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IDBI Loan Against Property Eligibility

IDBI Loan Against Property Calculator India Jun 2021

Last Updated 14th Jun 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 22 - 60 years 25 - 70 years
Maximum Loan Tenure 15 years 15 years
  • IDBI offers Loan Against Property Rates at 0.00% p.a.
  • IDBI Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your IDBI mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan
Loan Against Property Eligibility Calculator

IDBI Bank Loan Against Property Eligibility Based on Age

  • Age: IDBI Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from IDBI Bank, one has to be of atleast 22 years of age. The maximum age for loan from IDBI can be 60 years for salaried and 70 years for self employed. IDBI Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 15 Years 15 Years
30 Years 15 Years 15 Years
40 Years 15 Years 15 Years
50 Years 10 Years 15 Years
60 Years - 10 Years

IDBI Bank Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. IDBI Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    30 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    35 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    40 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    50 years 26.79 Lakh 40.18 Lakh 53.57 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your IDBI Bank loan against property eligibility.

  • Nature of Employment: IDBI Bank will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. IDBI Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

IDBI Bank Loan Against Property Eligibility Based on Value of Property

  • Value of Property: IDBI Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 13 Lakh. On the other hand an industrial property of ₹ 20 Lakh might allow you to take a lower loan amount of ₹ 10 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Industrial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Residential Property 65% ₹ 20 Lakh ₹ 13 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with IDBI Bank, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of IDBI Bank.

IDBI Bank Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. IDBI Bank requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from IDBI Bank.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from IDBI Bank.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from IDBI Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

IDBI Bank Mortgage Loan Eligibility Based on FOIR

IDBI Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. IDBI Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from IDBI Bank. Always calculate your eligibility with IDBI Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from IDBI?

The factors that determine the eligibility criteria of IDBI Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get IDBI Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 0 per month.

What is the minimum and maximum age required for IDBI Bank loan against property?

The minimum age of the applicant should be 22 years and maximum should be 60 years for loan against property from IDBI.

What is the tenure of IDBI property loan?

IDBI Bank offers property loan for a tenure upto 15 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from IDBI Bank up to 65% of the market value of the property.

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IDBI Loan Against Property News - Jun 2021
  • 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.
  • 2019-06-13 : IDBI Bank loans to get cheaper, lender slashes its MCLR rates by 5-10 bps across various tenors
    The loans offered by IDBI Bank will get cheaper now as the lender has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 to 10 basis points across various tenors with immediate effect. The lender has reduced the one-year MCLR to 8.95%. While for two-year and three-year MCLR, the rate stands at 9.15% and 9.20%.
  • 2019-05-23 : IDBI Bank launches retail loan products for LIC employees
    Private sector lender, IDBI Bank has rolled out several retail loan products exclusively for LIC employees after announcing its partnership with LIC for bancassurance to augment its overall growth. These products offer attractive discounts and concessions across home loan, auto loan, personal loan and education loan segments among others.
  • 2019-05-15 : IDBI Bank revises MCLR rates across loan tenures
    IDBI Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and 1 month, the rate stands at 7.90% and 8.15% respectively. While for 3 months, the rate has been revised to 8.40%. While for 1 year the rate now stands at 9.00%. The revised rates are effective from May 12, 2019.
*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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