Home Loan Against Property

Loan Against Property

  • Loan amount from Rs 5 Lakhs to Rs 10 Crores
  • Eligibility of up to 90% of property market value
  • Loan tenures of up to 20 years
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Loan Against Property Features & Benefits

A loan against property or a mortgage loan from IDFC FIRST Bank is a convenient way to fund your business or meet your personal needs. You can be self-employed or a salaried person to secure a mortgage loan. IDFC FIRST Bank can help unlock the hidden value in your property to offer you a loan against property. Here are some features.

Loan for all Needs

With the IDFC FIRST Bank mortgage loan, you can borrow as little as Rs. 5 lakhs to as high as Rs. 10 crores. You may seek the loan either to capitalise and boost your business or for your personal purposes.

We consider your property’s
market value

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.

Loan Options

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

Loan against property to SMEs

  • IDFC FIRST Bank provides loans against residential property and commercial property to Small and Medium Enterprises (SMEs)

Loans for property

  • IDFC FIRST Bank sanctions loans for purc- hase 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.

We provide products which are tailored to meet your requirements; in addition, insurance options for property are available at competitive and attractive premiums from IDFC FIRST Bank.

Loan Against Property Eligibility Criteria

IDFC FIRST Bank offers loan against property to individuals and businesses. In order to establish if you meet our loan against property eligibility, we have stipulated simple parameters. You can get a loan against property for business in order to expand capacity or for meeting capital needs of your enterprise. Here are some basic eligibility criteria

  • Salaried and Self Employed Professionals
  • Sole Proprietors, Partnership Firms, LLP and Private Limited Co.
  • Minimum age requirement is 23 years at the time of taking the loan and maximum 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.

Loan Against Property EMI Calculator

Just input the loan amount, the interest rate and tenure, and you can find out the instalment amount instantly. IDFC FIRST Bank loan against property calculator is the simplest way there is to know your EMI amount on your LAP.

 

Loan Amount

Interest Rate (In Percentage)

Tenure(In Months)

Your EMI

0

 

Apply For Loan Against Property

Loan Against
Property Online:

You can apply for IDFC FIRST Bank’s loan against property online. Just fill up the simple application form on our website to get started.

Interaction with
Relationship Manager

Once you apply for a mortgage loan through our website, we will verify the same and schedule a personal discussion to know your requirement in detail.

Verification

Post receiving your application for loan against property and having a personal discussion, we will inspect the property.

Unlock the capital
in your property

On processing your loan application, we will disburse your loan amount through a direct credit into your bank account.

Loan Against Property Documents

The documents required to apply for IDFC FIRST Bank’s loan against property are easy to obtain. It’s best to gather all 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
  • Driving License

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

  • Passport
  • Bank Account Statement
  • Aadhaar Card
  • Driving License
  • Electricity Bill
  • Telephone Bill

Property Document ( Self-attested copy of any one document* )

  • Copy of original sale deed
  • Allotment-possession letter
  • NOC from Society

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

  • Latest ITR
    Latest form 16
    Latest salary slip/certificate
    Bank details with last 6 months salary credited
    Latest Audited Financials
    Business Proof -Qualification Certificate/Certificate of Practice(COP)
    Shop Act License/MOA & AOA/Sales TaxNat registration I Partnership Deed

*Requirement of loan against land documents might vary according to the scheme chosen. IDFC FIRST Bank may require additional loan against property documents which will be intimated to you while processing your application.

You are in good company

Our customers just love us..

I took a loan against my property from IDFC FIRST Bank and I needed more money for my business' expansion. On the same property, I got a top-up loan just basis my good credit history with IDFC FIRST Bank. They never asked me for more collaterals for the extra amount. It was all about trust. Thank you IDFC FIRST Bank for trusting on me and my business motives.

Mohd. Qadar
Chennai

For expanding my business, I wished to take a mortgage loan but with the property I had, I wasn't getting a good rate and amount from any bank. It was when I met a IDFC FIRST Bank representative that my problem got resolved and I was provided a good amount of loan against my property.

Ranveer Kumar
Jaipur

There are certain areas in the city where banks never lend money against properties. Mine was situated at such a place and I was in an urgent need of cash for medical emergencies. I heard about IDFC FIRST Bank from my relative and approached them for a mortgage loan. It took only a week's time, and I got the money in my bank account. Thanks IDFC FIRST Bank.

Jigar Shah
Ahmedabad

Questions? We are happy to help you

About Loan against property

1. 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.

2. 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
.

3. 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.

4. 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.

5. 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

6. 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).

7. 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.

8. 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.

9. 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.

10. 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

11. 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.

12. 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.

13. 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

14. 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.

15. 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

16. 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.

17. 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:
  1. Identity proof
  2. Address proof
  3. Income proof
  4. Proof of educational qualifications (where applicable)
  5. Age proof
  6. Employment details
  7. Bank statements
  8. Details about the property that is to be mortgaged
  9. Income tax returns, Balance Sheet and Profit and Loss Account Statement for past 2 years.
  10. Bank Statements for the past 6 months

18. 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.

19. 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

20. 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.

21. 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.

22. 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.

23. 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.

24. How often do interest rates change?

We examine the interest rate situation periodically and make a decision regarding re-pricing. Interest rates change based on external and internal factors such as PLR as well as the cost at which IDFC FIRST Bank acquires funds.

25. 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?

26. 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.

*Terms and Conditions Apply

Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank