Loan Against Property

Your existing property can get you a loan easily with IDFC FIRST Bank so that you may fulfil any of your current financial commitments.

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Leverage your existing property to fulfil your broader financial goals.
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Get loan from Rs 5 lakh to Rs 10 crore, up to 90% of property market value for a tenure up to 20 years.
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Seamless processing and continual post-disbursement servicing.

LAP Simple

IDFC FIRST Bank’s hassle-free process, simple documentation will help you to convert your immediate finance-dependent dream into reality:

  • Loan amount up to Rs 5 crore.
  • Loans up to 60% of the property value.
  • Flexible repayment tenures up to 15 years.
  • Repayment up to 65 years or retirement age.
  • Increase loan eligibility by adding income of your family members.
  • Competitive interest rates.


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LAP Short Sweet

You have the flexibility to keep surplus savings in your current account and thereby save on interest. Interest is charged on the loan outstanding adjusted for the surplus money/savings in the current account. Your drawing power drops every month based on standard amortization. You will need to service interest and principal (drop amount) month on month. The amount lying in your account can be utilised to service the principal and interest due every month.



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Loan Against Property with IDFC FIRST Bank

Product External Benchmark Fixed Spread over External Benchmark
Loan Against Property Repo 3.00%
  • Additional Premium will be added over and above the (a) External Benchmark (b) Spread over External Benchmark upto 400 bps depending on customer risk profile, product strategy, market competition etc.
  • Premium will be fixed at the time of the origination of the loan and will not be changed unless there is change in the customer risk profile.
  • In no case the fixed spread be changed for a minimum period of 3 years from the contracted rate.
  • Any change in the Repo Rate will be passed on to the customers on the next reset date.

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Apply For Loan Against Property in 4 steps

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Features and Eligibility

IDFC FIRST Bank offers loan against property to individuals and businesses. Here are the details:

  • Salaried and self-employed professionals.
  • Sole proprietors, partnership firms, LLP and private limited co.
  • Minimum age: 23 years at the time of taking the loan and maximum age is 70 years or retirement at the time of maturity.

IDFC FIRST Bank offers loan against property to individuals and businesses. Here are the details:

  • Salaried and self-employed professionals.
  • Sole proprietors, partnership firms, LLP and private limited co.
  • Minimum age: 23 years at the time of taking the loan and maximum age is 70 years or retirement at the time of maturity.
  • Good credit rating score in credit bureau.
  • Minimum 2 years in business in an industry with a positive net worth (for self-employed) or 5 years’ work experience (for salaried individuals).
  • Micro, small and medium enterprises.
  • Clean record in terms of past loans and statutory payments.

For your diverse needs:

  • With IDFC First Bank’s mortgage loan, you can borrow as little as Rs 5 lakh to as high as Rs 10 crore. You may seek the loan either to capitalise and boost your business or for your personal needs.

Your property’s market value goes:

  • Our mortgage loans are designed to unlock the maximum value of your property. You can borrow up to 90% of your property’s market value.

Flexible repayment options:

  • IDFC FIRST Bank enables you to repay your mortgage loan according to your cash flow and budget so that you are never under pressure of monthly instalments. You can borrow for tenures of as long as 20 years and modify your loan tenure to suit your financial situation. We also offer you flexible part prepayment facility to assist you in paying off your loan early.

We provide a wide array of loan options for property to our borrowers such as:

  • Loan against property to SMEs: IDFC FIRST Bank provides loans against residential property and commercial property to Small and Medium Enterprises (SMEs).
  • Loans for varied properties: IDFC FIRST Bank sanctions loans for purchase of residential and commercial properties.
  • Loan against plots: We give loans against residential plots.
  • Lease Rental Discounting: You can use rental income to obtain a loan from IDFC FIRST Bank.

IDFC First Bank’s products are tailored to meet your requirements; in addition, insurance options for property are available at competitive and attractive premiums.

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Documents &
Pricing

Gather all your loan against property documents before you submit your loan request. Indicated below is the list of documents required to avail a loan against property:

Photo Identity Proof (Self-attested copy of any one document*)

  • Passport
  • Pan Card
  • Voter Identity card

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Frequently Asked Questions

What is a loan against property?

It is a loan offered to individuals /firms/companies basis their existing property. Typically the purpose of the loan is – Business expansion, Debt consolidation etc. Loan against property helps you unlock the hidden equity in your property holdings. You can borrow money using property as a collateral and repay in EMIs over time. This allows you to hold on to your property and at the same time, raise funds.

I want to take a loan against property; for what purposes can I do so?

A loan against property from IDFC FIRST Bank is a versatile product that can be utilised to fulfil many needs. You can take a loan against property for these purposes:

  • Business requirements
  • Debt consolidation
  • Mortgage buyout or balance transfer of existing loans
  • Personal requirements

Will I have to provide a collateral or security for a loan against property?

In order to secure a loan against property, the collateral will be the property in question. You will have to deposit the title deeds or other relevant documents with IDFC FIRST Bank. It is a requirement that the deed of the property be free of any encumbrances such as existing mortgages, loans or pending litigation.

Do I need to go to a IDFC FIRST Bank branch to get a loan against property?

No, there is no need to visit a branch to apply for a loan against property. We have made the process simple; you can apply for a loan against property through our website.

Alternatively, you can also apply for a loan against property using our mobile application available for download from the Google Play and Apple App Store. You can submit your details online and we will call you back and let you know about eligibility and application status. IDFC FIRST Bank will have the necessary documents picked up from your residence or office.

If you have any questions regarding the loan against property application process, please feel free to contact our customer care at 1860-500-9900 or write to us at customer.care@capitalfirst.com.

How long does it take to get a loan against property?

At IDFC FIRST Bank, we have simplified the process of obtaining a loan against property. You can visit our website and apply for the loan by submitting your details. Alternatively, you can also use our mobile application available for download on the Google Play and Apple App store. We will call you back and notify you if you are eligible. Thereafter, you can submit your documents to our representative who will visit either your home or office as per your convenience. We strive to process the complete application within 72 hours of complete document submission. If you have any questions regarding the loan against property application process, please feel free to contact our customer care at 1860-500-9900 or write to us at customer.care@capitalfirst.com

Eligibility : Who can take a loan against property from IDFC FIRST Bank?

IDFC FIRST Bank gives loan against property to a wide variety of customers from diverse backgrounds. This includes salaried and self-employed professionals, sole proprietors and owners of partnership firms. You should be at least 23 years of age at the time of taking the loan and your maximum age should not exceed 70 years. We require salaried individuals to have at least 5 years of work experience. Self-employed individuals should have been in business for at least 2 years with a positive net worth. Additionally, you should have a clear banking and loan payment history and have a good credit rating score. IDFC FIRST Bank also extends loan against property to Micro, Small and Medium Enterprises (MSME).

The property is jointly owned; can I still take a loan against property?

Yes, it is possible to take a loan against property in case of multiple owners as long as all co-owners apply as co-applicants to the loan. If you have any questions regarding loan against property, please feel free to contact our customer care at 1860-500-9900 or write to us at customer.care@capitalfirst.com

How will you determine my loan against property eligibility?

There are a number of factors that are taken into consideration before we approve your application for a loan against property. These include:

  • Your age: You should be at least 23 years at the time of loan application and maximum 70 years of age at the time of loan maturity.
  • Your work experience: We require salaried employees to have 5 years of work experience while self-employed individuals should have been in business for at least 2 years.
  • The property: The property should have a clear title. We also take into account the valuation of the property.
  • Good credit rating: We examine your CIBIL record; we extend credit to individuals and entities with a good credit rating.

Is it possible for self-employed individuals to get a loan against property?

Yes, it is possible for self-employed individuals to get a loan against property. We give loans against property to sole proprietors, self-employed individuals and partnership firms. There is a requirement that self-employed individuals should have been in business for 2 years. The minimum age at the time of application is 23 years and the maximum is 70 years at the time of loan maturity.

What property can be considered as collateral for loan against property?

You can take a loan against property for the following types of properties:

  • Self-occupied residential property like your house or flat etc.
  • Commercial properties like office and shops etc.
  • Industrial properties like godowns and industrial gala etc.
  • Alternative properties like residential plots, hotels, etc.

Cost: Do I have to pay any fee for applying for a loan against property?

Yes, there is an application fee of Rs 5,500 for verification which includes legal and valuation charges. Fee also depends on number of properties offered and size of properties. Applicable GST will also be levied on the application fee amount.

Is the loan against property from IDFC FIRST Bank fixed or floating?

We offer a fixed as well floating loan against property to our customers. If you opt for floating, you can take advantage of the prevailing interest rates. If you have any questions about loan against property interest rates, please feel free to call us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will provide you the necessary information. Please use our loan against property EMI calculator, which will help you ascertain the cost of the loan, your EMI amount and other parameters.

What will happen to the tenure of my loan if the interest rate reduces?

If the interest rate reduces, IDFC FIRST Bank will reduce the tenure of the loan, If you have any questions about your tenure, please feel free to call us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will be glad to assist you.

Benefits Are there any advantages to taking a loan against property from IDFC FIRST Bank? There are several advantages in getting a loan against property from IDFC FIRST Bank, some of which are:

  • IDFC FIRST Bank finances loan against property for amounts as low as Rs. 5 lakh to as high as Rs. 10 crore.
  • Loan against property is available for a wide range of applicants from salaried employees to self-employed individuals.
  • Long tenure loans are available up to 20 years.
  • Accept different type of properties like Residential, Commercial, Industrial and Residential Plots
  • Offer very competitive Loan to Value.
  • Best Turn Around Time.

What facilities will I get if I take a loan against property from IDFC FIRST Bank?

There is hidden equity locked away in your property. At IDFC FIRST Bank, we help you unlock it. IDFC FIRST Bank loan against property can be applied online by submitting your details through our website or our mobile application, which can be downloaded from the Google Play or Apple App store. We will arrange for a call back and let you know if you are eligible. Repayment of your loan can be made easily through Electronic Clearing Service (ECS). With the advent of National Automated Clearing House (NACH) monitoring and regulation, EMI repayments have become easy through the ECS route due to management of National Payments Corporation of India (NPCI).

Loan Parameters What is the maximum loan amount I can get?

You can get a loan against property from a minimum of Rs. 5 lakh to a maximum of Rs. 10 crore. If you have any questions regarding loan against property, please feel free to call us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will be glad to assist you.

What documents are required to get a loan against property from IDFC FIRST Bank?

In order for us to process your application, we require a number of documents. Some documents must be mandatorily provided as per the Reserve Bank of India (RBI) guidelines.

The loan against property documents required is as follows:

  • Identity proof
  • Address proof
  • Income proof
  • Proof of educational qualifications (where applicable)
  • Age proof
  • Employment details
  • Bank statements
  • Details about the property that is to be mortgaged
  • Income tax returns, Balance Sheet and Profit and Loss Account Statement for past 2 years.
  • Bank Statements for the past 6 months

Does the property against which I am taking loan have to be insured?

Yes, in order for us to approve your application, you will have to ensure that the property you are mortgaging is insured for fire and other perils as is required by IDFC FIRST Bank. The insurance should provide coverage throughout the tenure of the loan and it is a requirement that you provide the proof of continued coverage each year or whenever you are requested to do so. Cost of insurance is to be borne by the owner/s of the property and not by IDFC FIRST Bank.

What is the loan against property sanctioning process?

After we have received your application, there is a process to sanction and disburse loan against property. Broadly the process followed is:

  • Application
  • Underwriting and verifications
  • Loan Sanctioning
  • Final documentation
  • Loan disbursement

How will my EMI be calculated?

Your EMI consists of two components, the principal amount as well as the interest rate charged on the principal. The factors that determine the EMI are the amount you borrowed, the rate of interest applied and the loan tenure. It is calculated by the Reducing balance method. Interest will be calculated on outstanding loan amount.

Can I pre-pay my loan?

Yes, you can make a pre-payment of your loan; this will help reduce your principal outstanding. For more details please feel free to contact us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will provide you with the necessary information relating to pre-closure and foreclosure.

What is pre-EMI interest?

Commencing from the date of each disbursement, pre-EMI interest is the interest that you need to pay on the amount that you have borrowed from IDFC FIRST Bank. This amount is calculated on a pro-rata basis till payment of the first EMI.

What is the EMI date offered by IDFC FIRST Bank?

The EMI date is the 2nd or 5th of every month. Please note that there is no alternative EMI date available.

How often do interest rates change?

MCLR of the Bank is announced on a monthly basis. EBR will change as and when RBI changes the Repo Rate.

Can I cancel my application after my loan has been approved?

Yes, you can cancel your application after your loan has been approved. However, we would deeply regret the loss of your patronage. Please call us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will help you with processing your cancellation request.

Didn’t find an answer to your question? I have a question that is not listed here; what do I do?

We will be glad to help you with any questions regarding the IDFC FIRST Bank loan against property. Please feel free to call our customer representative at 1860-500-9900 or email us at customer.care@capitalfirst.com. If you have a more pressing matter to discuss, feel free to visit any of our branches and speak to our customer representatives.

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Contact us

REGISTERED office:

IDFC FIRST Bank Ltd

KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India

Corporate office:

IDFC FIRST Bank Ltd

Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India

IDFC FIRST Bank Customers

Toll Free No - 1800 419 4332
Email - Banker@idfcfirstbank.com

Capital First Customers

Toll Free No - 1860 500 9900
Email - Customer.Care@Capitalfirst.Com

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