IDFC First Loan Against Property Highlights |
|
|---|---|
| Interest Rate |
|
| Processing Fees | Up to 3% of loan amount |
| Loan Amount | Up to Rs 7 crore |
| Tenure | Up to 20 years |
| LTV Ratio | Up to 70% of property value |
IDFC First Bank Loan Against Property Interest Rates
IDFC First Bank provides Loan Against Property with interest rates starting from 9% p.a. onwards. The bank offers different interest rates based on the loan amount extended to applicants. Additionally, interest rates may be subject to fluctuations depending on factors such as Bureau Score, customer segments, etc.
Fixed Interest Rates
| Loan Amount Slab (Rs) | Interest Rates (p.a.) |
|---|---|
| >=10 lakh to <50 lakh | 9.00%-20% |
Floating Interest Rates
| Slab (Rs) | Interest Rates (p.a.) |
|---|---|
| >=10 lakh | 9.00%-16.50% |
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 |
IDFC First Loan Against Property Features & Benefits
- The loan amount ranges from Rs. 10 Lakhs to Rs. 10 Crores.
- You can repay the loan over a maximum period of 25 years.
- The processing fee can be up to 3% of the sanctioned loan amount.
- IDFC First Bank offers customized mortgage loans up to 80% of the property's value.
- Both salaried individuals and professional Indian residents, as well as non-resident Indians (NRIs), can apply.
- You can get high-value loans against residential, commercial, or industrial properties.
- Interest rates for IDFC First loan against property start from 9.00% to 20.00% per annum.
- Currently, the lowest EMI for IDFC First loan against property is Rs. 839 per lakh.
Also read: Best Loan Against Property EMI Calculator
IDFC First Bank Loan Against Property Fees and Charges
| Particulars | Charges |
|---|---|
| Processing Fee | Up to 3% of loan amount |
| Loan Rescheduling Charges | Rs 1,000 |
| Loan Cancellation and Rebooking | Rs 10,000 |
| Pre-payment / Foreclosure Charges | NIL |
| Initial money deposit charges | Rs 6,500 |
| Document retrieval charges | Rs 500 |
| Penal charges | 2% of unpaid EMI or Rs 300, whichever is higher |
Eligibility Criteria for IDFC First Bank Loan Against Property
IDFC First Bank checks if you're eligible for a Loan Against Property based on your job details. They also look at your credit score, how much you earn each month, your job type, where you work, and if you can manage your loan payments compared to your income. They do this like other banks do when they decide if you can get a loan against your property.
- Societies and Trusts
- Proprietorship concerns
- Partnership firms
- Private Limited Companies
- Self-employed Professionals
- Self-employed non- professionals
Also read: Best Loan Against Property Eligibility
Documents Required for IDFC First Bank Loan Against Property
IDFC First Bank requires specific documents based on the occupation profile of its applicants to avail of a Loan Against Property.
For Salaried Individuals:
- Property documents
- Details of ongoing loans
- Photo ID proof and address proof
- Income Proof: Income Tax Returns (ITR) or Form 16 for the last 2 years, salary account statement for the last 6 months, and salary slips for the last 3 months
For Self-employed Individuals:
- Property documents
- ID proof and address proof
- Business Proofs: Memorandum of Association (MOA) & Article of Association (AOA), GST Registration, Shop Act License, Income Tax Returns (ITR), or Partnership deed
Depending on the additional program chosen, the following documents are required:
Basis Banking:
- Bank statement of the last 6 months for loans up to Rs 2 crore or 1 year
- Latest year Income Tax Returns (ITR) along with latest year’s financials
Basis GST:
- Income Tax Returns (ITR) for the last 1 year or financials for the last 1 year
- Net worth statement by Chartered Accountant (CA)
- Bank statement for the last 3 months
- Last 1 year GST returns
Basis Income:
- Latest Income Tax Returns (ITR) along with latest year financials
- Bank statement for the last 6 months for loans up to Rs 2 crore, else 12 months
Also Read : Best Loan Against Property Documents Required
FAQs on IDFC Bank Loan against Property
1. Can I apply for LAP jointly, and who all join as co-applicants?
Yes, you can apply for a Loan Against Property (LAP) jointly with your spouse, parents, or children. Additionally, it's mandatory for all co-owners of the property to be declared as co-applicants for the loan.
2. When will I receive my Income Tax certificate?
IDFC Bank provides an Income Tax (I-T) certificate to customers as part of the welcome kit. Alternatively, customers can also request a provisional certificate at any time during the year.
3. What type of property can be used to avail LAP?
To avail a Loan Against Property, you can use various types of properties including commercial, residential, and industrial properties as collateral.
4. Is it mandatory to get a property insurance?
Yes, it's necessary to insure the property against which you are availing a Loan Against Property throughout the loan tenure. This helps protect the property against unforeseen circumstances.
5. For what purpose, can I apply for IDFC First Loan Against Property?
IDFC First Loan Against Property can be approved for the following purposes:
- Purchase of a residential or commercial property.
- Debt consolidation.
- Meeting personal requirements.
- Setting up a new business or expanding an existing one, including working capital requirements.
6. What is the processing fee charged when applying for IDFC First LAP?
The bank charges a processing fee of up to 3% of the sanctioned loan amount.
7. Is the rate of interest for the IDFC First Bank Loan Against Property a floating or a fixed rate?
The bank provides the option to choose between fixed and floating interest rates for the loan against property. If you opt for a floating rate, you'll be charged the prevailing rate, and the interest rate will fluctuate as per market changes. With a fixed rate, the interest remains constant for a predetermined period, typically 3 years from the loan disbursement date for IDFC loan against property.
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