IDBI Bank Loan Against Property
IDBI Bank Loan Against Property
Opting for an IDBI Loan Against Property (LAP) plan is a strategic financial choice for those seeking substantial funds with flexible repayment options. The IDBI Bank offers competitive interest rates, making it an affordable solution for various needs such as business expansion, education, or personal expenses. The bank provides high loan amounts against your property's value, ensuring liquidity without asset liquidation. The IDBI Bank Loan Against Property starts at an interest rate of 9.50% per annum for a maximum tenure of up to 15 years.
IDBI Bank Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
IDBI Bank Loan Against Property Interest Rate
IDBI Bank's Loan Against Property interest rates are competitive and designed to cater to various financial needs. These rates typically vary based on factors such as the loan amount, tenure, and the borrower's credit profile. The IDBI Bank loan against property interest rate starts at 9.50% per annum for residential property.
You can understand all about the IDBI LAP interest rate 2024 by looking at the table below:
| Rate Package | Rate of Interest |
|---|---|
| Residential Property | 9.50% – 11.45% p.a. |
| Commercial Property | 10.75% – 11.70% p.a. |
IDBI Bank Loan Against Property Eligibility Criteria
Adhering to LAP eligibility criteria ensures risk management for lenders, loan approval, and favorable terms for borrowers. It also ensures compliance with legal regulations and proper asset valuation. Meeting these criteria positively impacts the borrower's credit score and financial planning.
The table below will help you understand the IDBI Bank loan against property eligibility in detail:
For Salaried Individuals
Age Range (in years)
22 - 70 years
Nationality
Indian Resident
Minimum Income Earned
Nothing specific
Credit Score
650 or above
For Self-Employed Individuals
Age Range (in years)
22 - 70 years
Nationality
Indian Resident
Minimum Income Earned
Nothing specific
Credit Score
650 or above
IDBI Bank Loan Against Property Fees and Charges
IDBI Bank charges a processing fee on Loan Against Property (LAP) to cover the administrative costs of processing the loan application, including credit checks, property valuation, and documentation. This fee compensates the bank for the time and resources spent evaluating and approving the loan. Additionally, it ensures commitment from the borrower. The IDBI Bank loan against property processing fees and other charges levied by the bank are mentioned in the table given below:
| Processing Fee | Up to 1.00% of the loan amount + applicable taxes (subject to a minimum of Rs. 10,000) |
| Part-Prepayment/ Foreclosure Charges | Floater (Individual): Nil; Floater (Non-Individual): 2% of the outstanding loan + taxes; Fixed (If prepayment done before 6 months): 2% of the outstanding loan amount; Fixed (If prepayment done after 6 months): Nil; Foreclosure through Balance Transfer: 2% of the outstanding loan |
| Conversion Fees | Higher Floater Interest Rate to Lower Floater Interest Rate: 0.50% on the outstanding balance; Loan Against Property Loan to Loan Against Property Saver Account: Allowed once on payment of 0.75% of the outstanding balance + taxes |
| Photocopy of Title Deeds Issuance Charges | Rs. 225 |
| Duplicate Statement Issue Charges | Rs. 115 per instance |
| Credit Report Issuance Charges | Rs. 50 |
| Cheque Bounce Charges | Rs. 575 per instance |
| Stamp Duty | As applicable |
| Duplicate Interest Paid Certificate | Rs. 150 per instance |
| Penal Charges | 2% per annum for overdue amounts and the overdue period |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Comparing the rate of interest on LAP from IDBI with other lenders helps find the most cost-effective option, saving money over the loan term. It ensures you get the best deal with favourable terms and conditions. Additionally, it allows for informed decision-making based on various lenders' offers. So, check out the table below where we are comparing IDBI LAP interest and processing fee with other 5 competitors:
- Rate of Interest - 9.50% p.a. - 11.70% p.a.
- Processing Fee - 0.50% - 1.00% of the loan amount + applicable taxes (subject to a minimum of Rs. 10,000)
- Rate of Interest - 9.00% - 14.25% p.a.
- Processing Fee - Up to 1.25% of the loan amount + GST
- Rate of Interest - 9.50% - 11% p.a.
- Processing Fee - 1% of the loan amount (minimum of Rs. 7,500)
- Rate of Interest - 9.75% - 18.00% p.a.
- Processing Fee - Up to 4% of the loan amount + GST
- Rate of Interest - 10.00% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 10.40% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
Documents Required For IDBI Bank Loan Against Property
Showing documents when applying for a LAP is crucial for verifying the borrower's identity, income, and property ownership. It ensures the lender assesses the borrower's creditworthiness and the property's value. Proper documentation helps mitigate risks and streamline the approval process. So, do have a look at the IDBI Bank loan against property documents required list given below and arrange for the same before applying for one:
| For Salaried Loan Applicants | Identity Proof: Passport, Aadhaar Card, Voter ID Card, PAN Card, Etc
Address Proof: Aadhaar Card, Latest Electricity Bill, Phone Bill
Income Proof: Last 3 Months' Salary Slips, Last 6 Months' Bank Account Statements, Latest ITR/ Form 16
Documents Of Property: Sanctioned Building Plan, Title Deeds, Any Payments Made To The Builder Or Seller, And So On
Other Documents: Duly-Filled Application Form With Recent Passport-Size Photograph, Processing Fee Cheque In Favour Of IDBI Bank, Appointment Letter |
| For Self-Employed Loan Applicants | Identity Proof: Passport, Aadhaar Card, Voter ID Card, PAN Card, Etc
Address Proof: Aadhaar Card, Latest Electricity Bill, Phone Bill
Income Proof: ITR/ Form 16 For 3 Years, Profit And Loss Account Statements And Balance Sheets For 3 Years, Savings Account Statement/ Current Statement Of The Business Entity For 6 Months, Business Profile, Form 26AS
Documents Of Property: Sanctioned Building Plan, Title Deeds, Any Payments Made To The Builder Or Seller, And So On
Other Documents: Duly-Filled Application Form With Recent Passport-Size Photograph, Processing Fee Cheque In Favour Of IDBI Bank, Declaration And Documents Mentioning The End Use Of The Loan, Partnership Deed If The Business Entity Is In Partnership |
How to Apply for IDBI Bank Loan Against Property
The IDBI Bank loan against property apply online procedure is simple and can be done anytime and from anywhere:
Apply Now on the BASIC Website
Go to the official website of BASIC Home Loan and click on the section
Choose ‘Loan Against Property’
Select the ‘Loan Against Property’ option under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the asked details on the online form and click ‘Next’
Our Expert Will Reach Out to You
You will then be contacted by the BASIC Home Loan team for further assistance in applying for an IDBI LAP plan
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