IDFC First Loan Against Property - First Attempt Financial Solutions

IDFC First
Loan Against Property

Apply for IDFC First Loan Against Property for up to Rs 7 crore at low interest
rates starting at 7.35% p.a. You can avail customised Mortgage offers against
residential, commercial or industrial properties/ plots and lock attractive
Loan Against Property Interest Rate. Other benefits include affordable EMIs,
extended tenure of 20 years & 50% waiver on processing fee. Apply online
for faster approval & disbursal to meet all kinds of personal or business needs.

IDFC Loan Amount	Rs 10 Lakh to Rs 7 Crore
Interest rate	7.35% p.a onwards
Tenure	Up to 20 years
Processing Fee	Up to 3% of the loan amount *50% waiver currently
Late Payment Penalty	2% p.m of the unpaid EMI or Rs 300 (whichever higher)

Tip: Check free credit score before applying for a loan

Avail customised IDFC First Mortgage Loan up to 80% of property value.
Individuals & non individuals, residents & non-residents can apply.
High value loans available against residential, commercial or industrial units.
IDFC First Loan Against Property amount ranges between Rs 10 Lakh to 7 Crore.
Maximum tenure for IDFC First LAP can go up to 20 years.
IDFC First Loan Against Property interest rates start at 7.35% p.a.
Currently lowest IDFC First Loan Against Property EMI is Rs 797 per lakh.
Maximum processing fee may go up 3%. A 50% waiver is also available on processing charge.
Non IDFC First LAP customers can opt for low cost IDFC Balance Transfer with top up.

Additional Info: You can also avail Loan Against Property without Income Proof and ITR

IDFC First Bank offers customised loans against different types of properties. The lowest IDFC LAP interest rate is 7.35% p.a. The effective rate of interest for your LAP application depend on your repayment capacity, credit score and property value & location.

To apply for IDFC First Loan Against Property, meet following criteria:

You must have a stable income source. All profiles, including salaried individuals, self-employed professionals & non-professionals can apply.
Sole proprietorship/ partnership firm, company and business enterprises under the SME and MSME sector are also eligible for IDFC LAP.
Individual borrowers should be between 23 to 70 years (or till retirement).
The minimum business vintage required for the self-employed is 2 years.
Salaried borrowers should have minimum work experience of 5 years.
The lender will also assess past repayment record & cibil score.
Equitable loan value collateral is required which can be in the form of residential, commercial, industry plot or godown.

Additional Reading: Online cibil score check by pan number

Type of Document	Salaried	Self-employed
Address Proof (any one)	Aadhar Card, Voter’s ID Card, Passport, Bank Account Statement, Electricity Bill, Telephone Bill
Photo ID Proof (any one)	Passport, Driving License, PAN Card, Voter’s ID Card
Income Proof	Latest Salary Slip/ Salary Certificate Latest Form 16 and ITR Bank statement of salary account for last 6 months	Latest Audited Balance Sheet and P & L Account Latest ITR with income computation License under Shop Act for Proprietorship firm Partnership Deed for Partnership Firm MOA and AOA for Company GST Registration Certificate 6 months bank statements for loans up to 2 crore or else for 12 months.
Property Documents	Complete chain of property title deeds Approved layout/ plan
Others	Details of ongoing loans, including sanction letter, amortization schedule or account statement, as applicable

Type of Charge	Description
Processing fees	Up to 3 % p.a.
Part prepayment charges	NIL for floating rate individual loans for personal use. NIL for part prepayment up to 20% of principal outstanding. Allowed once, with a gap of 12 months. NIL for fixed rate MSME loans up to 50 lakh 4% of principal outstanding for floating rate non-individual or individuals with business use, applicable on loans with clear <=24 EMIs 3% of principal outstanding for floating rate non-individual or individuals with business use, applicable on loans with clear >24 EMIs 5% of principal outstanding for fixed rate loans
Foreclosure charges	NIL for individual borrowers with personal use NIL for fixed rate MSME loans up to 50 lakh 4% of principal outstanding for floating rate non-individual or individuals loans with business use, applicable for clear <=24 EMIs 3% of principal outstanding for non-individual or individuals with business use, applicable for loans with clear >24 EMIs 5% of principal outstanding for fixed rate loans
Switch Fees	For principal outstanding above 3 crore: Rs 5000 + GST For principal outstanding below or equal to 3 crore: Rs 10000 + GST
EMI Bounce	Rs 400
Repayment Instrument Swap	Rs 500
Document Retrieval	Rs 500
List of documents	Rs 1000
Duplicate NOC	Rs 500
Stamping	On actuals
Penalty for delayed EMI payment	2% p.m. or Rs 300 (whichever is higher)
Re-pricing	Half (%) of rate drop or Rs 10000 (whichever is higher)

Also Check: Commercial Cibil Report

Use IDFC First LAP EMI calculator to calculate loan monthly loan instalment instantly for free. Share loan amount, tenure and the rate of interest and submit query. The calculator will share EMI as well as amortization schedule.
You can use the EMI Calculator to assess loan affordability and make an informed decision. Here is a sample EMI calculation for IDFC First LAP for various tenures at lowest ROI: 7.35%
Additional Info: You can also Check Loan Against Property EMI Calculator
IDFC First Loan Against Property EMI Calculation:

Loan Amount	EMI for 5 years	EMI for 10 years	EMI for 15 years	EMI for 20 years
10 Lakh	19967	11792	9185	7964
20 Lakh	39933	23584	18370	15929
30 Lakh	59900	35376	27555	23893
40 Lakh	79867	47168	36740	31858
50 Lakh	99834	58960	45925	39822
60 Lakh	119800	70752	55111	47787
70 Lakh	139767	82544	64296	55751

Bank/NBFC	Interest Rate	Processing Fee
IDFC First Loan Against Property	7.35% onwards	Up to 3 %
HDFC Loan Against Property	8.00% to 8.95%	Up to 1 %
SBI Loan Against Property	8.45 % onwards	Up to 1 %
Kotak Mahindra Bank Loan Against Property	9.50% onwards	Up to 1 %
Bajaj Finserv Loan Against Property	8.25% to 18 % p.a	Up to 6%

Also Check: CIBIL full form

IDFC Bank offers customised mortgage schemes against all types of properties, such as:
Residential
Commercial
Industial
Godowns
Customers can apply for IDFC First Bank’s Loan Against Property online or offline according to their preference. Online you need to provide minimal documentation, such as:
Income documents
Average bank balance
GST returns
Rental income
LAP Balance Transfer can be availed with Top Up, subject to meeting adequate collateral requirement.

Contact IDFC First Loan Helpline on 1860 500 9900
between 9:30 am to 6.00 pm on all working days, except second and fourth Saturday and bank holidays.
Registered Office
IDFC FIRST Bank Ltd
KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai – 600031, Tamil Nadu,
India
Corporate Office
IDFC FIRST Bank Ltd
Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai – 400051,
India
Additional Reading: What is cibil score customer care number?

View and improve your credit score - for free.

Trending Loan Against Property

Annual Fee: ₹ 9,99,999.00

Joining Fee: ₹ 956.00

Annual Fee: ₹ 20,00,000.00

Joining Fee: ₹ 741.00

Pre-Approved ICICI Loan Against Property @8.35% p.a

ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.

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