On your way to finding the perfect financial solution for your personal or business needs, you can stop by the IDFC First bank loan against property and consider availing the funds out of this scheme. IDFC mortgage loan allows you to avail Rs 7 crore for a flexible repayment tenure options ranging up to 20 years. The interest rates charged by the bank on this loan start at 8.15% per annum and are subject to many factors including the eligibility profile of the borrower. IDFC bank mortgage loan is one the finest solutions to help you meet your financial requirements with minimum documentation and fuss-free application procedure.
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Loan Amount |
Up to Rs 7 crore |
|
Interest Charges |
Starts at 8.15% per annum |
|
Repayment Tenure |
Up to 20 years |
|
Processing Fees |
3% of the loan amount |
|
Prepayment Charges |
Up to 5% of the principal outstanding |
Here are the special features of IDFC loan against property that you can count on:
1. Purpose : IDFC bank loan against property is a friendly option when it comes to meeting the financial requirements for business or personal goals.
In this type of IDFC First bank loan scheme, you pledge your commercial or residential property as security to the bank and avail funds.
2. Loan Amount : The bank allows you to avail up to Rs 7 crore when it comes to the IDFC First mortgage loan amount. The lender also takes your eligibility profile, credit score and repayment track into account to decide the eligible loan amount.
3. Rate of Interest : The bank takes your credit score, loan repayment tenure and eligibility profile in order to decide the loan interest rate. The IDFC LAP interest rates start at 8.15% per annum and depend on many other factors including the property type.
4. Loan Repayment Tenure : IDFC First bank loan against property repayment tenure ranges up to 20 years.
5. Balance Transfer : You can shift your existing loan that is costing you high interest rate to IDFC bank loan with the IDFC mortgage loan balance transfer facility. This helps you reduce the burden of interest rates.
6. Part Prepayment and Foreclosure : You can pay off your loan early and stop paying the interest. You can also make part prepayment of your loan to eradicate the worry of paying off EMIs. Here are the charges levied by the bank on these options:
For loan foreclosure:
There are no foreclosure charges for individual borrowers with loan purposes other than business.
When it comes to the part prepayment:
There are no part prepayment charges in case of floating rate for individual borrowers with loan purposes other than business.
It is essential that you check if you are eligible for an IDFC mortgage loan. We have listed below the basic IDFC loan against property eligibility requirements that you must check before heading to the application stage:
Here are the documents required for IDFC mortgage loan:
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Documents |
Salaried Individuals |
Self Employed Individuals |
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Identity Proof |
Aadhar Card, Passport, Driving Licence, Voter ID Card |
Aadhar Card, Passport, Driving Licence, Voter ID Card |
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Address Proof |
Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill |
Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill |
|
Income Proof |
Salary Slips, Bank Statement, Form 16, Salary Certificate |
IT returns, Bank Statements, Balance Sheet and Profit & Loss Account, Challans Showing Payment of Advance Income Tax |
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Other Documents |
Passport-size Photographs, Application Form, other documents related to the property |
Passport-size Photographs, Application Form, other documents related to the property |
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BANKS |
INTEREST RATE |
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Starts at 11.25% |
|
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Starts at 10.85% |
|
|
Starts at 10.50% |
|
|
Starts at 11.25% |
|
|
10.65% to 16.25% |
|
|
Starts at 8.60% |
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Starts at 9.00% |
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Starts at 8.75% |
You can look up the IDFC Mortgage Loan EMI Calculator to realize the total amount of IDFC loan against property EMI that will be payable by you every month. This tool is an easy way to know the total cost of your loan, finalise the repayment tenure and tweak your budget accordingly.
Here is how you have to use IDFC bank mortgage loan EMI calculator:
The payable IDFC bank loan against property EMI will now appear below the calculator.
You can also use the BankSathi mortgage loan calculator in which you can calculate the monthly and yearly cost of your loan by putting the interest rate and loan tenure along with the loan amount.
In order to apply for an IDFC First bank mortgage loan, you can either use offline or the online method.
If you want to apply for an IDFC First bank loan against property offline, then you can go to the nearest branch of the bank. When visiting the branch, make sure you carry all the documents that are required at the time of loan application.
Here is what you need to do apply for the IDFC mortgage loan online:
You can reach out to the IDFC First customer support to know more about the loan application.
In case of more enquiries about the IDFC bank mortgage loan, you can reach out to the customer support of the IDFC First bank.
Here is the IDFC First bank loan customer care number:
1860 500 9900
The IDFC First bank loan against property interest rates start at 8.15% per annum and are decided upon many factors including the eligibility profile of the loan applicant.
You can opt from the following methods to apply for IDFC First bank mortgage loan balance transfer facility:
You can repay your IDFC First bank loan against property EMIs using the payment channels like Electronic Clearing Service or post-dated cheques.
Yes. The bank allows you to make IDFC loan foreclosure.
The IDFC First bank mortgage loan processing fee is 3% of the loan amount plus applicable taxes.
The bank charges 2% as the late payment fee.
Last Updated on : 01/May/2021Know More About
You're eligible for a Idfc 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
| Idfc Bank Loan Against Property Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 8.15% - 0% |
| Processing Fees | 3% |
| Loan Tenure | 1 year to 20 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Properties EMI Calculator