|IDFC Loan Amount||Rs 10 Lakh to Rs 7 Crore|
|Interest rate||7.35% p.a onwards|
|Tenure||Up to 20 years|
|Processing Fee||Up to 3% of the loan amount|
*50% waiver currently
|Late Payment Penalty||2% p.m of the unpaid EMI |
or Rs 300 (whichever higher)
Tip: Check free credit score before applying for a loan
Additional Info: You can also avail Loan Against Property without Income Proof and ITR
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.
To apply for IDFC First Loan Against Property, meet following criteria:
Additional Reading: Online cibil score check by pan number
|Type of Document||Salaried||Self-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|
|Type of Charge||Description|
|Processing fees||Up to 3 % p.a.|
|Part prepayment charges|
|Switch Fees||For principal outstanding above 3 crore: Rs 5000 + GST|
For principal outstanding below or equal to 3 crore: Rs 10000 + GST
|EMI Bounce||Rs 400|
|Repayment Instrument Swap||Rs 500|
|Document Retrieval||Rs 500|
|List of documents||Rs 1000|
|Duplicate NOC||Rs 500|
|Penalty for delayed EMI payment||2% p.m. |
or Rs 300 (whichever is higher)
|Re-pricing||Half (%) of rate drop |
or Rs 10000 (whichever is higher)
Also Check: Commercial Cibil Report
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%
Additional Info: You can also Check Loan Against Property EMI Calculator
IDFC First Loan Against Property EMI Calculation:
|Loan Amount||EMI for 5 years||EMI for 10 years||EMI for 15 years||EMI for 20 years|
|Bank/NBFC||Interest Rate||Processing Fee|
|IDFC First Loan Against Property||7.35% onwards||Up to 3 %|
|HDFC Loan Against Property||8.00% to 8.95%||Up to 1 %|
|SBI Loan Against Property||8.45 % onwards||Up to 1 %|
|Kotak Mahindra Bank Loan Against Property||9.50% onwards||Up to 1 %|
|Bajaj Finserv Loan Against Property||8.25% to 18 % p.a||Up to 6%|
Also Check: CIBIL full form
IDFC Bank offers customised mortgage schemes against all types of properties, such as:
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:
LAP Balance Transfer can be availed with Top Up, subject to meeting adequate collateral requirement.
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.
IDFC FIRST Bank Ltd
KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
IDFC FIRST Bank Ltd
Bandra East, Mumbai - 400051,
Additional Reading: What is cibil score customer care number?
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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.
IDFC First Loan Against Property is approved for following purposes:
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.
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.
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.
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.
Following procedure is involved in sanctioning IDFC First Bank Loan Against Property: