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IDBI Loan Against Property

IDBI Bank Mortgage Loan Interest Rates 2021

Last Updated 15th Nov 2021

IDBI Bank is one of the largest Public Sector Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 8.10% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of IDBI Bank Loan against property are mentioned below: Check Best Offers

Processing Fee Upto 1.00%
Max Tenure 15 years
Lowest EMI ₹ 961 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 22 and Max 60 years for Salaried
Min 25 and Max 70 years for Self Employed

    Pay less EMIs for a tenure of 15 years

    Apply for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Cashback

    IDBI Bank Loan Against Property

    IDBI offers loan against property to meet your business as well as personal needs against the mortgage of your existing residential or commercial property. Taking a loan from IDBI has the following benefits:

    • Pay less EMIs for a tenure of 15 years
    • Overdraft facility available
    • Loan upto Rs. 10 crore and above is available

    IDBI Bank Loan Against Property Fees and Other Charges

    Along with IDBI Loan against Property Rates, IDBI also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on IDBI LAP Loan is 0.75%. This fee is charged by IDBI to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Loan Against Property Interest Rates in IDBI Bank for Salaried Employees

    The mortgage loan interest rates in IDBI Bank for salaried employee are listed in the table:-

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.10%
    ₹ 25 Lakh - ₹ 75 Lakh 8.10%
    ₹ 75 Lakh - ₹ 3 Cr 8.10%
    Above ₹ 3 Cr 8.10%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.10%
    ₹ 25 Lakh - ₹ 75 Lakh 8.10%
    ₹ 75 Lakh - ₹ 3 Cr 8.10%
    Above ₹ 3 Cr 8.10%

    IDBI Bank Property Loan Interest Rate for Business Man or Self Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.10%
    ₹ 25 Lakh - ₹ 75 Lakh 8.10%
    ₹ 75 Lakh - ₹ 3 Cr 8.10%
    Above ₹ 3 Cr 8.10%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.60%
    ₹ 25 Lakh - ₹ 75 Lakh 8.60%
    ₹ 75 Lakh - ₹ 3 Cr 8.60%
    Above ₹ 3 Cr 8.60%

    Steps to Apply for IDBI Bank Loan Against Property

    You can apply for IDBI Bank Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official IDBI Bank bank branch and fill the application form along with the required documents for loan against property. The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.

    To apply online for IDBI Bank Loan against Property online, you need to follow these steps:-

    • Visit the official website of IDBI Bank and navigate to Loan Against Property.
    • Before applying, now check your eligibility for IDBI Bank Loan against Property.
    • Check various details about the loan, such as interest rates and other charges.
    • If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a IDBI Loan against property. Here, you can compare offers IDBI with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. IDBI Loan against property application process at MyLoanCare is hassle-free and transparent.

    Compare IDBI Bank Loan Against Property Interest Rate with Top Banks

    IDBI Bank offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Particulars IDBI Bank SBI HDFC
    Interest Rate 8.10% - 9.10% 8.80% - 13.10% 8.75% - 9.90%
    Processing Fees Upto 1.00%
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.75%
    Loan Tenure 15 Years 10 Years 15 Years
    Maximum Loan Amount ₹ 10 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 25 and Max 70 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate RLLR RLLR PLR
    Lowest EMI Per Lakh ₹ 961 per lakh ₹ 1,256 per lakh ₹ 999 per lakh
    IDBI Bank Floating Rate on Loan Against Property

    As on 29 Nov, 2021, IDBI offers the lowest rate starting at 8.10%. IDBI Loan against property rates have been dropped by 0.15%, from the earlier rate of 8.25% with effect from 29 Sep, 2021.

    IDBI Bank Mortgage Loan Interest Rates
    IDBI Bank Loan Against Property Floating 8.10%
    IDBI Reverse Mortgage Loan 8.25%
    IDBI Bank Loan Against Property Floating
    Loan AmountCurrent LAP Rates
    Upto ₹ 25 Lakh 8.10%
    ₹ 25 Lakh - ₹ 75 Lakh8.10%
    ₹ 75 Lakh - ₹ 3 Cr8.10%
    Above ₹ 3 Cr 8.10%
    with OD Facility
    Loan Amount Rate
    Upto ₹ 25 Lakh 10.60%
    Above ₹ 25 Lakh - ₹ 75 Lakh 10.60%
    Above ₹ 75 Lakh - ₹ 3 Cr 10.60%
    Above ₹ 10 Cr 10.60%

    IDBI Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    29 Sep, 2021 8.10%
    20 May, 2021 8.25%
    01 Apr, 2021 10.20%
    31 Mar, 2021 10.20%

    Factors Affecting IDBI Loan against Property Interest Rates

    Some of the factors that impact IDBI Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in IDBI depend upon the loan amount you apply. You can get a minimum loan of ₹ 40 Lakh from IDBI.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.
    • Type of loan opted for: IDBI offers differential rates for customers different profiles and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.
    • Your profession: IDBI may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    IDBI Loan Against Property Eligibility Criteria

    IDBI has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 22 to 60 years
    Loan Amount ₹ 40 Lakh to ₹ 0 Cr
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    IDBI Bank Mortgage Loan Interest Rate and EMI Calculator

    You can also use an online IDBI Bank Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

    • The IDBI Bank Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
    • You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
    • Loan tenure matters equally as higher loan tenure reduces your EMI.
    • Another factor that affects your EMI is the loan against property interest rate. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.
    Loan Against Property Top up, Transfer in IDBI Bank

    IDBI Bank offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of IDBI Bank at an affordable interest rate, higher loan amount and convenient loan tenure. IDBI Bank loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in IDBI Bank are 8.10%. Along with that, you can also avail of additional top-up on your loan against property.

    IDBI Bank Loan Against Property Documents Required

    For Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 3 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
    For Salaried employee
    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 1 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
    Property documents
    • Registered Sale Deed/ Conveyance/ Lease Deed
    • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
    • Latest House Tax Return/ Receipt
    • Approved Building Plan from Municipal Corporation

    FAQs

    What is IDBI Banks loan against property interest rate?

    IDBI Bank offers loan against property at a rate of 8.10% with the lowest EMI of ₹ 961. If you are currently paying a higher interest rate than IDBI Bank rate, you can opt for a balance transfer of loan to IDBI Bank.

    Did IDBI Bank Loan against property rates drop?

    Yes, IDBI Bank loan against property rates has decreased by 0.15% from the previous rate of 8.25% to 8.10%. The lowest mortgage rates of IDBI Bank are effective from 29 Sep, 2021.

    How to increase my eligibility on IDBI Bank Mortgage loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

    Can I foreclose my Mortgage loan? What are the charges applicable?

    Yes, you can foreclose your IDBI Bank loan against property anytime you want with Own sources; within 6 months-2%-3%,after that -NIL.Refinance 2%-3% foreclosure charges.

    What is the maximum loan tenure I can opt under IDBI Bank Property loan?

    IDBI Bank offers a maximum tenure of 15 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

    What is the benchmark rate applicable for Mortgage loan?

    The benchmark rate applicable for property loans in IDBI Bank is RLLR

    Can I transfer my LAP from another bank to IDBI Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to IDBI Bank offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in IDBI Bank are 8.10%.

    What is IDBI Bank mortgage loan processing fees?

    The loan processing fee charged is 1.00% of the total loan amount.

    What security do I need to provide for IDBI Bank Mortgage Loan?

    IDBI Bank requires a registered mortgage of the property against which the bank will provide you a loan.

    • Property on which you intend to take loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
    • Your total EMIs on all loans and credit cards (from IDBI Bank and other banks) are no more than 60 - 70% of your net monthly income.
    • You have not defaulted on loans or credit card dues to IDBI Bank and other banks and all EMI's have been paid. Note that IDBI Bank can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to IDBI Bank in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
    • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
    • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

    Are prepayment or foreclosure charges applicable on IDBI Bank loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:

    • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
    • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

    IDBI Bank Loan Against Property Reviews 4/5  by 1 customers
    MyLoanCare Service
    4/5.0
    Banks Service
    4/5.0
    YV Reddy, Hyderabad
    Reviewed on 20th May 2015
    4 / 5 stars
    IDBI Bank Loan Against Property Availed in Apr-17

    Slightly high interest rate, but low processing fees and no hidden charges. The loan agent ensured tRead more...

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    IDBI Loan Against Property News - Nov 2021
    • 2021-10-22 : IDBI Bank Net Profit Jumps To 75 percent
      IDBI Bank reported a 75 percent year-on-year (y-o-y) jump in net profit to Rs 567 crore for the quarter ended September. This is a result driven by a reduction in employee costs and an improvement in net interest income (NII). The bank’s NII, or the difference between interest earned and interest expended, rose 9.45 percent y-o-y to Rs 1,854 crore.
    • 2021-09-30 : IDBI Bank Revises Interest Rate for Loan Against Property
      IDBI Bank has revised the interest rate for loans against property. For residential property, the interest rate ranges between 8.10%-9.10%, whereas the lowest interest rate for commercial property is 8.60%.
    • 2021-06-10 : IDBI Bank revised its MCLR
      With effect from 08 June,2021, IDBI Bank revised its marginal cost of lending rates. The overnight, one-month and three months MCLR is 7.90%, 7.90% and 7.95%, respectively. The MCLR for six months and one year is 8.10% and 8.25%.
    • 2021-01-15 : IDBI Bank reported Rs 378-crore profit
      IDBI Bank posted a net profit of Rs 378 crore for the December quarter. The loans which includes home, LAP, personal, car, two-wheeler, gold, education and doctor loan along with business and mudra loans fell 7% to Rs 1.6 lakh crore (y-o-y) in December 2020. The bank’s total deposits which includes fixed and recurring deposits rose 2.85% y-o-y to Rs 2.24 lakh crore at the end of December 2020. In addition to this, CASA improved to 48.97% as on December 31, 2020.
    • 2019-06-20 : IDBI Bank ties up with Tata AIG for bancassurance
      Private sector lender, IDBI Bank has entered into an bancassurance agreement with Tata AIG. The partnership between them aims at offering insurance products to the bank customers which will further strenghten its presence across the masses. In addition, the bank is also aiming to significantly achieve growth across its retail loans segment including mortgage loans and home loans.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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