IDFC Bank Loan Against Property
IDFC Bank Loan Against Property
The IDFC Bank enables prospective borrowers to utilize their property for a hassle-free sanctioning of the IDFC loan against property. LAP is a perfect scheme that helps at the times of emergency by providing up to 80% of the property value as the loan amount for about 25 years. The bank offers funding for all types of properties including both residential and commercial. The IDFC First Bank Loan against property can be repaid at flexible terms and allows the borrower to enjoy 24/7 instant access to funds.
IDFC Bank EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
IDFC Bank Loan Against Property Interest Rate
IDFC First Bank offers competitive interest rates on LAP ensuring that the borrowers receive the most favourable terms based on their creditworthiness and financial stability. The IDFC Bank lap loan interest rate ranges between 9.00% - 20% per annum for fixed rate plans. While, it is between repo rate + 2.50% (9.00%) - repo rate + 10% (16.65%) per annum for floater packages.
The IDFC LAP interest rate 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 9.00% - 16.50% p.a. |
| Fixed | 9.00% - 20.00% p.a. |
IDFC Bank Loan Against Property Eligibility Criteria
Being well-informed about the eligibility standards help applicants prepare adequately before applying for a loan against property. These eligibility requirements typically encompass factors such as the applicant’s age, income, employment status, nationality, and CIBIL score.
The table below enlists the IDFC Bank loan against property eligibility criteria:
For Salaried Individuals
Age Range (in years)
25 - 65 years
Nationality
Indian Residents
Minimum Income Earned
Nothing specific
Credit Score
700 or above (preferred)
For Self-Employed Individuals
Age Range (in years)
25 - 65 years
Nationality
Indian Residents
Minimum Income Earned
Nothing specific
Credit Score
700 or above (preferred)
IDFC Bank Loan Against Property Fees and Charges
Paying fees and charges for a LAP is crucial as it directly impacts the overall cost and terms of the loan. These fees may include the processing fee, prepayment charges, penal interest, document retrieval charges, and so on. The IDFC Bank loan against property processing fees and other charges can be clearly understood through the table below:
| Processing Fee | Up to 3% of the loan amount |
| Prepayment Charges | Nil |
| Foreclosure Charges | Nil |
| Document Retrieval Charges | Rs. 500 |
| Initial Money Deposit Charges | Rs. 6,500 |
| Loan Cancellation and Rebooking Charges | Rs. 10,000 |
| Loan Rescheduling Charges | Rs. 1,000 |
| Penal Charges | 2% of the due EMI or Rs. 300 (whichever is higher) |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Staying informed about market conditions and trends along with the rate of interest of different financial providers such as banks and NBFCs is crucial to make the right borrowing decision. The table below shows a detailed comparison of IDFC First LAP and other prominent lenders of similar schemes:
- Rate of Interest - 9% - 20% p.a.
- Processing Fee - Up to 3% of the loan amount
- Rate of Interest - 9.25% - 15% p.a.
- Processing Fee - 2% 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% 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 - 10.85% - 12.50% p.a.
- Processing Fee - 1.50% of the loan amount or Rs. 11,000 (whichever is higher)
Documents Required For IDFC Bank Loan Against Property
Properly prepared documents not only speed up the application process but also demonstrate your eligibility and creditworthiness to the bank. Typically, the IDFC Bank loan against property documents required list includes the following proofs:
| For Salaried Loan Applicants | Photo Identity/ Address Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, Etc
Income Proof: Salary Slips For 3 Months, Bank Account Statements For 6 Months, Latest ITR/ 2 Years’ Form 16
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, And So On
Other Documents: Duly-Filled Application Form Affixed With Recent Passport Size Photograph, Appointment Letter, Processing Fee Cheque, Details Of Other Running Loans |
| For Self-Employed Loan Applicants | Photo Identity/ Address Proof: Aadhaar Card, PAN Card, Passport, Voter ID Card, Etc
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 Proof, Form 26AS
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, Sanction Letter,
Other Documents: Duly Filled Application Form Affixed With A Recent Passport-Size Photograph, Processing Fee Cheque, Partnership Deed If The Business Entity Is In Partnership, And The List Of Stakeholders, Details Of Other Running Loans |
How to Apply for IDFC Bank Loan Against Property
Interested borrowers may move ahead with the IDFC Bank loan against property apply online procedure in the following manner:
Apply Now on the BASIC Website
Visit the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Opt for ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for an IDFC First Bank Home Loan Against P
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