IDFC First Loan Against Property

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.

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%

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%

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.

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%

Last Updated Date	Interest Rates
26 Oct, 2021	8.00%
11 Oct, 2021	7.50%

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 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

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.

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

✅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 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 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