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IDFC First Loan Against Property
IDFC First Bank Mortgage Loan Interest Rates 2022
IDFC First Bank is one of the largest Private Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 8.00% 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 IDFC First Bank Loan against property are mentioned below: Check Best Offers
Interest Rates | 8.00% to 8.00% |
Processing Fee | Upto 3.00% |
Max Tenure | 20 years |
Lowest EMI per lakh | ₹ 836 |
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 |
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IDFC First Bank Loan Against Property Fees and Other Charges
Along with IDFC First Loan against Property Rates, IDFC First also charges various fees and charges when a borrower takes a loan against property:-
- Processing Fee on IDFC First Loan against Property Loan is 3.00%. This fee is charged by IDFC First 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 IDFC First Bank for Salaried Employees
The mortgage loan interest rates in IDFC First Bank for salaried employee are listed in the table:-
Interest Rate for Salaried for Residential Property
Loan Amount | Rate |
---|---|
Upto ₹ 30 Lakh | 8.00% |
₹ 30 Lakh - ₹ 75 Lakh | 8.00% |
₹ 75 Lakh - ₹ 1.50 Cr | 8.00% |
Above ₹ 1.50 Cr | 8.00% |
Interest Rate for Salaried for Commercial Property
Loan Amount | Rate |
---|---|
Upto ₹ 30 Lakh | 8.00% |
₹ 30 Lakh - ₹ 75 Lakh | 8.00% |
₹ 75 Lakh - ₹ 1.50 Cr | 8.00% |
Above ₹ 1.50 Cr | 8.00% |
IDFC First 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 ₹ 30 Lakh | 8.00% |
₹ 30 Lakh - ₹ 75 Lakh | 8.00% |
₹ 75 Lakh - ₹ 1.50 Cr | 8.00% |
Above ₹ 1.50 Cr | 8.00% |
Interest Rate for Self-employed for Commercial Property
Loan Amount | Rate |
---|---|
Upto ₹ 30 Lakh | 7.50% |
₹ 30 Lakh - ₹ 75 Lakh | 7.50% |
₹ 75 Lakh - ₹ 1.50 Cr | 7.50% |
Above ₹ 1.50 Cr | 7.50% |
Steps to Apply for IDFC First Bank Loan Against Property
Apply With MyLoancare
To get the best offers on SBI Loan against Property, you can apply for a Loan against Property at MyLoanCare. The online marketplace helps you compare the best offers, check eligibility, calculate EMI. To apply for a loan against property click here
Apply With SBI Website
- You can also apply for SBI Loan against Property with SBI through online and offline modes.
- To apply for a loan offline, visit the official SBI bank branch and fill out the application form along with the required documents for a 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 SBI Loan against Property online, visit the official website of SBI and navigate to Loan Against Property.
- Before applying, now check your eligibility for SBI Loan against Property. If you are satisfied and have cross verified all the details, fill out the application form and upload the required documents.
- On successful verification, the bank will sanction the loan amount in 10-15 days.
Compare IDFC First Bank Loan Against Property Interest Rate with Top Banks
IDFC First 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 | IDFC First Bank | SBI | HDFC |
Interest Rate | 8.00% - 8.00% | 8.80% - 13.10% | 7.65% - 8.80% |
Processing Fees | Upto 3.00% Min ₹ 2,500 Max ₹ 5,000 |
Upto 1.00% Max ₹ 50,000 |
Upto 0.50% Min ₹ 7,500 |
Loan Tenure | 20 Years | 10 Years | 15 Years |
Maximum Loan Amount | ₹ 5 Cr | ₹ 7.50 Cr | ₹ 5 Cr |
Age | Min 21 and Max 65 years | Min 18 and Max 70 years | Min 24 and Max 65 years |
Benchmark Rate | RLLR | RLLR | PLR |
Lowest EMI Per Lakh | ₹ 836 per lakh | ₹ 1,256 per lakh | ₹ 936 per lakh |
As on 19 May, 2022, IDFC First offers the lowest rate starting at 8.00%. IDFC First Loan against property rates have been hiked by 0.5%, from the earlier rate of 7.50% with effect from 26 Oct, 2021.
IDFC First Bank Mortgage Loan | Interest Rates |
---|---|
IDFC Loan Against Property | 8.00% |
IDFC Loan Against Property | |||
Loan Amount | Current Loan against Property Rates | ||
---|---|---|---|
Upto ₹ 30 Lakh | 8.00% | ||
₹ 30 Lakh - ₹ 75 Lakh | 8.00% | ||
₹ 75 Lakh - ₹ 1.50 Cr | 8.00% | ||
Above ₹ 1.50 Cr | 8.00% | ||
with Short and Sweet Facility | |||
Loan Amount | Rate | ||
Upto ₹ 30 Lakh | 10.50% | ||
Above ₹ 30 Lakh - ₹ 75 Lakh | 10.50% | ||
Above ₹ 75 Lakh - ₹ 1.50 Cr | 10.50% | ||
Above ₹ 3 Cr | 10.50% |
IDFC First Loan Against Property Rate Trends of Last 1 Year
Last Updated Date | Interest Rates |
---|---|
26 Oct, 2021 | 8.00% |
11 Oct, 2021 | 7.50% |
Factors Affecting IDFC First Loan against Property Interest Rates
Some of the factors that impact IDFC First Loan Against Property rates are listed as follows:
- Loan amount: Property loan rates in IDFC First depend upon the loan amount you apply. You can get a minimum loan of ₹ 25 Lakh from IDFC First.
- 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 a higher loan amount.
- Type of loan opted for: IDFC First offers differential rates for customers' different profiles, for 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 can be availed easily at the lowest rates compared to loans against commercial and industrial properties.
- Your profession: IDFC First 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.
IDFC First Loan Against Property Eligibility Criteria
IDFC First 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 | ₹ 25 Lakh to ₹ 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 50% |
FOIR (Fixed Obligations to Income Ratio) | 0.50 |
IDFC First Bank Mortgage Loan Interest Rate and EMI Calculator
You can use an online IDFC First Bank Loan against property EMI Calculator to calculate loan EMIs at different rates of interest and check and compare the lowest EMI per lakh on Loan against Property. 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.
IDFC First Bank offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of IDFC First Bank at an affordable interest rate, higher loan amount and convenient loan tenure. IDFC First 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 IDFC First Bank are 8.00%. Along with that, you can also avail of additional top-up on your loan against property.
IDFC First 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
- 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
- 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
Check Loan Against Property Interest Rate in Major Banks
- SBI
- HDFC
- ICICI Bank
- Axis Bank
- Citibank
- PNB Housing Finance
- LIC Housing Finance
- Kotak Bank
- Yes Bank
- Bajaj Home Finance
- IDFC First Bank
- RBL Bank
- Syndicate Bank
- IDBI Bank
- IndusInd Bank
- Karur Vysya Bank
- HSBC Bank
- Standard Chartered Bank
- Edelweiss
- Corporation Bank
- Indian Bank
- Indian Overseas Bank
- OBC
- PNB
- HDFC Bank
- Indiabulls
- DCB Bank
- Dhan Laxmi Bank
- Karnataka Bank
- South Indian Bank
- Federal Bank
- Jammu And Kashmir Bank
- Lakshmi Vilas Bank
- Allahabad Bank
- Andhra Bank
- Bank of India
- Canara Bank
- Central Bank of India
- Punjab and Sind Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- DBS Bank
- India Shelters
- Piramal Housing Finance
- Cholamandalam
FAQs
✅What is IDFC First Banks loan against property interest rate?
IDFC First Bank offers loan against property at a rate of 8.00% with the lowest EMI of ₹ 836. If you are currently paying a higher interest rate than the IDFC First Bank rate, you can opt for a balance transfer of loan to IDFC First Bank.
✅Did IDFC First Bank Loan against property rates drop?
No, IDFC First Bank lowest rates on loan against property have been increased from 26 Oct, 2021. The new rates have been hiked to 8.00% from 7.50% earlier.
✅How to increase my eligibility on IDFC First 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 IDFC First Bank loan against property anytime you want with Nil foreclosure charges.
✅What is the maximum loan tenure I can opt under IDFC First Bank Property loan?
IDFC First Bank offers a maximum tenure of 15 years to repay your loan.You can choose the tenure for your
✅What is the benchmark rate applicable for Mortgage loan?
The benchmark rate applicable for property loans in IDFC First Bank is RLLR
✅Can I transfer my Loan against Property from another bank to IDFC First Bank?
Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Loan balance transfer to IDFC First 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 IDFC First Bank are 8.00%.
✅What is IDFC First Bank mortgage loan processing fees?
The loan processing fee charged is 3.00% of the total loan amount.
✅What security do I need to provide for IDFC First Bank Mortgage Loan?
IDFC First Bank requires a registered mortgage of the property against which the bank will provide you a loan.
- Property on which you intend to take a 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 IDFC First 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 First Bank and other banks and all EMI's have been paid. Note that IDFC First Bank can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to IDFC First 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 IDFC First Bank loan against property?
You can prepay a loan against property 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
-
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- 2021-11-01 : IDFC First Bank Profit Jumps By 50 Percent
Private sector bank, IDFC First Bank has reported a nearly 50 percent jump in net profit. In the quarter ended in September 2021 the lender had a profit of Rs 151.74 crore, last year the profit was of Rs 101.41 crore. Total income during July-September of FY22 rose to Rs 4,880.29 crore, as against Rs 4,090.87 crore in the same quarter of FY21. - 2021-10-12 : IDFC First Bank Revises Interest Rate For Loan Against Property
Indian private sector bank, IDFC First Bank has reduced interest rates for loans against property. Currently, the lender is offering loans at an interest rate of 7.50% for all the loan amounts. - 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family. - 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan. - 2021-01-22 : IDFC First Bank retail loan surges 100%
IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
