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IDFC Bank Loan against Property (Small Segment)
A loan against property (LAP) from IDFC First Bank is available for up to 80% of the value of your property. The interest rate on an IDFC loan against property for 2024 is reasonable, starting at just 10% annually. You can apply for customized mortgage loans against residential, commercial, or industrial plots and pay them back over a flexible period of up to 25 years in manageable, equal monthly installments.Powered By
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IDFC Bank Loan against Property (Small Segment)
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Here are a few factors
| Location | 50km from Branch |
| CIBIL Score | Minimum
Applicant CIBIL Required-690+ If Co-applicant CIBIL is>700, then applicant CIBIL may be taken 600+ with Justification |
| Applicant | Any Salaried or Self Employed |
| Applicant Age | (i) Salaried-21 Year to 63 Year (ii) Self Employed-21 year to 75 year (with Co-applicant) |
| Loan Amount & Tenure | (i)
Salaried-5 Lac-75 Lac (ii) Self Employed-10 Lac-75 Lac (iii) Tenure- 5 year to 20 Year ( If ABB is good than upto 25 Year) |
| Login Fees | 2500 |
| Rate of Interest & Type | (i)
Suvidha-10.50% to 13% (Reducing) (ii) CBVL Program-15% F(Reducing) |
| TAT | Within 4 Days |
| Processing Fees | (i)
Suvidha-1%-1.75% (ii) CBBL Program-1%-2.50% |
| Foreclosure Charges | Upto 4% |
| Insurance | 1% to 2% |
| Minimum Business Vintage | 2 Year |
| Lock In Period | After 1 month |
| Part Payment Allowed | 20% in a year |
| LTV | (i)
Residential-80% (ii) Commercial-70% (iii) Industrial-65% (iv) Approved
Plot-50% (iv) if residential property is rented then LTV will be 10% lower (v) If Commercial/Industrial Property Purchase/rented then LTV will be 10% lower (vi) If Property is vacant than above LTV will be 20% lower |
| Product | (i)
Fresh Loan (ii) BT+Topup (iii) Commercial & Industrial Purchase (iv)
Seller BT (v)Auction Purchase with Litigation Certificate (vi) DOD Product |
| Program | (i)
Income Program-75Lac (ii) LIP Program- 15Lac (iii) Without ITR-75 Lac (iv) Banking Product-75 Lac (v) Cash Rental-50 Lac (50% FOIR) |
| FOIR | (i)
Salaried:Salary<70K-60% of Net Salary,If Salary>70-1Lac 70% of Salary ,
>1 Lac-80% of Salary (ii) Self Employed: 100% of Income |
| Cautious Profile | No Cautious Profile |
| Negative Profile | (i) Advocate (ii) Police (iii) Politician (iv) DSA (v) Liquor Seller |
| Funded Property | (i)
Residential Property (ii) Commercial Property (iii) Industrial Property (iv)
Approved (vi) Khasra-Khatauni Property (vii)Leasehold Without PTM (viii) Legal & technical not clear (ix) Sub-divided Property (x)Without MAP Property (xi)Subject to Sale Deed (xii) Regularized Colony (xiii) Basement (xiv) Multi Tanented Property upto 50 Tanent (xv) Bachha Flat (xvi) School (xvii) Hotel & Restaurent (xviii) Hospital & Nursing Home (xix) Godown & Warehouse (xx) Unapproved Freehold Property (xxi) Unapproved 4th & 5th Floor (xxii) SIngle Sale Deed (xxiii) Stone Slab |
| Negative Property | (i) Gram Panchayat (ii) Demolition List Property (iii) PM Uday Property (iv) GPA Property |
| Accepted Collateral | Other than Negative |
| Specific Property wise Funding Limit | (i)
Khasra-Khatauni Property-25 Lac (ii)Leasehold Without PTM-25 Lac (iii) Legal
& technical not clear-25 Lac (iv) Sub-divided Property-25 lac (v)Without MAP Property-25 Lac (vi)Subject to Sale Deed-25 Lac (vii) Basement-25 Lac (viii) Multi Tanented Property upto 50 Tanent-25 Lac (ix) Bachha Flat-25 Lac (x) Unapproved 4th & 5th Floor-25 Lac (xi) Unapproved Freehold Property-25 Lac (xii) Single Sale Deed-25 Lac (xiii) Stone Slab-25 Lac |
| Any Specific Product for Professionals | No |
| USP | (i)
Funding to dominated Area Applicant (ii) Without ITR funding upto 75 Lac (iii) Funding on unapproved property (iv) Loan Tenure upto 25 Year |
| Additional | On all Specific Property Loan will be CBBL Program(Collataral Base Business Loan) |
Required Documents for Salaried
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KYC of applicant & Co-Applicant
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Last 3 Month Salary Slip of Applican
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Statement of existing Bank account for last 12 monthsLast 12 month Bank Statement of applicant & co-applicant
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Last 3 year ITR with computation of income of applicant & co-applicant
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Last 2 Year Form 16 of applicant
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26AS of last 2 year of applicant & co-applicant
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Appointment letter of applicant if available
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Agreement to Sale if purchase case
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Property Paper with complete chain of last 13 years
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LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
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Sanction letter of all running loan
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Latest utility Bill if owned residence or rent agreement if rented
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2 Reference with contact details
Required Documents for Self- Employed
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KYC of applicant & Co-Applicant
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Last 3 year ITR with computation of income of applicant & co-applicant
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Last 3 year audited balance sheet of applicant
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Last 3 year Tax audit report of applicant
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Last 12 month Bank Statement of applicant & co-applicant
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26AS of last 2 year of applicant & co-applicant
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Copy of GST registration
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Copy of MSME registration
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Copy of Last 12 month GST return
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Agreement to Sale if purchase case
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Property Paper with complete chain of last 13 years
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LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
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Sanction letter of all running loan
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Debt Sheet
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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2 Reference with contact details
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Last 3 year Debtors & Creditors on letterhead
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List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
About IDFC Bank Loan Against Property
IDFC Bank LAP is one type of secured loan that you can take out against property (LAP). Owners of businesses and those working independently may apply for this loan by placing their assets as security. Because the approved amount is determined by the property's appraisal, it has a reduced interest rate. Compared to other loan types, consumers can get a larger amount because the collateral is either residential or commercial property.
IDFC Bank Customer Support
FREQUENTLY ASKED QUESTIONS
Can I apply for LAP with others, and if so, who else does this on my behalf?
It is possible to apply for LAP jointly with your partner, parents, or kids. All co-owners of the property must also declare themselves as co-applicants.
When can I expect to obtain my certificate of income tax?
The I-T certificate is given to all clients by IDFC Bank in their welcome kit, and you can also get a provisional certificate at any time throughout the year.
What kind of property is eligible for LAP?
Yes, any type of property—commercial, residential, or industrial—may be utilized to obtain a loan secured by it.
What maximum tenure does IDFC Bank offer for its LAP?
IDFC Bank offers a maximum 25 years for its LAP.
Is Gram Panchayat Property allowed for IDFC small segment Loan Against Property?
No, Gram Panchayat Properties are not allowed.
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