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IDBI BANK LOAN AGAINST PROPERTY 

IDBI Bank Loan Against Property Details  

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

Benefits of IDBI Bank Loan Against Property 

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

Fee and Charges of IDBI Bank Loan Against property

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

Eligibility Criteria for IDBI Bank Loan Against Property 

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 

Documents Required for IDBI Bank Loan Against Property 

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)

  1. Proof of Income for Salaried:

    1. 3 months’ pay slip or 6 months’ pay slip/2 yrs. bonus proof)

    2. 6 months bank statement showing salary credits

    3. 2 yrs. Form 16 or Employment Continuity Proof

  2. Proof of Income for Salaried NRIs:

    1. 3 month pay slip

    2. Appointment letter/contract letter

    3. Continuous Discharge Certificate for Shipping cases

    4. 6 month Domestic NRE/NRO a/c statement

    5. 6 month international salary a/c statement

    6. Overseas credit report

    7. Valid visa copy/OCI card

    8. Passport copy

    9. POA details

  3. Proof of Income for Self Employed:

    1. 2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

    2. For Asha HL – 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

    3. Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)

    4. 6 months bank statements of personal and business accounts

    5. If ITR is filed without digital sign – CPC and tax paid challan

    6. Business continuity proof (3 yrs for HL / 5 yrs for LAP)

  4. Other Important Documents & Checks:

    1. Aadhaar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants

    2. PAN card is mandatory for all financial applicants

    3. Processing Fee and CERSEI cheques

    4. Self-attestation of borrowers on all documents submitted

Compare other bank loan against property interest rate 

BANKS

INTEREST RATE 

AXIS Bank Loan Against Property

Starts at 11.25% 

AXIS Bank Lease Rental Discounting 

Starts at 11% 

AXIS Bank Overdraft Facility Against Property

Starts at 11%

AXIS Bank Reverse Mortgage Loan

Starts at 11%

SBI Bank Loan Against Property

Starts at 10.85%

YES Bank Loan Against Property 

Starts at 10.50%

IDBI Bank Loan Against Property

Starts at 11.25%

RBL Bank Loan Against Property 

10.65% to 16.25%

HSBC Bank Loan Against Property 

Starts at 8.60%

HSBC Bank Smart Loan Against Property 

Starts at 8.75%

Indusind Bank Loan Against Property 

9.50% to 13.50%

Other products of IDBI Bank 

1. IDBI Bank Car loan 

2. IDBI Bank Education loan

3. IDBI Bank Credit Cards

4. IDBI Bank Loan Against Property

5IDBI Bank Personal Loan

How to Apply for 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 : customercare@idbi.co.in

How to calculate EMI of IDBI Bank Loan Against Property

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 

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

IDBI Bank Loan Against Property Frequently Asked Questions 

1. How much age of the applicant is required to take a loan against property from IDBI 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.

2. What is the minimum and maximum loan amount of IDBI Bank for loan against property?

The minimum loan amount is Rs.1 lakh and maximum loan amount is Rs.10 crore of IDBI Bank loan against property..

3. How to apply for an IDBI Bank loan against property?

You can apply offline by visiting the nearest bank branch or online for an IDBI Bank loan against property..

4. Are there any prepayment charges applied by 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.

5. Who is eligible to take a loan against property from IDBI Bank? 

This loan is available for salaried, self employed professionals and non professionals working in a reputed private company or government organisations.

6. What is the tenure period of IDBI Bank for loan against property?

The tenure period of IDBI Bank for loan against property is upto 15 years.

7. How much interest rate is charged by IDBI Bank for loan against property?

The interest rate of IDBI Bank for loan against property is ranging from 11.25% per annum onwards

Last Updated on : 30/Aug/2020

Know More About

Idbi Bank Loan Against Property

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

Idbi Bank Loan Against Property Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959