IDFC First Bank provides Loan Against Property starting from 9.00% p.a. for loan amounts of up to Rs 7 crore and repayment periods of up to 20 years. The bank offers LAP with swift disbursal, leveraging the applicant’s GST returns or business bank statements for quick processing. Additionally, IDFC First Bank offers a Lease Rental Discount Program based on the eligibility of rental income.
| 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 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.
| Loan Amount Slab (Rs) | Interest Rates (p.a.) |
|---|---|
| >=10 lakh to <50 lakh | 9.00%-20% |
| Slab (Rs) | Interest Rates (p.a.) |
|---|---|
| >=10 lakh | 9.00%-16.50% |
Also read: Best Loan Against Property Interest Rate
| 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 |
Also read: Best Loan Against Property EMI Calculator
| 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 |
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.
Also read: Best Loan Against Property Eligibility
IDFC First Bank requires specific documents based on the occupation profile of its applicants to avail of a Loan Against Property.
- 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
- 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
- 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
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.
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.
To avail a Loan Against Property, you can use various types of properties including commercial, residential, and industrial properties as collateral.
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.
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.
The bank charges a processing fee of up to 3% of the sanctioned loan amount.
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.