IDBI Bank Loan Against Property
Opting for an IDBI Loan Against Property (LAP) plan is a strategic financial choice for those seeking substantial funds with flexible repayment options. The IDBI Bank offers competitive interest rates, making it an affordable solution for various needs such as business expansion, education, or personal expenses. The bank provides high loan amounts against your property's value, ensuring liquidity without asset liquidation. The IDBI Bank Loan Against Property starts at an interest rate of 9.50% per annum for a maximum tenure of up to 15 years.
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IDBI Bank Loan Against Property Interest Rate
IDBI Bank's Loan Against Property interest rates are competitive and designed to cater to various financial needs. These rates typically vary based on factors such as the loan amount, tenure, and the borrower's credit profile. The IDBI Bank loan against property interest rate starts at 9.50% per annum for residential property.
You can understand all about the IDBI LAP interest rate 2024 by looking at the table below:
| Rate Package | Rate of Interest |
|---|---|
| Residential Property | 9.50% – 11.45% p.a. |
| Commercial Property | 10.75% – 11.70% p.a. |
IDBI Bank Loan Against Property Eligibility Criteria
Adhering to LAP eligibility criteria ensures risk management for lenders, loan approval, and favorable terms for borrowers. It also ensures compliance with legal regulations and proper asset valuation. Meeting these criteria positively impacts the borrower's credit score and financial planning.
The table below will help you understand the IDBI Bank loan against property eligibility in detail:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 22 - 70 years | 22 - 70 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Nothing specific | Nothing specific |
| Credit Score | 650 or above | 650 or above |
IDBI Bank Loan Against Property Fees and Charges
IDBI Bank charges a processing fee on Loan Against Property (LAP) to cover the administrative costs of processing the loan application, including credit checks, property valuation, and documentation. This fee compensates the bank for the time and resources spent evaluating and approving the loan. Additionally, it ensures commitment from the borrower. The IDBI Bank loan against property processing fees and other charges levied by the bank are mentioned in the table given below:
| Processing Fee | Up to 1.00% of the loan amount + applicable taxes (subject to a minimum of Rs. 10,000) |
|---|---|
| Part-Prepayment/ Foreclosure Charges | Floater (Individual): Nil Floater (Non-Individual): 2% of the outstanding loan + taxes
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| Conversion Fees |
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| Photocopy of Title Deeds Issuance Charges | Rs. 225 |
| Duplicate Statement Issue Charges | Rs. 115 per instance |
| Credit Report Issuance Charges | Rs. 50 |
| Cheque Bounce Charges | Rs. 575 per instance |
| Stamp Duty | As applicable |
| Duplicate Interest Paid Certificate | Rs. 150 per instance |
| Penal Charges | 2% per annum for overdue amounts and the overdue period |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Comparing the rate of interest on LAP from IDBI with other lenders helps find the most cost-effective option, saving money over the loan term. It ensures you get the best deal with favourable terms and conditions. Additionally, it allows for informed decision-making based on various lenders' offers. So, check out the table below where we are comparing IDBI LAP interest and processing fee with other 5 competitors:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| IDBI Bank Housing Finance | 9.50% p.a. - 11.70% p.a. | 0.50% - 1.00% of the loan amount + applicable taxes (subject to a minimum of Rs. 10,000) |
| Tata Capital | 9.00% - 14.25% p.a. | Up to 1.25% of the loan amount + GST |
| HDFC Bank | 9.50% - 11% p.a. | 1% of the loan amount (minimum of Rs. 7,500) |
| Bajaj Housing Finance | 9.75% - 18.00% p.a. | Up to 4% of the loan amount + GST |
| Indian Bank | 10.00% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
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Documents Required For IDBI Bank Loan Against Property
Showing documents when applying for a LAP is crucial for verifying the borrower's identity, income, and property ownership. It ensures the lender assesses the borrower's creditworthiness and the property's value. Proper documentation helps mitigate risks and streamline the approval process. So, do have a look at the IDBI Bank loan against property documents required list given below and arrange for the same before applying for one:
1. For Salaried Loan Applicants
- Identity Proof: Passport, Aadhaar Card, Voter ID Card, PAN Card, etc
- Address Proof: Aadhaar Card, Latest Electricity Bill, Phone Bill
- Income Proof: Last 3 months' Salary Slips, Last 6 months' Bank Account Statements, Latest ITR/ Form 16
- Documents of Property: Sanctioned Building Plan, Title Deeds, Any Payments Made to the Builder or Seller, and so on
- Other Documents: Duly-Filled Application Form with recent passport-size photograph, Processing Fee Cheque in Favour of IDBI Bank, Appointment Letter
2. For Self-Employed Loan Applicants
- Identity Proof: Passport, Aadhaar Card, Voter ID Card, PAN Card, etc
- Address Proof: Aadhaar Card, Latest Electricity Bill, Phone Bill
- Income Proof: ITR/ Form 16 for 3 years, Profit and Loss Account Statements and Balance Sheets for 3 years, Savings Account Statement/ Current Statement of the Business Entity for 6 months, Business Profile, Form 26AS
- Documents of Property: Sanctioned Building Plan, Title Deeds, Any Payments Made to the Builder or Seller, and so on
- Other Documents: Duly-Filled Application Form with recent passport-size photograph, Processing Fee Cheque in Favour of IDBI Bank, Declaration and Documents mentioning the end use of the loan, Partnership Deed if the business entity is in partnership
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Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
IDBI Bank offers a maximum loan against property of up to Rs. 10 crore to eligible borrowers.
Yes, you will be penalized for not paying your EMI on the IDBI loan against property. Penalties typically include late payment fees, increased interest rates on overdue amounts, and a negative impact on your credit score. Continuous defaults can lead to legal action and foreclosure of the mortgaged property
Yes, IDBI Bank does offer a top-up on the loan against property.
IDBI Bank Loan Against Home and Land are available in all the major cities of India. However, for a particular city, we suggest you to check with the bank officials.
Yes, IDBI Bank allows customers to make part-prepayment on the loan against property, but it may charge a fee for this.
It is difficult to get an IDBI Bank loan against property without any income proof. However, alternative arrangements, like showing other assets or co-applicants with income proof, might be considered on a case-by-case basis.