Loan Term (Tenure) | Up to 20 years |
4. Kotak Mahindra Bank
Here are a few details about real estate property loans from Kotak Mahindra Bank:
| Loan Amount | ₹10 lakh to ₹5 crore |
| Interest Rate | 9.15% p.a. onwards |
| Processing Fees | Up to 1% of the loan amount |
| Pre-Payment Fees | None – if you are an individual borrower (with a lock-in period of 6 months after the commencement of EMI) |
| Loan Term (Tenure) | Up to 15 years |
5. Standard Chartered Bank
The following are some of the essential details of a real estate property loan from Standard Chartered Bank:
| Loan Amount | Up to ₹10 crore |
| Interest Rate | Depends on the credit score of the loan applicant |
| Processing Fees | Up to 1% of the loan amount |
| Pre-Payment Fees | None – if the prepaid amount is not more than 25% of the loan amount. 4% – if the prepaid amount is more than 25% of the loan amount. |
| Loan Term (Tenure) | Up to 15 years |
6. Tata Capital
Here are a few details about real estate property loans from Tata Capital:
| Loan Amount | ₹5 lakh to ₹5 crore |
| Interest Rate | Starting from 10.10% p.a. |
| Processing Fees | Up to 1.25% of the loan amount |
| Pre-Payment Fees | After 12 months (lock-in period), you will be allowed to make partial prepayments of up to 25% of the loan principal. |
| Loan Term (Tenure) | Up to 20 years |
7. Bajaj Housing Finance
The following are some of the essential details of a real estate property loan from Bajaj Housing Finance:
| Loan Amount | Up to ₹5 crore |
| Interest Rate | 9.75% – 18.00% p.a. |
| Processing Fees | Up to 1% of the loan amount |
| Pre-Payment Fees | NA |
| Loan Term (Tenure) | Up to 30 years |
8. Yes Bank
Here are a few details about real estate property loans from Yes Bank:
| Loan Amount | Up to ₹15 crore |
| Interest Rate | Depends on the credit score, quality of collateral, and income of the applicant |
| Processing Fees | Up to 2% of the loan amount (Minimum ₹10,000) |
| Pre-Payment Fees | None – if the prepaid amount is not more than 25% of the loan amount. 4% + GST – if the prepaid amount is more than 25% of the loan amount. |
| Loan Term (Tenure) | Up to 15 years |
9. Punjab National Bank
The following are some of the essential details of a real estate property loan from Punjab National Bank:
| Loan Amount | ₹2 lakh to ₹5 crore |
| Interest Rate | 10.40% – 12.75%p.a. |
| Processing Fees | 0.75% of the loan amount (maximum of ₹1 lakh) |
| Pre-Payment Fees | NA |
| Loan Term (Tenure) | Up to 10 years |
10. L&T Finance
Here are a few details about real estate property loans from L&T Finance:
| Loan Amount | ₹10 lakh to ₹7.5 crore |
| Interest Rate | Starting from 9.50% p.a. (LAP on Commercial Property) |
| Processing Fees | Up to 2% of the loan amount |
| Pre-Payment Fees | None |
| Loan Term (Tenure) | Up to 18 years |
11. Godrej Housing Finance Bank
The following are some of the essential details of a real estate property loan from Godrej Housing Finance:
| Loan Amount | Up to ₹25 crore |
| Interest Rate | Starting from 9.75% p.a. |
| Processing Fees | Up to 3% of the loan amount |
| Pre-Payment Fees | NA |
| Loan Term (Tenure) | Up to 25 years |
12. IDBI Bank
Here are a few details about real estate property loans from IDBI Bank:
| Loan Amount | Up to ₹10 crore |
| Interest Rate | 10.75% – 11.70% p.a. |
| Processing Fees | Up to 1% of the loan amount |
| Pre-Payment Fees | NA |
| Loan Term (Tenure) | Up to 15 years |
13. Nido Home Finance Ltd. (Formerly Edelweiss Financial Services)
The following are some of the essential details of a real estate property loan from Nido Home Finance:
| Loan Amount | Up to ₹25 lakhs |
| Interest Rate | Depends on the credit score, quality of collateral, and income of the applicant |
| Processing Fees | Up to 2% of the loan amount |
| Pre-Payment Fees | None – if the applicant pays from their own sources. 2% – if not paid from own sources. |
| Loan Term (Tenure) | Ranges from 10 years to 20 years |
14. IIFL
Here are a few details about real estate property loans from IIFL Finance:
| Loan Amount | Up to ₹10 crores |
| Interest Rate | 10.65% p.a. onwards |
| Processing Fees | Up to 2% of the loan amount |
| Pre-Payment Fees | In case of business use: 5% of the prepaid amount plus taxes (within 12 months of 1st disbursement) 1% of the prepaid amount plus taxes (post 12 months of 1st disbursement) None – if used for personal use. |
| Loan Term (Tenure) | Up to 10 years |
15. ICICI Bank
The following are some of the essential details of a real estate property loan from ICICI Bank:
| Loan Amount | ₹10 lakh to ₹5 crore |
| Interest Rate | 10.85% – 12.50% p.a. |
| Processing Fees | Up to 1% of the loan amount |
| Pre-Payment Fees | 4% of the loan amount |
| Loan Term (Tenure) | Up to 15 years |
Factors to Consider Before Choosing an Urgent Loan Service
There are many urgent loan providers in India. However, you will need to choose your loan provider based on your needs and demands, as well as the type of investment option. This is important because, moving forward, you can face a variety of challenges. Some of the major challenges can be a lack of support, financial constraints, lack of focus, etc. Hence, you will need to be extra careful while choosing your loan provider for real estate investment.
The following are some of the major factors you need to consider if you choose an urgent loan service:
1. The Amount and Tenure of the Loan
It is obvious that the amount of the loan matters a lot. You will also need to calculate beforehand the time within which you will be able to pay back the loan. Furthermore, you will also need to compare different types of loan tenure options. Apart from that, you must also need to calculate various EMI obligations for the loan. Basically, if you choose a loan with a longer tenure, the EMI is low, but the interest obligation is high.
2. Interest Rates and Other Charges
The second factor that is crucial for an urgent loan is the interest rate of the loan. Typically, urgent loans and quick loans have higher interest rates. This is because the financial provider is aware that the borrower of the loan is in a hurry. Furthermore, the rate of interest depends also on your income, the company you work for, creditworthiness, etc. Apart from that, there are other charges that the lender can consider giving to the borrower.
3. Credit Score
The credit score is a major factor that determines the eligibility for the loan. Also known as the CIBIL score, the number ranges between 300 to 900. If you have a higher number, it shows that your creditworthiness is high. This factor basically shows the borrower’s overall financial health on the basis of existing loans, repayment behavior, and borrowing history. If your score is high, you have a better chance of securing the loan.
4. Pre-Payment And Part-Payment Facilities
When you need loans for investments, there might be situations where you might immediately need a loan. However, you know that you do not have enough funds to pay it back. For example, if you make a pre-payment quite early in the loan tenure, you will be able to save a lot on your interest. Moreover, you also need to be aware of the loan’s lock-in period.
Wrapping Up
Hope this article was helpful for you in learning about the top urgent loan options for real estate investments. You can choose the loan option that works the best for your investment demands. However, you will also need to ensure that you consider the aforementioned factors before selecting a loan provider to invest in real estate.
Do you have more options to add? Consider sharing your opinions in the comments section below.
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