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IDBI Loan Against Property Eligibility Calculator

IDBI Loan Against Property Eligibility Criteria 2021

Last Updated 15th Nov 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 22 - 60 years 25 - 70 years
Maximum Loan Tenure 15 years 15 years
  • IDBI Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your IDBI mortgage loan eligibility by adding earning family members, business firms and companies owners 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

IDBI Bank allows you to fund immediate or urgent needs with a loan against property. IDBI Bank loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. IDBI Bank lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

IDBI Bank Loan Against Property Eligibility Based on Age

    IDBI Bank considers your age as one of the important parameters to calculate your IDBI Bank property loan eligibility. To be eligible for availing a loan from IDBI Bank, one has to be of 22 years of age. The maximum age for loan from IDBI can be 60 years. 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 Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. IDBI Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by IDBI Bank to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% 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 32.52 Lakh 48.78 Lakh 65.04 Lakh
    30 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    35 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    40 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    50 years 25.93 Lakh 38.90 Lakh 51.86 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. 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 Property Loan 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. You can get a maximum of 65% of property’s value as a loan against residential 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. The percentage of IDBI Bank loans will get lower if it is against commercial property.
    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, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you 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 Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. 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.

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 calculates your fixed obligations to monthly income ratio that 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.

How to Calculate IDBI Bank Loan Against Property Eligibility?

To check loan against property eligibility IDBI Bank follow the below given steps:-

  • Visit to the IDBI Bank website.
  • Click on IDBI Bank loan against property.
  • To check eligibility criteria use a IDBI Bank loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for IDBI Bank Loan against property.

Documents Required for IDBI Bank Loan on Property

To avail IDBI Bank loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

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 employees to get a loan against property should be ₹ 0 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure IDBI Bank of your ability to repay the loan.

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. IDBI considers your age as an important parameter to determine your Loan against property tenure.

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. Also, higher loan tenure means higher rate of interest.

How much IDBI Bank mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from IDBI Bank up to 50% of the market value of the property if they mortgage residential property whereas you can avail up to 50% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from IDBI Bank if I am not a IDBI Bank customer?

Yes, you can get a loan against property from IDBI Bank if you are not a IDBI Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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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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