IDFC First Loan Against Property

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IDFC First Loan
Against Property

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.

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Updated: 13-05-2024 05:37:19 PM

IDFC First Loan Against Property Details 2024

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)

IDFC First LAP Comparison with Top Lenders

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 Loan Against Property Interest Rates

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.
  • Repo Rate is 6.50% w.e.f. February 9, 2023.
  • The above-mentioned interest rates may vary based on various parameters such as the Repo Rate, Bureau Score, Segments, etc.
  • Repo Rate (RR) may change as per timely RBI Policy announcements.

IDFC First Loan Against Property Features & Benefits

  • Avail customised IDFC First Bank mortgage loan up to 80% of property value.
  • Salaried as well as professional Indian residents and non-resident Indians (NRIs) can apply.
  • High-value loans available against residential, commercial or industrial units.
  • IDFC loan against property amount ranges between Rs. 10 Lakhs to Rs. 10 Crores.
  • Maximum tenure for IDFC First LAP can go up to 25 years.
  • IDFC First loan against property interest rates start at 9.00% – 20.00% p.a.
  • Currently lowest IDFC First loan against property EMI is Rs. 839 per lakh.
  • Maximum processing fee can go up 3% of the sanctioned loan amount.

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

IDFC First Loan Against Property Eligibility Criteria

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

  • You must have a stable income source. All profiles, including salaried individuals, self-employed professionals & non-professionals can apply.
  • A minimum CIBIL score of 740 is required to apply for a loan against property.
  • Salaried borrowers should be aged between 23 to 60 years.
  • Self-employed borrowers should be aged between 23 to 70 years.
  • Borrowers belonging to the agri-allied sector should be aged between 23 to 70 years with a minimum of 2/3 years of work continuity.
  • The minimum business continuity required for the self-employed is 2/3 years.
  • Salaried borrowers should have a minimum work experience of 2/3 years.
  • Equitable loan value collateral is required which can be in the form of residential, commercial, industry plot or godown.

Documents Required for IDFC First Loan Against Property

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
  • Latest Salary Slip/ Salary Certificate
  • Latest Form 16 and ITR of last 2 years
  • Bank statement of salary account for last 6 months
  • Latest Audited Balance Sheet and P & L Account
  • Latest ITR with income computation
  • GST Registration Certificate
  • 6 months bank statements for loans up to Rs. 2 crore or else for 12 months
  • Qualification Certificate/ Certificate of Practice as business proof
  • Shop Act License/ MOA & AOA/ Sales TaxNat Registration/ Partnership Deed
Property Documents
  • Copy of original sale deed
  • Allotment possession letter
  • NOC from society
  • Details of ongoing loans, including sanction letter, amortization schedule or account statement, as applicable

IDFC First Loan Against Property Fees & Charges

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
  • 0% – 4% for floating-rate loans
  • 5% of principal outstanding for fixed-rate loans
Foreclosure charges
  • 0% – 4% for floating-rate loans
  • 5% of principal outstanding for fixed-rate loans
Cancellation & rebooking
  • Rs. 10,000 towards cancellation in case of uncashed disbursal cheque
  • Rs. 10,000 + interest from disbursal date till receipt of cancellation request, in case of encased disbursal cheque
Switch fees
  • Rs. 5,000 + GST for principal outstanding above Rs. 3 Crores
  • Rs. 10,000 + GST for principal outstanding below or equal to Rs. 3 Crores
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 First Loan Against Property Offers & Schemes

IDFC Bank offers customised mortgage schemes against all types of properties, such as:

  • Residential
  • Commercial
  • Industrial
  • 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 requirements.

IDFC Loan Against Property EMI Calculator

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:

  • Open the Loan Against Property EMI Calculator page available on the financial tool page on the official website of the bank.
  • Select the required loan amount, tenure (in months), and the applicable IDFC First bank loan against property interest rate by dragging the cursor on the required value.
  • As soon as you mention the above information, the tool will display the monthly EMI amount you have to pay on your loan.

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).


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Trending Loan Against Property

Pre-Approved Loan Against Property @9% p.a

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:

  • For purchase of a residential or commercial property
  • For consolidation of debts
  • For any personal requirements
  • For setting up of a business or for expansion of the existing business or working capital requirements of the business.

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:

  • Filing loan application
  • Verification and underwriting
  • Sanctioning of the loan
  • Execution of documents
  • Disbursement of the loan