The full form of IDBI Industrial Development Bank of India. It is one of the largest commercial banks and offers banking and financial services to their customers. IDBI was established in 1964 by act of parliament and its headquarters is in Mumbai. It is one of 27 commercial banks owned by the government of India.
A Loan against Property is a type of secured loan availed against a residential or commercial property kept as collateral with the lender. In this loan, you get as much amount you want and can be paid back with easy monthly installments. From this loan, you can buy any property or can make your own home or residence. IDBI Bank Loan Against Property is used for any purposes from business expenditure to education needs. This loan is sanctioned against existing property owned by the applicant. There is no restriction on what the loan amount can be used. One can take a loan against property for the following purposes:
Buying a house
Making an extension or improving existing property
Business expansion
Child’s higher education
Marriage expenses
Medical treatment
Other personal expenses
1. Loan tenure upto 15 years
2. The loan can be applied for online
3. This loan is available for salaried, self employed professionals and non professionals working in a reputed private company or government organisations.
4. Competitive interest rate start at 11.25% per annum
5. Easy and hassle free application process
6. High loan amount upto Rs.10 crore
7. This loan is sanctioned against existing property owned by the applicant
To apply for a loan against property you have to pay fees and charges applied by the IDBI Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from IDBI Bank i.e processing fee, late payments of EMIs, cheque dishonour charges, prepayment / foreclosure charges etc
|
TYPE |
CHARGES |
|
Processing fee |
Upto 1% of the loan amount |
|
Prepayment charges |
No charges after six months of final disbursement 2% on principal outstanding amount is applicable with 6 months of final disbursement |
|
Penal interest |
5% per annum for the overdue amount and overdue period |
|
PDC/ ECS Swapping charges |
Rs.575 |
|
Copy of property documents |
Rs.225 |
|
DD/ PO re-issuance |
Rs.115 |
|
Duplicate statement charge |
Rs.115 |
|
Copy of credit information obtained from CIBIL |
Rs.50 |
|
Duplicate certificate/ interest paid certificate |
Rs.150 |
|
Non-collection of original documents after 30 days from the date of loan closure |
Rs.1,000 |
|
Loan Against Property (LAP) Cases which are sourced through DSA and DST |
1% of the loan amount together with applicable taxes Under this, any divergence or variation in the fee structure can be done only by the Regional Head and above (DGM and above), subject to Rs. 10,000 or 0.50% of the loan amount plus applicable taxes, whichever is lower |
|
Loan Against Property (LAP) Cases which are sourced by branches and RACs |
0.50% of the loan amount together with applicable taxes Under this, any divergence or variation in the fee structure can be done only by the Regional Head and above (DGM and above), subject to Rs. 10,000 or 0.25% of the loan amount plus applicable taxes, whichever is lower |
|
Loan Against Property – Overdraft (LAP-OD) |
A processing fee of 1% of the loan amount together with applicable taxes 0.50% of the loan amount together with applicable taxes for cases which are sourced by branches and RACs Upon renewal, a processing fee of Rs. 5,000 plus applicable service tax is collected upfront At login, an amount of Rs. 10,000 or 0.50% of the loan amount plus applicable taxes, whichever is lower, is collected and the remainder is deducted from the disbursement amount upfront |
|
Loan Against Property – Interest Saver (LAP-IS) |
Up to 1% of the loan amount together with applicable taxes (subject to a minimum amount of Rs. 10,000 plus taxes) 0.50% of the loan amount together with applicable taxes for cases which are sourced by branches and RACs At login, an amount of Rs. 10,000 or 0.50% of the loan amount, whichever is lower, is collected and the remainder is deducted from the disbursement amount upfront |
|
Loan Against Rent Receivables (LARR) |
At login, a non-refundable processing fee of 1% of the loan amount is collected (subject to a minimum of Rs. 10,000 plus applicable taxes) |
|
Loan Against Property – Based on Turnover |
1% of the loan amount together with applicable taxes The Regional Head (Assets) and above have the authority to make a variation in the charges, subject to a minimum of 0.50% of the loan amount plus applicable taxes |
Before applying for a loan against property from IDBI Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the IDBI Bank Loan Against Property application the salaried and self employed professionals and non professionals are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
1. This loan is available for salaried, self employed professionals and non professionals working in a reputed private company or government organisations.
2. The minimum age of the customer is 22 years and maximum age of the customer is 60 years
3. The Minimum credit score is 650 and above
Any applicant who is going to avail a loan against property from IDBI Bank must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
1. Filled Application Form
2. PAN Card
3. Proof of Identity : Passport, Aadhaar Card, Driving License, Voter ID, Government Employee ID
4. Proof of Address : Aadhaar Card, Driving License, Voter ID, Government Employee ID, Electricity bill, Gas bill, Telephone bill, Property tax receipt
5. Date of Birth Proof : Passport, Driving License, PAN Card, Birth Certificate, Aadhaar Card with DOB, SSC Marksheet
6. Signature Proof : Passport, PAN Card, Bankers verification or Notarized affidavit with ID & Address Proof)
Proof of Income for Salaried:
3 months’ pay slip or 6 months’ pay slip/2 yrs. bonus proof)
6 months bank statement showing salary credits
2 yrs. Form 16 or Employment Continuity Proof
Proof of Income for Salaried NRIs:
3 month pay slip
Appointment letter/contract letter
Continuous Discharge Certificate for Shipping cases
6 month Domestic NRE/NRO a/c statement
6 month international salary a/c statement
Overseas credit report
Valid visa copy/OCI card
Passport copy
POA details
Proof of Income for Self Employed:
2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
For Asha HL – 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)
6 months bank statements of personal and business accounts
If ITR is filed without digital sign – CPC and tax paid challan
Business continuity proof (3 yrs for HL / 5 yrs for LAP)
Other Important Documents & Checks:
Aadhaar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants
PAN card is mandatory for all financial applicants
Processing Fee and CERSEI cheques
Self-attestation of borrowers on all documents submitted
|
BANKS |
INTEREST RATE |
|
Starts at 11.25% |
|
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Starts at 11% |
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Starts at 11% |
|
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Starts at 11% |
|
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Starts at 10.85% |
|
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Starts at 10.50% |
|
|
Starts at 11.25% |
|
|
10.65% to 16.25% |
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Starts at 8.60% |
|
|
Starts at 8.75% |
|
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9.50% to 13.50% |
4. IDBI Bank Loan Against Property
There are two ways to apply for loans against property from IDBI Bank :
1. Offline Method : By visiting nearest bank branch
2. Online Method :
Firstly visit lenders website from which you want to get a loan
Fill the application form and read all the term and conditions
Attach all required documents with an application form
After submitting form lenders will let you know that you eligible or not for the loan
IDBI Bank Loan Against Property Customer Care
Contact number : 18002094324
Email id : [email protected]
The following mathematical formula is used to calculate EMI of IDBI Bank Loan Against Property is :
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this formula,
EMI - Equated Monthly Instalment
P - Principal amount (amount borrowed as loan)
R – Applicable rate of interest (interest rate should be on a monthly basis)
N - Loan tenure or the number of EMIs to be paid (tenure should be in months
Financials products offered by Bank
The minimum age of the applicant is 22 years and maximum age of the applicant is 60 years to take a loan against property from IDBI Bank.
The minimum loan amount is Rs.1 lakh and maximum loan amount is Rs.10 crore of IDBI Bank loan against property..
You can apply offline by visiting the nearest bank branch or online for an IDBI Bank loan against property..
No charges after six months of final disbursement and 2% on principal outstanding amount is applicable with 6 months of final disbursement applied by IDBI Bank Loan Against property.
This loan is available for salaried, self employed professionals and non professionals working in a reputed private company or government organisations.
The tenure period of IDBI Bank for loan against property is upto 15 years.
The interest rate of IDBI Bank for loan against property is ranging from 11.25% per annum onwards
Last Updated on : 30/Aug/2020Know More About
You're eligible for a Idbi Bank Loan Against Property if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Loans Against Properties is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Idbi Bank Loan Against Property Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 11.25% - 0% |
| Processing Fees | Up to 1% of the loan amount |
| Loan Tenure | 1 year to 15 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Properties EMI Calculator