IDFC First

IDFC First Loan Against Property

Apply IDFC First Loan Against Property @ 10.25%
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Interest Rate

10.25%-10.75%

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Processing fee

Upto 0.75%

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Loan Tenure upto

15 years

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LTV (Loan to value)

75% to 90% of property value

About IDFC First

IDFC First is India's leading Financial Institution specialized in offering debt financing to the consumers as well as MSMEs. The NBFC offers a comprehensive range of financial products and services to meet the financial needs of the consumers. The loan products offered could be used for business expansion, loans for plant and machinery, and others. IDFC First has successfully built a large network offering financial services in more than 222 locations across the country.

About IDFC First Loan Against Property

Expenses are uncertain and sometimes you require urgent funds to meet them. IDFC First is a non-banking financing corporation that offers Loan Against Property (LAP) that could be used to meet various personal and professional needs. Loan Against Property from IDFC First can be obtained by pledging the property as mortgage. You can pledge commercial, residential or industrial property to get a loan subject to IDFC First policy parameters.

Features & Benefits of IDFC first LAP

  • Loan Amount: The loan amount ranges from 20 Lakhs to 10 Crores. However, the amount varies based on the property value.

  • Loan Tenure: IDFC First LAP has a flexible loan tenure that can go up to 15 years.

  • Loan to Value: The maximum LTV (Loan to value) can go up to 70% of the property value.

  • Processing Fee: IDFC First charges a minimal processing fee for a loan that can go up to 1% of the loan amount.

  • Type of Property: The Loan Against Property from IDFC First can be obtained against residential, commercial and industrial property.

  • Flexible Repayment Options: The loan can be repaid via flexible repayment options including equated monthly instalments (EMIs), PDC (Post Dated Cheques), and ECS.

Eligibility Criteria IDFC First LAP 

Who can Apply? Loan Against Property can be applied by sole proprietor, partnership firm, micro small and medium enterprises, salaried, and self- employed professionals.

Business or Job Experience: Salaried individuals must have at least 3 years of experience in the current organization he is working and at least 2 years of experience is required for self-employed professionals in the business.

Age: The minimum age for applying LAP from IDFC First is 23 years and above. The borrower should be at least 70 years of age or retirement (whichever is earlier) at the time of loan maturity.

Credit Score/ Credit History: The borrower must have sound repayment record on past loans, credit card monthly payments and loan instalments. Along with the sound past credit record the borrower must possess good credit score.

IDFC First Schemes & Special Services 

To meet the specific financial needs of the customers IDFC First has designed a complete suite of services. The borrower can apply for a loan under one of the following schemes and services:

Schemes:

  • Normal Income Program: Under this scheme, the borrower can obtain a loan as per his financial statements.

  • Debt Consolidator: This scheme is beneficial in case the borrower has multiple loans. Under the scheme, multiple loans can be consolidated into single EMI. The additional loan can also be obtained under this scheme including:

  • Balance Transfer Programs
  • Repayment track record
  • Assessed Income Program
  • No Income Program
  • High Equity Program

Services:

  • Document Custodial Facility: Property documents are important and to safeguard it from theft IDFC First has tied up with one of the leading storage facilities in India that provides safety and security of the property documents.

Documents required for Salaried & Self Employed IDFC First LAP 

Type of Document Salaried Employees Self- Employed
Application Form

Application Form along with 2 passport size photos signed across

Application Form along with 2 passport size photos signed across

Identity Proof

Any one of the following:

  • Aadhar Card
  • Passport
  • Voter ID
  • Driving License
  • PAN Card

Any one of the following:

  • Aadhar Card
  • Passport
  • Voter ID
  • Driving License
  • PAN Card
Address Proof

Any one of the following:

  • Aadhar Card
  • Ration Card
  • Telephone Bill
  • Electricity Bill
  • Bank Passbook
  • Driving License
  • Passport Copy
Rent Agreement

Any one of the following:

  • Aadhar Card
  • Ration Card
  • Telephone Bill
  • Electricity Bill
  • Bank Passbook
  • Driving License
  • Passport Copy
Rent Agreement
Age Proof

Anyone of the following:

  • PAN Card
  • Passport

Any certificate of statutory authority

Anyone of the following:

  • PAN Card
  • Passport

Any certificate of statutory authority

Bank Statement
  • Salary Slips (Latest 3 months)
  • Bank Passbook (Latest 6 months

Bank Passbook (Latest 6 months)

Financials
  • Form 16
  • ITR of last 3 years
  • Balance Sheet (Last 3 years)

  • Profit and Loss Statement (Last 3 years)

  • ITR (Last 3 years)
Other Documents

Property Documents (Copy of title of the property)

  • Property Documents (Copy of title of the documents)

  • Proof of business existence

IDFC First Loan Against Property Processing Fees & Charges

Processing Fee- Up to 1%

Foreclosure Charges- 4% of the outstanding loan amount

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