IDFC Bank Loan Against Property Interest Rate Dec 2018

Last Updated 12th Dec 2018

IDFC Bank Mortgage Loan Interest Rates

5th Dec 2018 – RBI keeps Repo Rate unchanged at 6.50%

IDFC Bank offers Loan Against Property starting at interest rate of 10.00% which is one of the best mortgage loan rates in India. Current 1 Year MCLR benchmark rate is 9.20%. Check Best Offers

IDFC Bank Loan Against Property Features
Processing Fee Upto 1.00%
Max Tenure 15 years
Lowest EMI Rs. 1,075 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed

Overdraft facility available to save on interest

Apply for Loan Against Property @ 8.80%*Get Call from Banker

IDFC Bank Loan Against Property in India

IDFC Bank offers loan against property to people who require funds to meet their business as well as personal needs against the mortgage of their existing property. Taking a loan from IDFC Bank has the following benefits:

  • Overdraft facility available to save on interest
  • Increase loan eligibility by adding an earning co-applicant
  • Flexible part payment facility available
IDFC Bank Floating Rate Loan Against Property
IDFC Bank Mortgage Loan Interest Rates
IDFC Loan Against Property 10%
IDFC Loan Against Property
Loan Amount Rate
Upto Rs. 30 Lakh 10%
Rs. 30 Lakh - 75 Lakh10%
Rs. 75 Lakh - 1.50 Cr10%
Above Rs. 1.50 Cr 10%
with Short and Sweet Facility
Loan Amount Rate
Upto Rs. 30 Lakh 10.50%
Above Rs. 30 Lakh - 75 Lakh 10.50%
Above Rs. 75 Lakh - 1.50 Cr 10.50%
Above Rs. 3 Cr 10.50%
Loan against property rate in IDFC Bank depends upon
  • Loan amount: Property loan rates in IDFC Bank depends upon the loan amount you apply for. You can get minimum loan of Rs. 25 Lakh from IDFC Bank.
  • Your Net Monthly Income: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate.
  • Type of loan opted for: IDFC Bank also offers differential rates for different profile of customers and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan product.
  • Type of property: Typically, loan against prime residential properties are easier to get and can be availed at the lowest rates compared to loan against commercial and industry properties.
  • Your profession: IDFC Bank may charge a higher interest rate on a mortgage loan by a salaried as compared to 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 who will most likely take a mortgage loan for his personal purposes.

Interest Rate and its impact on IDFC Bank Loan Against Property Eligibility

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

Eligibility Criteria Details
Age 21 to 60 years
Loan Amount Rs. 25 Lakh to Rs. 5 Cr
Minimum years of business existence 2 years
Minimum work experience 3 years
Minimum Credit Score 650 and above
Loan to Value Ratio Upto 60%
FOIR (Fixed Obligations to Income Ratio) 0.50
  • Age: Age is one of the important factors to examine your eligibility. IDFC Bank offers loan to salaried and self employed at the age of 21 years. Any person taking loan at the age of 25, can get loan of up to 15 years, thus reducing servicing burden on his existing income and hence, improving his loan amount eligibility.
  • Income: Property loan is mostly taken by self employed individuals primarily to meet their business requirements. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings.
  • Business Stability: Self employed person should be in business for a minimum of 3 years during which the business should be profitable. IDFC Bank will ask for ITRs of 2 years to consider you as eligible for LAP.
  • CIBIL Score: Past CIBIL history and repayment record of existing loans and credit cards has adverse impact on your loan eligibility. If you have a poor repayment record, then you may find it difficult to get a loan. A regular repayment record not only improves your chances of getting a loan, but also increases your loan eligibility. IDFC Bank grants loan to borrowers with a CIBIL score of 650 and above.
  • Loan Amount: IDFC Bank gives you an amount ranging from Rs. 25 Lakh to Rs. 5 Cr. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Property Value: The value of the property to be mortgaged is used to calculate maximum loan eligibility based on the maximum permissible LTV ratio which can range upto 60% depending on the type of property. IDFC Bank will conduct a detailed property assessment to establish that all legal titles are in place, assess the market value of the property, and its sale ability. LTV is calculated based on the estimated fair market value or registered value, whichever is lower.
  • Fixed Obligations to Income Ratio (FOIR): The bank will also calculate the proportion of your fixed obligations to your income to calculate the Fixed Obligations to Income Ratio, known as FOIR. Fixed obligations include estimated average monthly expenses and EMIs you are paying on other existing loans. Minimum FOIR to be eligible for a IDFC Bank mortgage loan is 0.50.

IDFC Bank Loan Eligibility Calculator

IDFC Bank Property loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

IDFC Bank Mortgage Loan EMI and Interest Calculator

You can also use online IDFC 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

  • EMI calculator of IDFC Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on LAP.
  • Higher the loan amount, higher the EMI. You can compared 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 which affects your EMI is interest rate on the loan. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly high in a longer tenure loan compared to 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

What are the benefits of calculating IDFC Bank Mortgage loan EMI?

  • EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • IDFC Bank Mortgage loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • Getting an EMI estimate will help you ascertain the monthly EMI you can comfortably service, thus allowing you to choose the right combination of loan amount and loan tenure.
Other Charges

In addition to interest rates, property loan also carry some other charges which include:

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. IDFC Bank allows prepayment of loan against property with Nil prepayment charges.
  • Processing Fee - IDFC Bank charges a processing fee of 1.00% loan amount.
  • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.
IDFC Bank Loan Against Property Top up, Transfer

Transfer of LAP from another bank to IDFC Bank

IDFC Bank offers mortgage loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of IDFC Bank.

You can avail additional top-up loan against property from IDFC Bank, subject to your eligibility.

Loan Agaiinst Property IDFC Bank Products

IDFC Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

IDFC LAP saver
  • Property loan available up to Rs. 5 crores
  • If you have surplus funds then deposit them in the loan saver account and save interest on it
  • Interest is charged on the outstanding loan amount adjusted with the funds in the current account
  • This product is a kind of overdraft facility in which flexibility is offered to borrower to keep surplus money / savings in the current account and thereby save on interest.
Who is Eligible?
  • This loan can be availed by Salaried, Self Employed Professionals and Self Employed Non Professionals up to 65 years of age

    IDFC Bank Loan against property documents required

    For Self-Employed
    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 2 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 2 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

    Frequently Asked Questions

    What is IDFC Bank's loan against property interest rate?

    IDFC Bank offers loan against property at rate of 10.00% with the lowest EMI of Rs. 1,075. If you are currently paying higher interest rate than IDFC Bank rate, you can opt for balance transfer of loan to IDFC Bank.

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

    IDFC Bank offers you a longer tenure of 15 years to repay your loan with a benefit of paying less EMI per month.

    What is the benchmark rate applicable for Mortgage loan?

    The benchmark rate applicable for property loan in IDFC Bank is 1 Year MCLR.

    Do I get tax benefit on Loan against property from IDFC Bank?

    There are no tax benefits available for loan against property.

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

    Yes, you can foreclose your loan anytime you want with Nil foreclosure charges.

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

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to IDFC Bank offers you to pay lower EMIs and save money.

    Can I club the income of my spouse with mine and apply for joint Property loan?

    Yes, you can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

    How to increase my eligibility on IDFC 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 loan.

    How will interest rate on IDFC Bank LAP change in future?
    • Floating interest rate on IDFC Bank property loan is linked to its 1 Year MCLR, which is currently 9.20%. So, when IDFC Bank offers a loan against property at 10.00%, it applies a 0.8% premium to its MCLR to arrive at this rate
    • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new loan against property would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new loan account customers.
    What is IDFC Bank mortgage loan processing fees?

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

    What is IDFC Bank property loan procedure?

    You can apply for a IDFC Bank property loan by contacting the bank directly or by approaching them through online marketplaces like Approaching the bank through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

    What security do I need to provide?

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

    What are the five things to check before applying for loan against property in IDFC Bank ?
    • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
    • Your existing EMIs on all loans and credit cards (from IDFC 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 IDFC Bank and other banks and all EMI's have been paid. Note that IDFC Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to IDFC Bank in your CIBIL report. Estimate your CIBIL score 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 in your own business or practice, 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 IDFC 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

    For loans from banks and NBFC's, refer to RBI circulars RBI/ 2013-14/ 582/ DBOD. Dir. BC. No. 110 /13.03.00/ 2013-14 dated May 7, 2014 and RBI/ 2014-15/121/ DNBS(PD). CC. No. 399/ 03.10.42/ 2014-15 dated July 14, 2014 for more details.

    For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

    Please contact myloancare at 8448389600 or in case you need any assistance or clarification on this subject.

    IDFC Bank Loan Against Property Customer Care Number, Email, Application Status, Branches
    City Customer Care Number
    Ahmedabad 1800-419-4332
    Bangalore 1800-419-4332
    Chennai 1800-419-4332
    Delhi 1800-419-4332
    Ghaziabad 1800-419-4332
    Gurgaon 1800-419-4332
    Mumbai 1800-419-4332
    Noida 1800-419-4332

    IDFC Bank Loan Against Property News - Dec 2018
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