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IDBI Bank Loan Against Property

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IDBI Bank Loan Against Property

For any major requirements such as funds for business plans, higher education or medical treatment etc, getting a loan against property could be a feasible option to manage the situation. Understanding the scenario, IDBI Bank, one of the leading banks in India, allows you to pledge your property to meet the goals or requirements.

Obtaining a IDBI Bank loan against property is simple as the process is quicker and approvals are done faster. With flexible repayments, this loan is preferable and affordable by all.

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Key Highlights of IDBI Bank Loan Against Property

Loan AmountLoans up to Rs.10 crore
EligibilitySalaried or Self-employed
Loan TenureUp to 15 years
Interest RateUp to 12%

What is Loan Against Property?

Loan Against Property is taken to meet the financial needs of an individual using mortgage of property. This is also known as ‘Home Equity Loans’ as taken against the security of the house you own. The funds obtained from the mortgage can be used to expand your business, pursuing education in foreign universities, funding medical treatments, for consolidating debts etc.

Introduction to IDBI Bank Loan Against Property

IDBI Bank, one of the leading private banks in India, offers loans against your residential or commercial property. The borrowers can get funds up to 60% value of the property from IDBI Bank loan against property. With customised loan options, IDBI Bank provides competitive interest rates and flexible repayment options.IDBI Bank loan against your home could be the perfect solution for all your financial needs as the approvals are done in 3 days. Door-step services are offered, and the loan processing is done quickly and easily.

Advantages of IDBI Bank Loan Against Property

  • Long tenure with small EMIs
  • Attractive interest rates
  • Hassle-free documentation
  • Quick processing
  • Loans for both commercial and residential properties

Features of IDBI Bank Loan Against Property

Purpose: The main objective of IDBI Bank loan against property is to provide finance to individuals who have various financials goals and requirements. Both residential and commercial properties are accepted by the bank as collateral.

Loan Amount: The borrowers can get up to Rs.10 crores at attractive interest rates.

Repayment Options: The customers can opt for low EMIs and longer tenure or overdraft facility on IDBI Bank loan against property.

Loan Processing: No hidden charges are levied on processing the loan and all the charges are communicated up front.

Customised Loan: One of the major benefits is that self-employed professionals can get their loans customised based on their needs. This is to facilitate better easy repayment and manage their business as well.

Prepayment charges: Are levied for outstanding loan amount and it can be done only after six months of taking the loan.

Processing Fee: 1% of the loan amount are levied for processing the loan and all the charges are communicated up front

Overdraft Facility: You can avail overdraft facility against property which allows you to use the loan amount up to an approved limit and pay interest only to the amount you have used.

Eligibility Criteria for IDBI Bank Loan Against Property

To apply for a IDBI Bank loan against property, you must be either a self-employed professional or a salaried employee working in a reputed private company or government organisations.

IDBI Bank Loan Against Property Interest Rate 

The rate of interest for IDBI Bank loan against property ranges from 11% to 12%

IDBI Bank Loan Against Property Balance Transfer

The customers can transfer the loan against property from another bank to IDBI Bank for Lower interest rate.This can significantly reduce the loan burden and monthly outgo on EMIs.

Documents Required to get IDBI Bank Loan Against Property

The documentation is easy and hassle free. The following documents are required to get IDBI Bank loan against property along with the application.

For Salaried Individuals

Application form with photograph

Any one of the following as proof of residence

  • Aadhar card
  • Ration card
  • Telephone bill
  • Electricity bill
  • Voter ID card

Any one of the following as proof of identity

  • Voter ID
  • Driving Licence
  • Aadhar card
  • Employer’s ID

Bank statement of last 6 months where you can show your salary or income details

Salary slip of last 6 months

Photocopies of all documents related to the property that you are going to pledge for the loan

From 16 for the past 2 years

For Self-Employed Individuals

Certified financial statement for the previous 3 years

Any one of the following as proof of residence

  • Aadhar card
  • Ration card
  • Telephone bill
  • Electricity bill
  • Voter ID card

Any one of the following as proof of identity

  • Voter ID
  • Driving Licence
  • Aadhar card
  • Employer’s ID

Bank statement of last 6 months where you can show your salary or income details

Salary slip of last 6 months

Photocopies of all documents related to the property that you are going to pledge for the loan

Benefits of IDBI Bank Loan Against Property

Using the funds acquired from IDBI Bank loan against property, you can fulfil your immediate and long-term needs such as business needs, marriage, medical expenses and other personal needs. The repayment is easy as you can get long tenure with small EMIs at attractive interest rates. The documentation is easy and hassle free and processed quickly. With the overdraft facility, the customers can pay interest to the amount you have used. The customers can avail the services from anywhere in India.

How to Apply for IDBI Bank Loan Against Property?

Applying for a IDBI Bank loan against property is simple. You can either apply online or visit a nearby IDBI Bank branch.

Applying Online

You can visit the official website of IDBI Bank and select ‘Apply Now’ option under ‘Loan Against Property’ page. It will be directed to another page where you need to fill up the personal and income details. After completing the application form, you can submit it which will be validated by the lender. A representative from the bank will call you for documentation following which it will be sent for approval.

IDBI Bank Loan Against Property FAQ

1. What are that properties that can be considered as collateral for IDBI Bank loan against property?

Self-occupied residential properties and commercial properties such as shops and offices are considered collateral.

2. What is the maximum loan amount I can get from IDBI Bank loan against property?

You can get up to Rs.10 crores as the loan amount.

3. Can I pre-close my loan against property account?

Yes, you can. You need to submit a written request to the nearest IDBI Bank branch to close your account. You may have to pay a small fee as penalty while prepaying. However, it differs based on the loan amount and interest type.

4. Can I make part-prepayment on IDBI Bank loan against property?

Yes, you can make part-prepayment and no charges are levied on floating interest type.

5. How can apply for IDBI Bank loan against property?

You can either apply online or visit the nearby IDBI Bank branch or through CreditMantri official website.

6. Will I be charged a penalty for not paying my EMI on IDBI Bank loan against property?

Yes, you will be charged as per norms on the EMI amount as penalty.

7. Can I get overdraft facility against my property?

Yes, you can avail overdraft facility against your property as a term loan. .

8. What is the interest rate range to avail IDBI Bank loan against property?

The interest rate ranges between 11% to 12%.

9. What is the processing fee on IDBI Bank loan against property?

The processing fee is up to 1% of the loan amount are levied for processing the loan and all the charges are communicated up front

10. Can I top up the IDBI Bank loan against property?

Yes, you can top up loans under adjustable rate which is linked to IDBI Bank’s retail prime lending rate.

11. Can I get IDBI Bank loan against property without any income proof?

No, you cannot get it without showing income proof.

12. In what cities IDBI Bank loan against home and land available?

IDBI Bank loan against property is available in bangalore, Chennai, Mumbai, Kolkata, Pune etc. The loan can be availed after submitting land or home documents to the bank as collateral.

About IDBI Bank

IDBI Bank is an Indian government-owned financial service company, formerly known as Industrial Development Bank of India, headquartered in Mumbai, India. It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. IDBI is currently the 10th largest development bank in the world in terms of reach, with 3700 ATMs, 1995 branches, including one overseas branch at Dubai, and 1382 centers.

Customer Reviews

5 / 5 (1 Reviews)
5 Feb 2019

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