IDBI BANK - 9.10% for Loan Against Property - Loan Against Commercial Property

IDBI Bank_ Loan Against Property:

IDBI Bank is one of the largest public sector bank in the country that offers the lowest rates on loan against property.  

Currently the bank offers the loans starting from 9.10% – 11.45% p.a.* onwards with the quick approval and easy process.

The bank offers the special features and the attractive interest rate for different income and occupation groups.

Interest Rate	For residential property: 9.10% – 11.45% p.a.* For commercial property: 9.10% – 11.70% p.a.*
Loan Amount	Up to Rs 10 crore
Tenure	Up to 20 years
Processing Fee	Up to 1% of the loan amount

                 

Loan Against Property Interest Rates:

Residential property	9.10% – 11.45% p.a.
Commercial property	9.10%– 11.70% p.a.

 

Taking a loan from IDBI Bank has the following benefits:

1. Loan against all type of properties

2. Higher loan amount

3. Special interest rates

4. Wide range of products to fit requirement of every borrower

5. Easy documentation

6. Doorstep Services

 

IDBI Bank Loan against Property

Apply:

If you want to get a loan against property from IDBI Bank, the process to get the loan is fairly easy.

All you need to do is to apply for a home loan at Apnarupee.com.

We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, ICICI, etc.

Your loan application will be processed and IDBI Bank (Loan against Property) Loans representatives will get in touch to begin the process of getting a home loan.

You will also be assisted by Apnarupee.com housing loan advisor to ensure that all the lending process is smooth, quick and you get the best loan against property from IDBI Bank.

You can also do a comparison of IDBI Bank Loan against property rates and other charges using the Apnarupee.com comparison tool.

Once you apply online, you can check the real-time status of your loan against property in your customer account section of Apnarupee.com.

 

Factors Affecting IDBI Bank Loan against Property Interest Rates:

 

Loan amount: 

Property loan rates in IDBI Bank depend upon the loan amount you apply.

 

Your Net Monthly Income: 

Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

Type of loan opted for: 

IDBI Bank differential rates for customer’s different profiles and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.

 

Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

 

Your profession: 

IDBI Bank may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman.

A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

 

IDBI Bank Loan Against Property Documents Required:

For Self-Employed:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 3 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

 

For Salaried employee:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

IDBI Bank against Property: Offers & Schemes:

1.Loan Against Property (Mortgage loan):

Purpose: IDBI Bank offers loan against property to salaried, self-employed professionals and self-employed non-professionals to meet their financial needs for education/marriage, purchasing house, extending existing property, medical treatment, business expansion or any other personal need.

Security:

Primary: First Charge on the mortgaged property through equitable mortgage against which IDBI Bank has advanced the loan.

Collateral: Liquid collaterals as required by IDBI Bank in the form of hypothecation/pledge and assignment based on individual cases.

Loan amount: Up to Rs 10 crore (more than Rs 10 crore is offered based on the proposal merit of the borrower)

Loan tenure: Up to 15 years

 

2.Loan Against Property (Overdraft):

Purpose: IDBI Bank offers loans against property with overdraft facilities to meet the short term working capital requirement needs of the business community.

The overdraft facility can help the business community purchase or stock raw materials, pay salary, wages, etc and also to finance the gap between supply of goods and payments thereafter.

Security:

Primary: First charge on the mortgaged property through equitable mortgage against which IDBI Bank has advanced the loan.

Collateral: Liquid collaterals as required by IDBI Bank in the form of hypothecation/pledge and assignment based on individual cases.

Loan amount: Up to Rs 10 crore (more than Rs 10 crore is offered based on the proposal merit of the borrower)

Loan tenure: Up to 2 years (which is renewed every 1 year or lesser, at the discretion of the bank)

 

3.Loan Against Rent Receivables:

Purpose: Loan against rent receivables addresses the financial requirement of the customers who have given their self-owned property on rent and help them get the liquidity against the expected future rentals of the property. The borrowers can use this loan to take on new projects, business, trade/commercial activity, marriage, education expenses, and repayment of existing loans, purchase of house, repair/renovation/construction of building/residences / commercial shops or any other productive purpose.

Loan security:

Primary: First charge on the mortgaged property through equitable mortgage against which it has advanced the loan. If the equitable mortgage of relative immovable property is not possible for any reason, the bank will consider the mortgage of other property as security with market value not less than 150% of the proposed loan.

Collateral: Liquid collaterals as required by IDBI Bank in the form of hypothecation/pledge and assignment based on individual cases.

Loan amount: up to Rs 10 Crore.

Loan tenure: Maximum 120 monthly installments or residual lease tenure, whichever is less.

 

Frequently Asked Questions:

 

Q. What are that properties that can be considered as collateral for IDBI Bank loan against property?

Ans. Self-occupied residential properties and commercial properties such as shops and offices are considered collateral.

 

Q  What is the maximum loan amount I can get from IDBI Bank loan against property?

 Ans. You can get up to Rs.10 crores as the loan amount.

 

Q. Can I get overdraft facility against my property?

Ans. Yes, you can avail overdraft facility against your property as a term loan.

 

Q. What are the documents required to apply for IDBI Bank Loan against property?

Ans. Three types of documents required to apply for an IDBI Bank mortgage loan- KYC documents, Financial documents and property documents

a. KYC Documents- photo identity proof, residence address proof, office address proof, to meet these requirements a borrower can provide Aadhaar Card, PAN Card, shop and establishment certificate etc.

b. Financial document for self-employed borrowers- Audited report, ITR, Balance sheet for latest 3 financial years, banks statements of all the accounts for last 1 year, business profile etc.

Financial document for salaried borrowers – latest 3 month’s salary slips, latest 2 years ITR, bank statement of salary account for 1 years and details of all the loans.

c.Copy of property documents

 

IDBI Bank Loan against Property News - March 2023:

 

2021-10-22: IDBI Bank Net Profit Jumps To 75 percent

IDBI Bank reported a 75 percent year-on-year (y-o-y) jump in net profit to Rs 567 crore for the quarter ended September.

This is a result driven by a reduction in employee costs and an improvement in net interest income (NII).

The bank's NII, or the difference between interest earned and interest expended, rose 9.45 percent y-o-y to Rs 1,854 crore.

 

2021-09-30: IDBI Bank Revises Interest Rate for Loan Against Property IDBI Bank has revised the interest rate for loans against property.

For residential property, the interest rate ranges between 8.10%-9.10%, whereas the lowest interest rate for commercial property is 8.60%

 

2021-06-10: IDBI Bank revised Its MCLR

With effect from 08 June,2021, IDBI Bank revised its marginal cost of lending rates.

The overnight, one-month and three months MCLR is 7.90%, 7.90% and 7.95%, respectively.

The MCLR for six months and one year is 8.10% and 8.25%