IDFC First Loan Against Property Details

IDFC Loan AmountRs 10 Lakh to Rs 7 Crore
Interest rate7.35% p.a onwards
TenureUp to 20 years
Processing FeeUp to 3% of the loan amount
*50% waiver currently
Late Payment Penalty2% p.m of the unpaid EMI 
or Rs 300 (whichever higher)

IDFC First Loan Against Property: Features & Benefits

  • Avail customised IDFC First Mortgage Loan up to 80% of property value.
  • Individuals & non individuals, residents & non-residents can apply.
  • High value loans available against residential, commercial or industrial units.
  • IDFC First Loan Against Property amount ranges between Rs 10 Lakh to 7 Crore.
  • Maximum tenure for IDFC First LAP can go up to 20 years.
  • IDFC First Loan Against Property interest rates start at 7.35% p.a.
  • Currently lowest IDFC First Loan Against Property EMI is Rs 797 per lakh.
  • Maximum processing fee may go up 3%. A 50% waiver is also available on processing charge.
  • Non IDFC First LAP customers can opt for low cost IDFC Balance Transfer with top up.

IDFC First Loan Against Property Interest Rates

IDFC First Bank offers customised loans against different types of properties. The lowest IDFC LAP interest rate is 7.35% p.a. The effective rate of interest for your LAP application depend on your repayment capacity, credit score and property value & location.

IDFC First Loan Against Property Eligibility Criteria

To apply for IDFC First Loan Against Property, meet following criteria:

  • You must have a stable income source. All profiles, including salaried individuals, self-employed professionals & non-professionals can apply. 
  • Sole proprietorship/ partnership firm, company and business enterprises under the SME and MSME sector are also eligible for IDFC LAP.
  • Individual borrowers should be between 23 to 70 years (or till retirement).
  • The minimum business vintage required for the self-employed is 2 years.
  • Salaried borrowers should have minimum work experience of 5 years.
  • The lender will also assess past repayment record & credit score.
  • Equitable loan value collateral is required which can be in the form of residential, commercial, industry plot or godown.

Documents Required for IDFC First Loan Against Property

Type of DocumentSalariedSelf-employed
Address Proof (any one)Aadhar Card, Voter's ID Card, Passport, Bank Account Statement, Electricity Bill, Telephone Bill
Photo ID Proof (any one)Passport, Driving License, PAN Card, Voter's ID Card
Income Proof
  • Latest Salary Slip/ Salary Certificate
  • Latest Form 16 and ITR
  • Bank statement of salary account for last 6 months
  • Latest Audited Balance Sheet and P & L Account
  • Latest ITR with income computation
  • License under Shop Act for Proprietorship firm
  • Partnership Deed for Partnership Firm
  • MOA and AOA for Company
  • GST Registration Certificate
  • 6 months bank statements for loans up to 2 crore or else for 12 months.
Property Documents
  • Complete chain of property title deeds
  • Approved layout/ plan
Others
  • Details of ongoing loans, including sanction letter, amortization schedule or account statement, as applicable

IDFC First Loan Against Property Fees & Charges

Type of ChargeDescription
Processing feesUp to 3 % p.a.
Part prepayment charges
  • NIL for floating rate individual loans for personal use.
  • NIL for part prepayment up to 20% of principal outstanding. Allowed once, with a gap of 12 months.
  • NIL for fixed rate MSME loans up to 50 lakh
  • 4% of principal outstanding for floating rate non-individual or individuals with business use, applicable on loans with clear <=24 EMIs 
  • 3% of principal outstanding for floating rate non-individual or individuals with business use, applicable on loans with clear >24 EMIs
  • 5% of principal outstanding for fixed rate loans
Foreclosure charges
  • NIL for individual borrowers with personal use
  • NIL for fixed rate MSME loans up to 50 lakh 
  • 4% of principal outstanding for floating rate non-individual or individuals loans with business use, applicable for clear <=24 EMIs
  • 3% of principal outstanding for non-individual or individuals with business use, applicable for loans with clear >24 EMIs
  • 5% of principal outstanding for fixed rate loans
Switch FeesFor principal outstanding above 3 crore: Rs 5000 + GST
For principal outstanding below or equal to 3 crore: Rs 10000 + GST
EMI BounceRs 400 
Repayment Instrument SwapRs 500 
Document RetrievalRs 500
List of documentsRs 1000
Duplicate NOCRs 500 
StampingOn actuals
Penalty for delayed EMI payment2% p.m. 
or Rs 300 (whichever is higher)
Re-pricingHalf (%) of rate drop 
or Rs 10000 (whichever is higher)

How to Calculate IDFC First Loan Against Property EMI

Use IDFC First LAP EMI calculator to calculate loan monthly loan instalment instantly for free. Share loan amount, tenure and the rate of interest and submit query. The calculator will share EMI as well as amortization schedule.

You can use the EMI Calculator to assess loan affordability and make an informed decision. Here is a sample EMI calculation for IDFC First LAP for various tenures at lowest ROI: 7.35%

IDFC First Loan Against Property EMI Calculation:

Loan AmountEMI for 5 yearsEMI for 10 yearsEMI for 15 years EMI for 20 years
10 Lakh199671179291857964
20 Lakh39933235841837015929
30 Lakh59900353762755523893
40 Lakh79867471683674031858
50 Lakh99834589604592539822
60 Lakh119800707525511147787
70 Lakh139767825446429655751

IDFC First LAP Comparison with Other Lenders

Bank/NBFCInterest RateProcessing Fee
IDFC First Loan Against Property7.35% onwardsUp to 3 %
HDFC Loan Against Property8.00% to 8.95%Up to 1 %
SBI Loan Against Property8.45 % onwardsUp to 1 %
Kotak Mahindra Bank Loan Against Property9.50% onwardsUp to 1 %
Bajaj Finserv Loan Against Property8.25% to 18 % p.aUp to 6%

IDFC First Loan Against Property: Offers & Schemes

IDFC Bank offers customised mortgage schemes against all types of properties, such as:

  • Residential
  • Commercial
  • Industial 
  • Godowns

Customers can apply for IDFC First Bank’s Loan Against Property online or offline according to their preference. Online you need to provide minimal documentation, such as:

  • Income documents
  • Average bank balance
  • GST returns
  • Rental income

LAP Balance Transfer can be availed with Top Up, subject to meeting adequate collateral requirement.

IDFC First Loan Against Property Customer Care

Contact IDFC First Loan Helpline on 1860 500 9900

between 9:30 am to 6.00 pm on all working days, except second and fourth Saturday and bank holidays.

Registered Office

IDFC FIRST Bank Ltd
KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India

Corporate Office

IDFC FIRST Bank Ltd
Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India

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Preapproved ICICI loan against property @8.35% p.a 

ICICI bank loan against property up to 5 crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers. 

FAQs

For what purpose, can I apply for IDFC First Loan Against Property?

IDFC First Loan Against Property is approved for following purposes:

  • For purchase of a residential or commercial property
  • For consolidation of debts
  • For any personal requirements
  • For setting up of a business or for expansion of the existing business or working capital requirements of the business.

Can IDFC First Loan Against Property be availed in joint names?

Yes. As, a property can have multiple owner, so can be the loan against property. Thus you can apply for IDFC Mortgage as joint owners. You can add non owner co-borrowers for the loan as well.

What all fees & charges are paid out while applying for LAP?

A fixed fee of Rs 5500 + GST constituting legal scrutiny and valuation charges is paid while applying for LAP The charges vary depending on the applicant’s profile and property location.

Is the rate of interest for the IDFC First Bank Loan Against Property a floating or a fixed rate?

The bank offers the Loan Against Property at both fixed and floating rates. If the loan is opted to be availed at a floating rate, the prevailing rate will be charged. Also, there will be fluctuation in the interest rate as and when the rate of interest changes. Whereas in a fixed rate of interest, the rate will remain fixed till the pre-decided pre-set period, which is 3 years from the date of disbursement of the loan in the case of IDFC Loan Against Property.

Is it mandatory to buy property insurance before Mortgage Loan?

Yes, the property has to be insured against fire and other calamities and the bank's clause has to be incorporated in the insurance document. The insurance has to be renewed every year and it has to be covered for the entire loan tenure. The premium is borne by the owner of the property.

What is the procedure of sanctioning IDFC First LAP?

Following procedure is involved in sanctioning IDFC First Bank Loan Against Property:

  • Filing loan application
  • Verification and underwriting
  • Sanctioning of the loan
  • Execution of documents
  • Disbursement of the loan