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About IDBI Bank Loan Against Property
Being an Indian government-owned financial service company, IDBI Bank was formerly known as Industrial Development Bank of India, headquartered in Mumbai. When it comes to offering a wide range of products, with quick processing and minimal documentation, the bank is here with one of its best product i.e. loan against property. Yes, IDBI Bank Loan Against Property is a product to watch out, if you need funds to fulfill your various needs. You can easily avail loan from the bank and can fulfill every wish of yours in best possible way. To grab more information about IDBI loan against property, this article is for you.
IDBI Bank Loan Against Property Details
|Interest Rates||9.70%-10.95% p.a.|
|Loan Amount||Up to 10 Crores|
|Tenure||Up to 15 Years|
|Processing Fee||Up to 1% of the loan amount|
|Prepayment & Foreclosure Charges||Nil for floating rate loans|
Eligibility Criteria for IDBI Bank Loan Against Property
- Age at least 22 and less than 60
- Salaried / Self – Employed with regular income, earn more than the minimum income required
How To Apply
When it comes to applying for LAP in IDBI Bank, you can either visit the branch near you or you can apply for the same online. All you need to do is just visit the site online and by filling all your details you can apply for the same without any hassle.
Documentation Required for IDBI Bank Loan Against Property
|Salaried||Self Employed Professionals||Self Employed Non Professionals
|Application form with photograph||Application form with photograph||Application form with photograph|
|Identity and Residence Proof||Identity and Residence Proof||Identity and Residence Proof|
|Latest Salary-slip for last 3 months||Education Qualification Certificates and Proof of business existence||Proof of business existence|
|Form 16/ITR||Last 3 years Income Tax returns||Last 3 years Income Tax returns|
|Last 6 months bank statement||Last 3 years Profit /Loss and Balance Sheet||Last 3 years Profit /Loss and Balance Sheet|
|Processing fee cheque||Last 6 months bank statements||Last 6 months bank statements|
|Property Related Documents||Processing fee cheque||Processing fee cheque|
|All Title related Documents along with approved sanction/building plan|
Features & Benefits of IDBI Bank Loan Against Property
- Maximum Loan amount
- Convenient loan repayment options
- Both residential and commercial property accepted as collateral
- Minimal documentation and faster approvals
- Attractive interest rates
- Fixed rate for first three years available
Primary: First Charge on the mortgaged property by way of equitable mortgage against which IDBI Bank has advanced the loan.
Collateral: Liquid Collaterals as required by The Bank selectively in the form of Pledge/Hypothecation and Assignment depending upon individual cases.