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IDFC First Loan Against Property Details

IDFC Loan AmountRs 10 Lakh to Rs 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)

Compare Banks to get lowest Mortgage Loan Interest Rate.

IDFC First Loan Against Property Features & Benefits

  • Avail customised IDFC First 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 First 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% p.a.
  • Currently lowest IDFC First loan against property EMI is Rs. 5,071 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. You can also avail Loan Against Property without Income Proof and ITR

IDFC First LAP Comparison with Other Lenders

Name of LenderRate of Interest (p.a.)Processing Fee
IDFC First Bank9.00% - 20.00%Up to 3% + GST
HDFC Bank9.50% - 11.00%Up to 1% (minimum Rs. 7,500)
SBI10% to 11.55%1% (maximum Rs. 50,000) + service tax
Kotak Mahindra Bank9.15%1% + GST & statutory dues
PNB Housing9.25% - 12.85%2% + GST
HSBC Bank9.75%1% or Rs. 10,000, whichever is higher + applicable taxes
Federal Bank10.15%1% (minimum Rs. 3,000) 
Bank of India11.25%Up to 1% (minimum Rs. 5,000 & maximum Rs. 50,000)
Bank of Baroda10.85% - 16.50%1% (minimum Rs. 8,500 & maximum Rs. 1,50,000)
IDBI Bank9.50% - 11.45%1%
Central Bank of India12.15% - 14.25%Up to 0.75% + GST (maximum Rs. 1 Lakh)
ICICI Bank10.85% - 12.50%0.50% - 2% or Rs. 3,000, whichever is higher + applicable taxes & other statutory levies 
Bank of Maharashtra10.95% - 11.95%1% + GST

You can also use SBI Loan Against Property Calculator to find out how much you will save on interest and how it affects your Loan EMI.

IDFC First Loan Against Property Interest Rates

IDFC First Bank offers customised loans against different types of properties. The lowest IDFC First Bank 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 - Up to Rs. 50 LakhsFixed9% p.a.20% p.a.
Rs. 50 Lakhs & aboveFloating9% p.a.16.50% p.a.

Compare Banks to get lowest SBI Loan Against Property Interest Rate.

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
Others
  • 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

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
IDFC LAP 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 feesRs. 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 schedule Rs. 1,000
Physical statement of accountRs. 500 
Cheque swap chargesRs. 500
Initial money deposit/ application feesRs. 6,500
Document retrievalRs. 500
Stamping charges (including facilitation charges)As 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.

Apply Loan Against Property

How to Calculate IDFC First Loan Against Property EMI

You can use the Loan Against Property EMI Calculator available on our website for free to calculate your IDFC First Loan Against Property EMI instantly. Just enter the loan amount, rate of interest and tenure to know the result. EMI Calculator can be used to assess loan affordability and make an informed decision. Here is a sample EMI calculation for IDFC First LAP for various tenures at the lowest rate of interest of 9.00% - 20.00% p.a.

Loan AmountEMI for 5 yearsEMI for 10 yearsEMI for 15 years 
Rs. 10 LakhsRs. 20,758Rs. 12,668Rs. 10,143
Rs. 20 LakhsRs. 41,517Rs. 25,335Rs. 20,285
Rs. 30 LakhsRs. 62,275Rs. 38,003Rs. 30,428
Rs. 40 LakhsRs. 83,033Rs. 50,670Rs. 40,571
Rs. 50 LakhsRs. 1,03,792Rs. 63,338Rs. 50,713
Rs. 1 CroreRs. 2,07,584Rs. 1,26,676Rs. 1,01,427
Rs. 2 CroresRs. 4,15,167Rs. 2,53,352Rs. 2,02,853

You can also use HDFC Bank Loan Against Property EMI Calculator to find out how much you will save on interest and how it affects your Loan EMI.

IDFC First Loan Against Property Customer Care

IDFC Loan against Property Contact Number is 1860 500 9900 between 9:30 am to 6.00 pm on all working days, except second and fourth Saturdays 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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Pre-Approved Loan Against Property @8.90% p.a 

Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used 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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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