IDFC Bank Loan Against Property
Last Updated : June 20, 2017, 12:57 p.m.
About IDFC Bank Loan Against Property
IDFC Bank offers loan against property to assist people in achieving their goal. It offers the funds against the mortgage of the property at the competitive interest rate. The credit is provided for the flexible repayment tenure of up to 15 years. The borrower gets the finance up to 60% of the property value. The amount availed under the loan scheme has to be paid back in form of EMI. The application process is simple and hassle free. Know the eligibility and apply now to get your wish fulfilled. The loan details are shared below:
IDFC Bank Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 11.15% - 12.15% |
| Loan Amount | Up to ₹5 crores |
| Tenure | Maximum - 15 years |
| Processing Fee | As per bank’s norms |
| Prepayment Charges | As per bank’s norms |
How to Apply
The candidates interested in availing the loan from the bank have to apply for it either by visiting the nearest bank branch or by submitting the online application form. The online application form is available at bank’s official website. Visit the bank’s website and click on ‘apply for a loan’ button.
IDFC Bank Loan Against Property EMI Calculator
Loan Against Property EMI Calculator makes it easy for the user to calculate the repayment amount. It is a mathematical tool that helps in the computation of the interest amount payable on the credit availed. It tells how much interest borrower has to pay during the loan tenure. It reveals the installment amount to be paid each month towards the repayment of the loan. To get the result, the user has to feed the relevant values such as the interest rate, loan amount and tenure in the calculator to get the result. After insertion of the values press the enter key or click on the Calculate button.
For example – An applicant wanting to know the EMI he has to pay for the credit availed inserts the loan of amount ₹30 lakhs, period of 15 years and the interest rate of 10% p.a., in the calculator. The result provided is as stated in the table provided below:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 90,951 | ₹ 2,95,906 | ₹ 29,09,048 |
| 2 | ₹ 1,00,475 | ₹ 2,86,383 | ₹ 28,08,573 |
| 3 | ₹ 1,10,996 | ₹ 2,75,861 | ₹ 26,97,576 |
| 4 | ₹ 1,22,619 | ₹ 2,64,239 | ₹ 25,74,957 |
| 5 | ₹ 1,35,459 | ₹ 2,51,399 | ₹ 24,39,498 |
| 6 | ₹ 1,49,643 | ₹ 2,37,215 | ₹ 22,89,855 |
| 7 | ₹ 1,65,312 | ₹ 2,21,545 | ₹ 21,24,542 |
| 8 | ₹ 1,82,623 | ₹ 2,04,234 | ₹ 19,41,918 |
| 9 | ₹ 2,01,746 | ₹ 1,85,111 | ₹ 17,40,172 |
| 10 | ₹ 2,22,871 | ₹ 1,63,986 | ₹ 15,17,300 |
| 11 | ₹ 2,46,209 | ₹ 1,40,648 | ₹ 12,71,091 |
| 12 | ₹ 2,71,990 | ₹ 1,14,867 | ₹ 9,99,100 |
| 13 | ₹ 3,00,471 | ₹ 86,386 | ₹ 6,98,628 |
| 14 | ₹ 3,31,935 | ₹ 54,923 | ₹ 3,66,693 |
| 15 | ₹ 3,66,959 | ₹ 20,165 | ₹ 0 |
IDFC Bank Loan Against Property Eligibility Criteria
The Bank provides the loan to the candidates who qualify the eligibility standards. The eligibility is determined on the basis of age and income of the applicant. The candidates having stable income can avail the loan easily from the bank. However, the suitability is determined by the bank after evaluation and verification of application.
IDFC Bank Loan Against Property Documents Required
Following is the list of documents are required to be submitted at the time of application:
- Loan application form
- Proof of Identity (PAN Card/Driving License/Voter ID/Adhaar Card/Passport/ NREGA Card)
- Residence Proof (Driving License/Voter ID/Adhaar Card/Ration card, etc.)
- Age Proof
- Salary statement for last three months
- Income tax returns or Form 16 for the last 2 years
- Last 6 months Bank Statement
Features
- Long repayment tenure up to 15 years
- Attractive rate of interest
- Minimal processing fee
- Avail loan up to ₹ 5 crores