IDFC First Bank offers a loan against property (LAP) of up to 80% of your property’s value. IDFC mortgage loan interest rate 2024 is low and starts from just at just 9% per annum. You can avail of customised mortgage loans against residential, commercial or industrial properties/plots and repay in affordable EMIs within a flexible tenure of up to 25 years.
Updated: 13-05-2024 05:37:19 PM
| IDFC Loan Amount | Rs. 10 Crore |
| Interest rate | 9.00% – 20.00% p.a |
| Tenure | Up to 25 years |
| Processing Fee | Up to 3% of the loan amount |
| Late Payment Penalty | 2% p.m of the unpaid EMI or Rs 300 (whichever higher) |
Below is the comparison of IDFC mortgage loan interest rates with loans against property interest rates of other banks and NBFCs in India.
You can compare the different interest rates offered by top lenders and the most suitable option:
| Name of the Lender | Interest Rate (% p.a.) |
|---|---|
| IDFC First Bank | 9.00% – 20.00% |
| Muthoot Finance | 14.50% – 16.50% |
| State Bank of India | 10.10% – 11.65% |
| LIC Housing Finance | 9.70% – 11.55% |
| Federal Bank | 12.60% |
| Home First | 12.80% – 18.50% |
| HDFC Bank | 9.50% – 11.00% |
| Kotak Mahindra Bank | 9.15% – 10.50% |
| PNB Housing Finance | 9.25% – 12.45% |
| Bank of Baroda | 10.85% – 16.50% |
| ICICI Bank | 10.85% – 12.50% |
| Tata Capital | 10.10% |
| Bajaj Housing Finance | 9% – 14% |
IDFC First Bank offers customised loans against different types of properties. The lowest IDFC Mortgage Loan Interest Rate is 9.00% – 20.00% p.a. The effective rate of interest for your LAP application depends on your repayment capacity, credit score and property value & location.
| Loan Amount | Interest Rate Type | Minimum Interest Rate | Maximum Interest Rate |
|---|---|---|---|
| Rs. 10 Lakhs – Rs. 50 Lakhs | Fixed | 9% p.a. | 20% p.a. |
| Rs. 10 Lakhs & above | Floating | Repo Rate + 2.50% = 9% p.a. | Repo Rate + 10% = 16.50% p.a. |
Non-IDFC First LAP customers can opt for low-cost IDFC Balance Transfer with a top-up facility. You can also avail Loan Against Property without Income Proof and ITR
To apply for IDFC First Loan Against Property, meet the following criteria:
| Type of Document | Salaried | Self-employed |
|---|---|---|
| Address Proof (any one) | Aadhar Card, Driving License, PAN Card, Voter’s ID Card, Passport, NREGA Card, Bank Account Statement, Electricity Bill, Telephone Bill | |
| Photo ID Proof (any one) | Aadhar Card, Driving License, PAN Card, Voter’s ID Card, Passport, NREGA Card | |
| Income Proof |
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| Property Documents |
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| Others |
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Apart from the IDFC loan against property interest rate, the borrower has to pay the following charges (as applicable) on the IDFC First loan against property:
| Type of Charge | Description |
|---|---|
| Processing fees | Up to 3 % of the loan amount |
| Part prepayment charges |
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| Foreclosure charges |
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| Cancellation & rebooking |
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| Switch fees |
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| Repayment instrument swap | Rs. 500/ repayment change request |
| List of documents | Rs. 1,000 per request for copies/ list of documents |
| Duplicate NOC/NOD | Rs. 500 |
| Loan rescheduling charges | Rs. 1,000 |
| Physical repayment schedule | Rs. 500 |
| Physical statement of account | Rs. 500 |
| Cheque swap charges | Rs. 500 |
| Initial money deposit/ application fees | Rs. 6,500 |
| Document retrieval | Rs. 500 |
| Other Statutory/ Mortgage creation charges | As per actuals |
| Late Payment/ penal charges/ default | 2% p.m. or Rs. 300 (whichever is higher) |
| Repricing fee | 1/2 of rate drop given to the customer as a % or Rs. 10,000, whichever is higher |
| EMI pickup/ collection | Rs. 350 |
| EMI bounce charges | Rs. 400 |
| Other statutory/ Mortgage creation charges | On actuals |
| GST | GST, as applicable, will be levied on all service charges. |
IDFC Bank offers customised mortgage schemes against all types of properties, such as:
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:
LAP Balance Transfer can be availed with Top Up, subject to meeting adequate collateral requirements.
You can use the IDFC loan against property calculator to know your Equated Monthly Instalment (EMI) before applying for the loan. To use the calculator, follow the steps given below:
Below is an example using the IDFC First EMI calculator:
| Loan amount to be availed of | Rs. 2 Crores |
| Loan tenure opted | 300 months |
| Applicable interest rate | 9.00% – 20.00% p.a. |
| EMI to be paid | Rs. 1,67,839 |
You can also calculate your IDFC First loan against property EMI using the formula given below:
EMI amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], which uses three inputs i.e., Principal loan amount (P), tenure (N), and rate of interest (R).
Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used 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.
IDFC First Loan Against Property is approved for following purposes:
Yes. As a property can have multiple owners, so can the loan against property. Thus you can apply for IDFC Mortgage as joint owners. You can add non-owner co-borrowers for the loan as well.
The bank levies a processing fee of up to 3% of the sanctioned loan amount.
The bank offers the loan against property at both fixed and floating rates. If the loan is opted to be availed at a floating rate, the prevailing rate will be charged. Also, there will be fluctuation in the interest rate as and when the rate of interest changes. Whereas in a fixed rate of interest, the rate will remain fixed till the pre-decided pre-set period, which is 3 years from the date of disbursement of the loan in the case of IDFC loan against property.
Yes, the property has to be insured against fire and other calamities and the bank’s clause has to be incorporated in the insurance document. The insurance has to be renewed every year and it has to be covered for the entire loan tenure. The premium is borne by the owner of the property.
The following procedure is involved in sanctioning IDFC First Bank loan against property:
