IDFC Bank Loan Against Property
The IDFC Bank enables prospective borrowers to utilize their property for a hassle-free sanctioning of the IDFC loan against property. LAP is a perfect scheme that helps at the times of emergency by providing up to 80% of the property value as the loan amount for about 25 years. The bank offers funding for all types of properties including both residential and commercial. The IDFC First Bank Loan against property can be repaid at flexible terms and allows the borrower to enjoy 24/7 instant access to funds.
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IDFC Bank Loan Against Property Interest Rate
IDFC First Bank offers competitive interest rates on LAP ensuring that the borrowers receive the most favourable terms based on their creditworthiness and financial stability. The IDFC Bank lap loan interest rate ranges between 9.00% - 20% per annum for fixed rate plans. While, it is between repo rate + 2.50% (9.00%) - repo rate + 10% (16.65%) per annum for floater packages.
The IDFC LAP interest rate 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 9.00% - 16.50% p.a. |
| Fixed | 9.00% - 20.00% p.a. |
IDFC Bank Loan Against Property Eligibility Criteria
Being well-informed about the eligibility standards help applicants prepare adequately before applying for a loan against property. These eligibility requirements typically encompass factors such as the applicant’s age, income, employment status, nationality, and CIBIL score.
The table below enlists the IDFC Bank loan against property eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 25 - 65 years | 25 - 65 years |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Nothing specific | Nothing specific |
| Credit Score | 700 or above (preferred) | 700 or above (preferred) |
IDFC Bank Loan Against Property Fees and Charges
Paying fees and charges for a LAP is crucial as it directly impacts the overall cost and terms of the loan. These fees may include the processing fee, prepayment charges, penal interest, document retrieval charges, and so on. The IDFC Bank loan against property processing fees and other charges can be clearly understood through the table below:
| Processing Fee | Up to 3% of the loan amount |
|---|---|
| Prepayment Charges | Nil |
| Foreclosure Charges | Nil |
| Document Retrieval Charges | Rs. 500 |
| Initial Money Deposit Charges | Rs. 6,500 |
| Loan Cancellation and Rebooking Charges | Rs. 10,000 |
| Loan Rescheduling Charges | Rs. 1,000 |
| Penal Charges | 2% of the due EMI or Rs. 300 (whichever is higher) |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Staying informed about market conditions and trends along with the rate of interest of different financial providers such as banks and NBFCs is crucial to make the right borrowing decision. The table below shows a detailed comparison of IDFC First LAP and other prominent lenders of similar schemes:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| IDFC First Bank | 9% - 20% p.a. | Up to 3% of the loan amount |
| PNB Housing Finance | 9.25% - 15% p.a. | 2% 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% 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) |
| ICICI Bank | 10.85% - 12.50% p.a. | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
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Documents Required For IDFC Bank Loan Against Property
Properly prepared documents not only speed up the application process but also demonstrate your eligibility and creditworthiness to the bank. Typically, the IDFC Bank loan against property documents required list includes the following proofs:
1. For Salaried Loan Applicants
- Photo Identity/ Address Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, etc
- Income Proof: Salary Slips for 3 months, Bank Account Statements for 6 months, Latest ITR/ 2 years’ Form 16
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
- Other Documents: Duly-Filled Application Form affixed with recent passport size photograph, Appointment Letter, Processing Fee Cheque, Details of other running loans
2. For Self-Employed Loan Applicants
- Photo Identity/ Address Proof: Aadhaar Card, PAN Card, Passport, Voter ID Card, etc
- 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 Proof, Form 26AS
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, Sanction Letter,
- Other Documents: Duly Filled Application Form affixed with a recent passport-size photograph, Processing Fee Cheque, Partnership Deed if the business entity is in partnership, and the List of Stakeholders, Details of other running loans
FAQs
The procedure for sanctioning IDFC First Loan Against Property starts by filling and submitting the duly filled application form along with the processing fee cheque and other set of KYC documents. These are then processed and the property is inspected by the bank officials and then once the loan is sanctioned, you are intimated through an SMS or official email ID.
Yes, IDFC First Bank offers a convenient and flexible loan against property at a competitive rate of interest starting from 9.00% per annum, which is an affordable option for borrowers.
Yes, like all other lenders, IDFC First Bank also checks the CIBIL Score of individuals before sanctioning their loan against property (LAP) to understand their creditworthiness.
The interest rate on loans against property in IDFC Bank is calculated by considering key factors like the loan amount, loan tenure, margin, market conditions, CIBIL score of the applicant, and the benchmark rate.
Eligible borrowers can get up to Rs. 10 crore as IDFC First Bank loan against property.