IDFC First Bank Loan Against Property

IDFC First Loan Against Property Highlights
Interest Rate	9.25% p.a. onwards
Loan Amount	Up to Rs 10 crore
LTV Ratio	Up to 70% of property value
Tenure	Up to 25 years
Processing Fee	Up to 3% of loan amount

Note: Rates as of 5th November 2024

IDFC First Bank Loan Against Property Interest Rates

IDFC First Bank offers Loan Against Property interest rates starting from 9.25% p.a. onwards. The lender has specified its differential interest rates based on the loan amount offered to its applicants. The interest rates may also vary depending on the Bureau Score, segments, etc.

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

IDFC First Bank Loan Against Property Fees and Charges

Processing Fee	Up to 3% of loan amount
Penal charges	2% of unpaid EMI or Rs 300, whichever is higher
Pre-payment Charges	NIL
Foreclosure Charges	NIL
Loan Rescheduling Charges	Rs 1,000
Loan Cancellation and Rebooking	Rs 10,000
Document retrieval charges	Rs 500
Initial money deposit charges	Rs 6,500

Also Check Loan Against Property EMI Calculator

Eligibility Criteria for IDFC First Bank Loan Against Property

IDFC First Bank evaluates the eligibility of its Loan Against Property applicants based on the employment profile. However, the bank may also consider the credit score, monthly income, occupation profile, employer’s profile, EMI/NMI ratio, etc., just like many lenders do while evaluating their Loan Against Property eligibility criteria.

• Self-employed Professionals
• Self-employed non- professionals
• Proprietorship concerns
• Partnership firms
• Private Limited Companies
• Societies and Trusts

Documents Required for IDFC First Bank Loan Against Property

IDFC First Bank has mentioned a complete list of documents required to avail Loan Against Property. Below-mentioned are the loan against property documents required by IDFC First Bank on the basis of the occupation profile of its applicants:

For Salaried

• Photo ID proof and address proof
• Income Proof: ITR/Form 16 for last 2 years, salary account statement for last 6 months, salary slips for last 3 months
• Details of ongoing loans
• Property documents

For Self-employed

• ID proof and address proof
• Business Proofs: Memorandum of Association (MOA) & Article of Association (AOA)/GST Registration/Shop Act License/ITR/Partnership deed
• Property documents

Any one additional document set basis additional program

• Basis Banking:

Bank statement of last 6 months for loans up to Rs 2 crore or 1 year, latest year ITR along with latest year’s financials

• Basis GST:

ITR for last 1 year or financials for last 1 year/ net worth statement by CA/ bank statement for last 3 months/ last 1 year GST returns

• Basis Income:

Latest ITR along with latest year financials, bank statement for last 6 months for loans up to Rs 2 crore, else 12 months

FAQs on IDFC Bank Loan against Property

Q. Can I apply for LAP jointly, and who all join as co-applicants?

Ans. Yes, you can apply for LAP jointly with spouse, parents or children. Also, it is mandatory that all co-owners of the property be declared as co-applicants.

Q. When will I receive my Income Tax certificate?

Ans. IDFC Bank provides I-T certificate to customers in the welcome kit, or you can also request for a provisional certificate any time during the course of the year.

Q. What type of property can be used to avail LAP?

Ans. In order to avail Loan against property, any commercial, residential and industrial property can be used.

Q. Is it mandatory to get a property insurance?

Ans. Yes, the property against which you are availing LAP needs to be insured throughout the tenure of the loan in order to protect it against uncertain situations