Loan against Property: IDFC Bank:

IDFC First Bank Loan against Property:

IDFC First Bank is one of the largest private bank in country that offers the lowest rate on loan against property.

Currently the bank, offers loans starting from Floating- Floating- 9.00%-16.25% p.a.*
Fixed- 8.75%-20% p.a.* with the quick approval.

The bank offers special features and attractive rates for different income and occupation groups.

Some of the key features of the IDFC First Bank Loan against Property are mentioned below:

 

IDFC First Bank Loan against Property key features:

1. Avail customized IDFC First Mortgage Loan up to 80% of property value.

2. Individuals & non individuals, residents & non-residents can apply.

3. High value loans available against residential, commercial or industrial units.

4. IDFC First Loan against Property amount ranges between Rs 10 Lakh to 7 Crore.

5. Maximum tenure for IDFC First LAP can go up to 20 years.

6. IDFC First Loan against Property interest rates start at 9.00%-16.25% p.a.*

7. Maximum processing fee may go up 3%. A 50% waiver is also available on processing charge.

 

Interest Rate	9.00%-16.25% p.a.*
Loan Amount	Rs 10 lakh-Rs 7 crore
LTV Ratio	Up to 70% of property value
Tenure	Up to 20 years
Processing Fee	Up to 3% of loan amount

 

Floating Interest Rates

Slab (Rs)	Interest Rate (p.a.)
>=10 lakh	9.00%-16.25% p.a.*

Fixed Interest Rates

Loan Amount Slab (Rs)	Interest Rate (p.a.)
>=10 lakh to <50 lakh	9.00%-16.25% p.a.*

 

Factors Affecting IDFC First Bank Loan against Property Interest Rates:

Loan amount: 

Property loan rates in IDFC First 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: 

IDFC First Bank offers 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:

IDFC First 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.

 

IDFC First Bank Loan against Property Documents Required:

For Self-Employed:

1. Filled up loan application form

2. Two 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. Two 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’ pays lip, 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

 

Frequently Asked Questions:

 

Q. What is IDFC First Banks loan against property rate?

Ans. IDFC First bank offers loan against property at a rate of 9.00%-16.25% p.a.* with the lowest EMI per lakh.

if you are currently paying a higher interest rate than IDFC First Bank rate, you can opt for a balance transfer of loan to IDFC First Bank.

 

Q. How to increase my eligibility on IDFC First Bank loan against property loan?

Ans. If your spouse or family member is earning well, you can make your the spouse or family member the co- applicant for your loan.

The combination of both of your income will help you in increasing your eligibility to get a loan.

 

Q. what is the benchmark rate applicable for loan against property?

Ans. The benchmark rate applicable for property loans in IDFC First Bank is RLLR.

 

IDFC Bank Loan Against Property News - March 2023:

2021-11-01 : IDFC First bank Profit Jumps By 50 Percent.

Private sector Bank, IDFC First Bank has reported a nearly 50 percent jump in net profit. In the quarter ended in September 2021 the lender had a profit