IDFC First Loan Against Property Details 2024

IDFC Loan AmountRs. 10 Crore
Interest rate9.00% - 20.00% p.a
TenureUp to 25 years
Processing FeeUp to 3% of the loan amount
Late Payment Penalty2% p.m of the unpaid EMI     
or Rs 300 (whichever higher)

Apply for IDFC Loan Against Property

IDFC First LAP Comparison with Top Lenders

Below is the comparison of IDFC mortgage loan interest rates with loans against property interest rates of other banks and NBFCs in India.

You can compare the different interest rates offered by top lenders and the most suitable option:

Name of the LenderInterest Rate (% p.a.)
IDFC First Bank9.00% - 20.00%
Muthoot Finance14.50% - 16.50%
State Bank of India10.10% - 11.65%
LIC Housing Finance9.70% - 11.55%
Federal Bank11.15% - 14.80%
Home First 12.80% - 18.50%
HDFC Bank9.50% - 11.00%
Kotak Mahindra Bank9.50% - 10.50%
PNB Housing Finance9.24% - 12.45%
Bank of Baroda10.85% - 16.50%
ICICI Bank10.85% - 12.50%
Tata Capital10.10%
Bajaj Housing Finance9% - 14%

IDFC First Loan Against Property Interest Rates

IDFC First Bank offers customised loans against different types of properties. The lowest IDFC Mortgage Loan Interest Rate is 9.00% - 20.00% p.a. The effective rate of interest for your LAP application depends on your repayment capacity, credit score and property value & location.

Loan AmountInterest Rate TypeMinimum Interest RateMaximum Interest Rate
Rs. 10 Lakhs - Rs. 50 LakhsFixed9% p.a.20% p.a.
Rs. 10 Lakhs & aboveFloatingRepo Rate + 2.50% = 9% p.a.Repo Rate + 10% = 16.50% p.a.
  • Repo Rate is 6.50% w.e.f. February 9, 2023.
  • The above-mentioned interest rates may vary based on various parameters such as the Repo Rate, Bureau Score, Segments, etc.
  • Repo Rate (RR) may change as per timely RBI Policy announcements.

IDFC First Loan Against Property Features & Benefits

  • Avail customised IDFC First Bank mortgage loan up to 80% of property value.
  • Salaried as well as professional Indian residents and non-resident Indians (NRIs) can apply.
  • High-value loans available against residential, commercial or industrial units.
  • IDFC loan against property amount ranges between Rs. 10 Lakhs to Rs. 10 Crores.
  • Maximum tenure for IDFC First LAP can go up to 25 years.
  • IDFC First loan against property interest rates start at 9.00% - 20.00% p.a.
  • Currently lowest IDFC First loan against property EMI is Rs. 839 per lakh.
  • Maximum processing fee can go up 3% of the sanctioned loan amount. 

Non-IDFC First LAP customers can opt for low-cost IDFC Balance Transfer with a top-up facility.

IDFC First Loan Against Property Eligibility Criteria

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

  • You must have a stable income source. All profiles, including salaried individuals, self-employed professionals & non-professionals can apply. 
  • A minimum CIBIL score of 740 is required to apply for a loan against property.
  • Salaried borrowers should be aged between 23 to 60 years.
  • Self-employed borrowers should be aged between 23 to 70 years.
  • Borrowers belonging to the agri-allied sector should be aged between 23 to 70 years with a minimum of 2/3 years of work continuity.
  • The minimum business continuity required for the self-employed is 2/3 years.
  • Salaried borrowers should have a minimum work experience of 2/3 years.
  • Equitable loan value collateral is required which can be in the form of residential, commercial, industry plot or godown.

You can also check Loan Against Property Eligibility from Top Banks Online.

Documents Required for IDFC First Loan Against Property

Type of DocumentSalariedSelf-employed
Address Proof (any one)Aadhar Card, Driving License, PAN Card, Voter's ID Card, Passport, NREGA Card, Bank Account Statement, Electricity Bill, Telephone Bill
Photo ID Proof (any one)Aadhar Card, Driving License, PAN Card, Voter's ID Card, Passport, NREGA Card
Income Proof
  • Latest Salary Slip/ Salary Certificate
  • Latest Form 16 and ITR of last 2 years
  • Bank statement of salary account for last 6 months
  • Latest Audited Balance Sheet and P & L Account
  • Latest ITR with income computation
  • GST Registration Certificate
  • 6 months bank statements for loans up to Rs. 2 crore or else for 12 months
  • Qualification Certificate/ Certificate of Practice as business proof
  • Shop Act License/ MOA & AOA/ Sales TaxNat Registration/ Partnership Deed 
Property Documents
  • Copy of original sale deed
  • Allotment possession letter
  • NOC from society
  • Details of ongoing loans, including sanction letter, amortization schedule or account statement, as applicable

You can also Check the necessary Documents required for Loan Against Property.

IDFC First Loan Against Property Fees & Charges

Apart from the IDFC loan against property interest rate, the borrower has to pay the following charges (as applicable) on the IDFC First loan against property:

Type of ChargeDescription
Processing feesUp to 3 % of the loan amount
Part prepayment charges
  • 0% - 4% for floating-rate loans 
  • 5% of principal outstanding for fixed-rate loans
Foreclosure charges
  • 0% - 4% for floating-rate loans 
  • 5% of principal outstanding for fixed-rate loans
Cancellation & rebooking
  • Rs. 10,000 towards cancellation in case of uncashed disbursal cheque
  • Rs. 10,000 + interest from disbursal date till receipt of cancellation request, in case of encased disbursal cheque
Switch fees
  • Rs. 5,000 + GST for principal outstanding above Rs. 3 Crores
  • Rs. 10,000 + GST for principal outstanding below or equal to Rs. 3 Crores
Repayment instrument swapRs. 500/ repayment change request 
List of documentsRs. 1,000 per request for copies/ list of documents
Duplicate NOC/NODRs. 500 
Loan rescheduling chargesRs. 1,000
Physical repayment scheduleRs. 500
Physical statement of accountRs. 500 
Cheque swap chargesRs. 500
Initial money deposit/ application feesRs. 6,500
Document retrievalRs. 500
Other Statutory/ Mortgage creation chargesAs per actuals
Late Payment/ penal charges/ default2% p.m. or Rs. 300 (whichever is higher)
Repricing fee1/2 of rate drop given to the customer as a % or Rs. 10,000, whichever is higher
EMI pickup/ collection Rs. 350
EMI bounce chargesRs. 400
Other statutory/ Mortgage creation charges On actuals
GSTGST, as applicable, will be levied on all service charges. 

You can also Check Loan Against Property without Income Proof and ITR

IDFC First Loan Against Property Offers & Schemes

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

  • Residential
  • Commercial
  • Industrial 
  • 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 requirements.

IDFC Loan Against Property EMI Calculator

You can use the IDFC loan against property calculator to know your Equated Monthly Instalment (EMI) before applying for the loan. To use the calculator, follow the steps given below:

  • Open the Loan Against Property EMI Calculator page available on the financial tool page on the official website of the bank.
  • Select the required loan amount, tenure (in months), and the applicable IDFC First bank loan against property interest rate by dragging the cursor on the required value.
  • As soon as you mention the above information, the tool will display the monthly EMI amount you have to pay on your loan.

Below is an example using the IDFC First EMI calculator: 

Loan amount to be availed ofRs. 2 Crores
Loan tenure opted300 months
Applicable interest rate9.00% - 20.00% p.a.
EMI to be paidRs. 1,67,839

You can also calculate your IDFC First loan against property EMI using the formula given below: 

EMI amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], which uses three inputs i.e., Principal loan amount (P), tenure (N), and rate of interest (R).

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Pre-Approved Loan Against Property @9% p.a 

Up to Rs. 15 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applying for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holidays and much more. Higher loan amounts are available for select customers.


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 owners, so can 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 is the processing fee charged when applying for IDFC First LAP?


The bank levies a processing fee of up to 3% of the sanctioned loan amount.

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?


The 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

How much loan is given against property?


You can get a loan amount anywhere between Rs. 10 Lakhs to Rs. 10 Crores under IDFC First loan against property.

Which bank is best for a property loan?


IDFC First Bank, HDFC Bank, ICICI Bank, Kotak Mahindra and SBI are the best banks for availing of loan against property as they offer affordable interest rates.

Is it OK to take a loan against property?


Yes. Being a secured loan, it is the best option to consider for fulfilling your high-ticket financial requirement.

What is the maximum tenure loan against property?


IDFC First Bank offers flexible tenure of up to 25 years to repay the loan against property.

Which finance is best for loan against property?


IDFC Loan Against Property Interest Rate has the best rate of interest starting from 9.00% - 20.00%.

Which bank is good for a loan against property?


Currently, IDFC First Bank, HDFC Bank, SBI, ICICI Bank, Kotak Mahindra Bank, and PNB Housing Finance are some of the best banks for loans against property.

What is the interest on loan against property?


The interest rate on IDFC First loan against property ranges from 9% to 16.50% p.a. for floating interest loans and 9% to 20% p.a. For fixed interest rates.

What is the maximum value of loan against property?


You can get funding up to 80% (subject to a maximum of up to Rs. 10 Crores) of your property value as a loan amount under IDFC LAP.

Which property types can be used to avail LAP?


IDFC provides funding against all kinds of properties such as residential, commercial, industrial plots and godowns.

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


Yes, you can apply for IDFC First LAP jointly with co-applicants. The co-applicants can be your spouse, parents, children or siblings. The co-applicant must be an adult member of the family. Your salaries can be clubbed for the calculation of the loan amount.

What type of properties are eligible as collateral for a loan against property?


IDFC offers loans against all kinds of properties such as residential, commercial, industrial plots and godowns.