Shakthi Loan Against Property Shakthi Loan Against Property

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Loan Against Property

A loan against property is a secured loan that enables you to receive immediate financing in exchange for collateral. Whether you wish to expand your business or renovate your home, you can easily get the funds you require by pledging a commercial or residential property as collateral. Shakthi Loan Against Property is among the most popular options thanks to its attractive features and benefits. Let's learn more about it.

What is Shakthi Loan Against Property?

Shakthi Loan, offered by IIFL Home Loans, is a specialized Loan Against Property tailored for India's unorganized and small businesses. This loan aims to address the financial needs of these businesses and empower them to thrive.

Shakthi Loan provides business owners with easy access to funds, allowing them to scale up their day-to-day operations. Doing so contributes to the inclusive growth of underserved and informal sections of society that often struggle to obtain quick and convenient credit facilities from traditional banking and financial institutions.

IIFL Home Loan's Shakthi Loan Against Property acts as a credit lifeline, embodying the philosophy of extending simple credit solutions to last-mile micro unorganized enterprises. It targets micro-businesses, including small grocery stores, salons, vegetable vendors, small traders, agricultural ancillaries such as seed and fertilizer suppliers, and others in the supply chain.

One of the outstanding features of Shakthi Loan is its swift approval process, with borrowers able to obtain loan approval in just 30 minutes* through online documentation and streamlined procedures, ensuring efficient and timely financial support.

Shakthi Loan Against Property Benefits

  • Higher loan amount: Borrowers can access substantial funds by leveraging the value of their residential, commercial, or industrial property, helping them meet significant financial requirements.

  • Lower interest rates: Since the loan is secured against property, the interest rates offered by IIFL Home Loans tend to be lower compared to unsecured loans, resulting in reduced overall borrowing costs.

  • Flexible tenure: The loan tenure of up to 7 years provides borrowers with the flexibility to choose a repayment period that aligns with their financial capabilities, making it easier to manage monthly installments.

  • Quick approval: The loan approval process is designed to be swift, with a commitment to providing loan approval within 30 minutes*, enabling borrowers to address their urgent financial needs promptly.

  • Simple documentation: The loan application requires minimal documentation, streamlining the process and reducing the hassle for borrowers during the application and approval stages.

  • Transparent process: IIFL Home Loans maintains transparency throughout the loan journey, ensuring that borrowers fully understand the terms and conditions, fees, and charges associated with the loan.

Why opt for IIFL Home Loans for Shakthi Loan Against Property?

  • Trusted brand: IIFL Home Loans is a well-established and trusted brand in the financial services sector, known for its reliability and customer-centric approach.

  • Wide range of loan products: IIFL Home Loans offers a diverse range of loan products, including Shakthi Loan Against Property, catering to the varying financial needs of borrowers.

  • Competitive interest rates: IIFL Home Loans offers competitive interest rates for its loan products, making Shakthi Loan Against Property an affordable financing option.

  • Top-up facility: Existing borrowers may get an opportunity to avail top-up loan on their existing Shakthi Loan Against Property, providing additional funds if needed.

  • Expert assistance: IIFL Home Loans team of loan experts offers personalized assistance and guidance throughout the loan application and approval process.

  • Customized solutions: IIFL Home Loans aims to understand the specific needs of borrowers and tailor loan solutions accordingly, ensuring customer satisfaction.

  • Convenient online services: IIFL Home Loans offers online facilities for loan application, EMI calculation, and account management, making it convenient for borrowers to access information and manage their loans online.

  • Customer support: IIFL Home Loans provides reliable customer support, promptly addressing any queries or concerns by borrowers.

Shakthi Loan Against Property Key Features

Loan approval in 30 minutes*

IIFL Home Loans aims to provide quick loan approval for Shakthi Loan Against Property, making it convenient for borrowers to access funds in a short time.

Loan amount starting from ₹2 lakhs*

The loan amount for Shakthi Loan Against Property starts from ₹2 lakhs*, allowing borrowers to obtain smaller loans based on their needs.

Loan tenure of up to 7 years

Borrowers can choose a loan tenure ranging up to 7 years for repaying the loan amount, providing flexibility in managing their repayment schedule.

Shakthi Loan Against Property Eligibility

Eligibility Details

To qualify for a Shakthi loan, you need to meet the following eligibility criteria:

  • Citizenship: The loan is available to any resident Indian citizen.

  • Age: Applicants must fall within the age group of 18 to 75 years at the time of application.

  • Employment type: Both salaried and self-employed individuals are eligible for loan against property.

  • Business types: Various small business types can also avail LAP Loan, including small grocery stores, salons, vegetable vendors, small traders, tiffin centers, tea stalls, livestock-related businesses, and similar enterprises.

Shakthi Loan Against Property EMI Calculator

Loan Against Property EMI Calculator is used to estimate the Equated Monthly Instalments (EMIs) for a Loan Against Property (LAP). This calculator helps borrowers plan their finances by providing a clear picture of the monthly repayment obligations.

To use the Loan Against Property EMI Calculator, borrowers must enter essential details such as the loan amount, interest rate, and tenure. Once the required information is entered, the calculator processes the data and generates an approximate EMI amount.

The EMI amount calculated by the tool includes both principal and interest components, offering a comprehensive breakdown of the repayment schedule over the chosen tenure. Borrowers can modify the loan amount, interest rate, or tenure to compare various scenarios and choose a repayment plan that aligns with their financial capabilities.

Using Loan Against Property EMI Calculator, potential borrowers can make well-informed decisions regarding loan affordability and plan their monthly budgets accordingly. It helps borrowers determine the most suitable loan tenure and EMIs, ensuring a smooth and sustainable repayment experience throughout the loan tenure.


Calculate your monthly EMI

The following documents are required for Shakthi Loan Against Property for both salaried and self-employed applicants:

Document Type Salaried
Application Form
Identity Proof
  • PAN (Mandatory)
  • Voter ID
  • Passport
  • Driving Licence
  • Aadhar Card
Address Proof
  • Passport
  • Voter ID
  • Driving Licence
  • Aadhar Card
Document Type Self-employed
Application Form
Identity Proof
  • PAN (Mandatory)
  • Voter ID
  • Passport
  • Driving Licence
  • Aadhar Card
Address Proof
  • Passport
  • Voter ID
  • Driving Licence
  • Aadhar Card

Before applying for a loan against property, it is essential to keep a few things in mind to ensure a smooth and hassle-free process. The following are the factors to consider

Eligibility criteria
  • The first step is to thoroughly review the eligibility criteria specified by the lender. Each financial institution may have specific requirements concerning age, income, and property ownership.

  • Ensure you meet these prerequisites is essential to avoid rejection and save time during the application process. Common eligibility criteria include being a resident Indian citizen and falling within a specified age bracket if income is considered typically between 25 to 70 years.

Loan amount and tenure
  • Assessing your financial needs and borrowing capacity is fundamental in determining the appropriate loan amount required. Analyze the purpose for which you require the funds and calculate the estimated amount accordingly.

  • Consider the loan tenure that aligns with your repayment capability. A longer tenure may result in lower EMIs, but it may also lead to paying more interest over time. Conversely, a shorter tenure could mean higher EMIs but reduced interest expenditure.

Interest rates and fees
  • Comparing the interest rates of various lenders is crucial to securing the most favorable loan terms. Lower interest rates can significantly impact the overall cost of borrowing.

  • While examining interest rates, inquire about processing fees, prepayment charges, or other hidden costs associated with the loan. Being aware of these fees ensures there are no surprises during the loan tenure.

Property valuation
  • Before proceeding with the loan application, it is prudent to obtain an accurate and fair valuation of the property being offered as collateral. The amount you can avail for a loan against property will largely depend on its valuation. Ensure that the valuation is conducted by an authorized and reputable valuer to avoid any discrepancies.

Repayment capability
  • Carefully evaluate your financial stability and income sources to ascertain your ability to manage the loan EMIs comfortably throughout your tenure.

  • It is essential to maintain a sufficient buffer in your finances to accommodate any unforeseen circumstances that may affect your repayment capacity.

Credit score
  • One of the critical factors influencing loan approval is your credit score. A higher credit score indicates responsible financial behavior and enhances your chances of securing favorable loan terms.

  • Obtain a copy of your credit report and review it for accuracy. If your credit score is lower than desired, consider it before applying for the loan.

Loan terms and conditions
  • Thoroughly read and understand the loan terms and conditions provided by the lender. Pay particular attention to clauses related to prepayment, foreclosure, and any other special features.

Here's a step-by-step guide to applying for a loan against property:

  • Click the 'APPLY LOAN ONLINE' button available on the webpage.

  • Choose the type of loan you wish to apply for, either a home loan or a secured business loan (loan against property).

  • Provide essential details such as your full name and mobile number.

  • You will receive an OTP (One-Time Password) on the mobile number you provided. Enter the OTP to verify your contact information.

  • After verifying your phone number, generate and submit your OTP.

  • Enter your PAN Number and current city/location details.

  • Click on the 'SUBMIT' button to complete the application process.

Schedule of Charges: On Application Loan amount till ₹5 lacs: ₹2000/-
Loan amount above ₹5 lacs: ₹4000/-
Processing fees Upto 2.00% (LAP)
Presentation Charges For LAP loan - ₹313/-

Options for repaying LAP Loan typically vary based on the borrower's needs, interest rate policy, loan purpose, and tenure. Lenders commonly use different modes to calculate the repayment schedule. The following are some of the usual repayment options:

  • Equated Monthly Instalments (EMIs): Under this payment schedule, borrowers make equal monthly payments comprising both the principal and interest components of the loan.

  • Bullet payments: This repayment mode involves paying the accumulated interest during the loan tenure and settling the principal amount at the end of the specified period. It is typically offered for a fixed term.

  • Prepayment: Borrowers can prepay the loan amount before the tenure expires. This option is open for those with available cash who want to clear their debt sooner.

  • Electronic Clearance Service (ECS): This method is designed for borrowers who do not hold an account with the lending financial institution. It allows the lender to deduct the scheduled repayment amount directly from the chosen bank account.

Verify the repayment options with the lender while applying for the loan to select the most suitable plan for your needs.


The maximum loan amount depends on the valuation of the property offered as collateral and the borrower's repayment capacity. Generally, lenders offer up to a certain percentage of the property's value as a loan.

The interest rate is based on market conditions, the borrower's creditworthiness, and the loan amount. Moreover, the interest rates offered by IIFL Home Loans are much more economical and lower than those of unsecured loans.

Yes, the funds obtained from Shakthi Loan Against Property can be used for various purposes, such as business expansion, education, medical expenses, debt consolidation, or other personal needs.

Shakthi Loan Against Property from IIFL Home Loans allows balance transfer from various institutions, including:

  • Scheduled commercial banks and public sector banks
  • Co-operative Banks
  • Gramin Banks

Shakthi Loan EMI is calculated based on a combination of factors, including the principal amount, interest rate, and loan tenure, using a specific formula.

The formula for calculating the EMI is as follows:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]


  • EMI: Equated Monthly Instalment
  • P: Principal Amount
  • R: Interest rate per month
  • N: Number of monthly installments or loan tenure in months.

To make this calculation easier and avoid errors, you can utilize the Shakthi Loan Calculator, a free tool provided by IIFL Home Loans. This calculator allows you to input the required details and obtain an accurate EMI amount instantly, without manual calculations.

Using Shakthi Loan Calculator is highly recommended to ensure precise EMI calculations, helping you plan your finances effectively and make informed decisions during the loan application process.

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