IDFC First Bank Loan Against Property
Last Updated : Feb. 6, 2023, 1:38 p.m.
Whenever we are stuck between hows & whys, a friendly shoulder gives us hope that there is always a way out. In terms of finances crisis, a good loan plays that role of a friend who helps us and IDFC First Bank is one of them.
IDFC First Bank is one of the leading loan providers in Indian market today which makes sure that the borrower gets all that he/she is looking for. Be it the low-interest rates or longer tenure or the processing fees, a loan scheme is incomplete without the perfect balance. With the rate of interest ranging from 12% to 13.50% per annum and higher loan amount of up to Rs. 15 Crores, CF loan against property is giving one of the best loan schemes.
IDFC First Bank LAP Details
| Particulars | Details |
|---|---|
| Interest Rate | Customized |
| Loan Amount |
Up to Rs. 15 Crores
For Business Needs: Rs. 5 lakh to Rs. 5 Crores |
| Tenure | Up to 15 years |
| Processing Fees | 1% of the loan amount + Service tax as applicable |
|
Prepayment Charges
|
NIL |
How to Apply for IDFC First Bank Loan
The steps to apply for the loan against property from IDFC First Bank are as follows:
- Fill up the application form
- Attach all the documents as per the eligibility
- Submit the form and documents at the nearest branch or apply online
Loan EMI Calculator
While applying for any kind of loan, you are always curious to know the EMIs you will have to pay every month. Be it the EMI of the 1 st month or the last one, you can know all of it with the help of the EMI calculator.
Let us take an example of a person taking a loan against his residential/commercial property at 12%-13.50% per annum. If the loan amount is Rs. 50,00,000/- and the chosen tenure is 15 years, how much he has to pay every month? Well, the EMI will be Rs. 60,008 and Rs. 64,916 respectively. To know more in detail, here is the table:
Table for EMI per month, Total Interest Outgo and Total Amount
| Amount (in Rs.) | Interest Rate (p.a) | Loan Tenure (in years) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (Principal + Interest) (in Rs.) |
|---|---|---|---|---|---|
| 50,00,000 | 12%-13.50% | 1 | 4,44,244-4,47,760 | 3,30,927-3,73,122 | 53,30,927-53,73,122 |
| 50,00,000 | 12%-13.50% | 2 | 2,35,367-2,38,885 | 6,48,817-7,33,242 | 56,48,817-57,33,242 |
| 50,00,000 | 12%-13.50% | 3 | 1,66,072-1,69,676 | 9,78,576-11,08,352 | 59,78,576-61,08,352 |
| 50,00,000 | 12%-13.50% | 4 | 1,31,669-1,35,382 | 13,20,121-14,98,318 | 63,20,121-64,98,318 |
| 50,00,000 | 12%-13.50% | 5 | 1,11,222-1,15,049 | 16,73,334-19,02,954 | 66,73,334-69,02,954 |
| 50,00,000 | 12%-13.50% | 6 | 97,751-1,01,695 | 20,38,069-23,22,026 | 70,38,069-73,22,026 |
| 50,00,000 | 12%-13.50% | 7 | 88,264-92,324 | 24,14,148-27,55,255 | 74,14,148-77,55,255 |
| 50,00,000 | 12%-13.50% | 8 | 81,264-85,441 | 28,01,364-32,02,317 | 78,01,364-82,02,317 |
| 50,00,000 | 12%-13.50% | 9 | 75,921-80,212 | 31,99,486-36,62,850 | 81,99,486-86,62,850 |
| 50,00,000 | 12%-13.50% | 10 | 71,735-76,137 | 36,08,257-41,36,457 | 86,08,257-91,36,457 |
| 50,00,000 | 12%-13.50% | 11 | 68,389-72,899 | 40,27,400-46,22,713 | 90,27,400-96,22,713 |
| 50,00,000 | 12%-13.50% | 12 | 65,671-70,286 | 44,56,618-51,21,164 | 94,56,618-1,01,21,164 |
| 50,00,000 | 12%-13.50% | 13 | 63,433-68,150 | 48,95,597-56,31,335 | 98,95,597-1,06,31,335 |
| 50,00,000 | 12%-13.50% | 14 | 61,571-66,385 | 53,44,008-61,52,737 | 1,03,44,008-1,11,52,737 |
| 50,00,000 | 12%-13.50% | 15 | 60,008-64,916 | 58,01,513-66,84,867 | 1,08,01,513-1,16,84,867 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 1,26,926-1,10,675 | 5,93,170-6,68,317 | 48,73,074-48,89,325 |
| 2 | 1,43,025-1,26,574 | 5,77,071-6,52,418 | 47,30,049-47,62,751 |
| 3 | 1,61,163-1,44,761 | 5,58,933-6,34,231 | 45,68,886-46,17,990 |
| 4 | 1,81,603-1,65,559 | 5,38,493-6,13,433 | 43,87,283-44,52,431 |
| 5 | 2,04,633-1,89,346 | 5,15,463-5,89,646 | 41,82,650-42,63,085 |
| 6 | 2,30,587-2,16,550 | 4,89,509-5,62,442 | 39,52,063-40,46,535 |
| 7 | 2,59,830-2,47,662 | 4,60,266-5,31,330 | 36,92,233-37,98,873 |
| 8 | 2,92,784-2,83,246 | 4,27,312-4,95,746 | 33,99,449-35,15,627 |
| 9 | 3,29,917-3,23,940 | 3,90,179-4,55,052 | 30,69,532-31,91,687 |
| 10 | 3,71,758-3,70,483 | 3,48,338-4,08,509 | 26,97,774-28,21,204 |
| 11 | 4,18,906-4,23,712 | 3,01,190-3,55,280 | 22,78,868-23,97,492 |
| 12 | 4,72,033-4,84,589 | 2,48,063-2,94,403 | 18,06,835-19,12,903 |
| 13 | 5,31,901-5,54,213 | 1,88,195-2,24,779 | 12,74,934-13,58,690 |
| 14 | 5,99,359-6,33,838 | 1,20,737-1,45,154 | 6,75,575-7,24,852 |
| 15 | 6,76,171-7,25,574 | 4,4,722-54,089 | 0 |
Eligibility Criteria
- Salaried Individuals
- Traders
- Businessmen
- Professionals
- Self-employed individuals
- Firms- Proprietary or Partnership
- Companies (excluding NBFCs)
- Minimum age group of 18-60 years are eligible
- NRIs with a known and regular source of income
Documents Required
The list of documents as per the eligibility criteria is as follows:
- Loan application form
-
Identity proof (any one)
- Voter ID card
- Driving license
- PAN card
- Photo credit card
- Employee ID card
- Government department ID card)
-
Income proof
- Latest salary slip or Form 16
- Recent salary slips certificate
- last 6 months bank statements/passbook with salary transaction details
-
Residence proof (any one)
- Bank account statement
- Latest electricity bill
- Latest mobile/telephone bill
- Latest credit card statement
- Employer’s letter certifying the current mailing address
- Lates NSC
- Other document mentioning address
- Guarantor form (optional)
- Copy of lease agreement
For other applicants:
- Loan application form
-
Identity proof (any one)
- Voter ID card
- Driving license
- PAN card
- Photo credit card
-
Income proof
- ITR returns for last 2 years
- Computation of income for last 2 years
- Last 6 months bank statement/passbook
-
Residence proof
- Bank statement
- Latest electricity bill
- Latest mobile/telephone bill
- Latest credit card statement
- Employer’s letter certifying the current mailing address
- Lates NSC
- Other document mentioning address
IDFC First Bank Loan Against Property Interest Rates
The housing finance company offers loan against property at low-interest rates ranging from 12% to 13.50% per annum.
Processing Fees
IDFC First Bank Ltd offers LAP at the processing fees of up to 1% of the loan amount in addition to which the applicable service tax will also be charged.
Foreclosure Payment
You can do the foreclosure payment at your nearest IDFC First Bank branch via cash/cheque. There are no prepayment charges before the repayment of 12 months or 12 EMIs. However, if a borrower wants to do so, he/she will be charged up to 4% of the principal outstanding (+ applicable service taxes).
Features & Benefits
You can take LAP from IDFC First Bank against the following properties:
- Self-occupied residences
- Self-occupied commercial property
- Leased commercial property
- Leased residential property
- Lease rental discounting against residential and commercial properties
- Loan amount up to Rs. 15 Crores
- Tenure of up to 15 years
The special programs to avail a loan:
1. Normal Income Program- A borrower can avail loan on the basis of financial statements.
2. Debt Consolidator-If you are already paying EMIs and want to merge all into one EMI, you can take a loan under this program.
3. Balance Transfer Program & Repayment Track Record
4. Documents Custodial Facility: The world-class security facility and the fire resistant storage rooms are made keeping in mind the importance of the property documents of the customers.