IDFC LAP

IDFC First Bank Loan against Property

IDFC First Bank is India’s leading Financial Institution offering Mortgage Loan at low interest rates in India. The bank provides mortgage loan to meet several personal and business requirements.

Why Loan Against Property from IDFC First Bank?

Apply for Mortgage Loan online with the best and effective loan rates in India from IDFC First Bank. This Property Loan can be availed by pledging the property as mortgage. You can pledge commercial, residential or industrial property to get a loan subject to IDFC First policy parameters. The bank offers loan at the best competitive rates and quick turnaround time with easy documentation.

  •      Multipurpose loan
  •      Flexible loan tenure
  •      Easy loan disbursal
  •      Low interest rates
  •      Easy documentation process

Fees and Charges

The mentioned below are the fees and charges applicable which are levied by IDFC First Bank:
TYPES OF FEESCHARGES APPLICABLE
Interest Rate13.50%
Processing Fees1% of the loan amount
Loan Tenure5 years
Guarantor RequirementNo
Documentation ChargesRs. 500/-
Cheque Bounce ChargesRs. 500/- per instance
Cheque / Instrument Swap ChargesRs. 500/- per instance
Stamp DutyAt actuals
Pre-Closure ChargesPreclosure permitted after 18 months. No preclosure charges thereafter.

Advantages of IDFC First Loan against Property

IDFC First Bank provides its customers with extra advantages to choose from for availing Mortgage Loan:

 

  •       Huge Amount Loan – The loan amount ranges from Rs. 20 Lakhs to Rs. 10 Crores.
  •       Flexible Loan Tenure – The bank provides flexible loan tenure of up to 15 years.
  •       Loan to Value – The maximum LTV (Loan to value) can go up to 60% of the property value.
  •       Processing Fee – Up to 0.75% of the loan amount.
  •       Different types of property – The Loan against Property from IDFC First can be obtained against residential, commercial and industrial property.
  •       Flexible Repayment Options – The loan can be repaid via flexible repayment options including equated monthly installments (EMIs), PDC (Post Dated Cheques), and ECS.

Eligibility Criteria for applying for IDFC FIRST Bank Loan against Property

Loan application is approved instantly if you are eligible for applying the loan and you meet all the necessary Loan requirements. So apply online for Mortgage loan if you meet the basic requirements. Below mentioned are mortgage loan eligibility conditions:

TYPES OF FEESCHARGES APPLICABLE
Interest Rate11% to 13% p.a
Processing FeesUp to 2% of loan amount
Loan TenureMin. 5 years and Max. 15 years
Lock in PeriodWithin first 6 months of disbursement, part payment or full payment is not allowed.
Transaction FeesRs. 500/-
Part-payment charges4% of the amount prepaid
Pre-closure charges4% on the outstanding loan
Cheque/ ECS/SI Dishonor ChargesRs. 500/-
Swapping ChargeRs. 500/-

Documents required for applying for a Loan against Property from IDFC First Bank

Before applying for Property Loan online please check you complete with the required documents.

Type of DocumentSalaried EmployeeSelf-Employed
Loan Application FormDuly filled loan application form with photographDuly filled loan application form with photograph
Financial Documents-Salary slip of last three month
-Form 16 or ITR-Form 16 or ITR
-HR certification furnishing information of all the allowances and reimbursements
-Copy of bank statement (main account) for last 6 months
-Repayment details on any existing loans or loan closure letter
-Income Tax returns for the last 2 years
-P & L Statement and Balance Sheet of last 2 years (Certified by CA)
-Proof of business continuity for last 3 years
-Copy of bank statement (main account) for last 6 months
-Short note on the nature of a business, a form of organization, clients, suppliers, and so forth.
Proof of Age (Any 1)-Passport
-Voter’s Id
-Birth Certificate
-Driving License
-Aadhar Card
-PAN Card
-Passport
-Voter’s Id
-Birth Certificate
-Aadhar Card
-PAN Card
Proof of Signature (Any 1)-Valid Passport
-Banker's Certificate
-Driving License
-PAN Card
-Valid Passport
-Banker's Certificate
-Driving License
-PAN Card
Proof of Identity (Age 1)-Passport
-Voter’s Id
-Valid Driving License
-Aadhar Card
-PAN Card
-Passport
-Voter’s Id
-Valid Driving License
-Aadhar Card
-PAN Card
Residential Address Proof (Any 1)-Aadhar Card or Letter issued by the UIDAI
-Valid Passport
-Valid Driving License
-Voter's ID Card
-Job card issued by NREGA duly signed by an officer of the State Government
-Aadhar Card or Letter issued by the UIDAI
-Valid Passport
-Valid Driving License
-Voter's ID Card
-Job card issued by NREGA duly signed by an officer of the State Government
Property related Documents-Title deed including the previous chain of property documents
-Proof of any other claim on the property
-Title deed including the previous chain of property documents
-Proof of any other claim on the property

Procedure for applying for IDFC First Bank Loan against Property Online

One can Apply online or Book your Appointment for Property loan through our website with few simple steps by registering online:

  •    Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  •    Provide your consent.
  •    Choose IDFC First Bank as your Business Loan partner.
  •     Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.

Know more about IDFC First Bank Loan against Property – FAQs

Q. How is the rate of interest on loan against property calculated?

A. Interest is calculated on daily reducing balance. Your monthly out-go (equated monthly installment – EMI) is much lower as compared to the interest on annual reducing balance.

Q. Can I repay the loan amount ahead of schedule?

A. Yes. Prepayment is possible and there is no prepayment fee if you repay the loan after six months of availing the loan if you pay from your own source of funds without transferring the loan.

Q. How is my loan readdressed if there is a change in status from Non-Resident Indian to Resident Indian?

A. The repayment capacity of the applicant(s) based on Resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate of Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.

Q. How much is the processing fee for loan availability?

A. Up to 0.75% of loan the loan amount.

QUICK OVERVIEW
Apply online at interest rate starting @ 10.25% p.a.
Processing fee up to 0.75%
Loan Tenure up to 15 years
Competitive and transparent process
One Click Home Loan eligibility check