IDBI offers a special loan scheme wherein the customers can avail loans against property. IDBI loan against property comes with interest saver. The loan amount can be used for business purpose, education needs and many other personal expenditure. There is no restriction on what the loan amount can be used for. The loan is available for salaried and self-employed professionals and non-professionals.
Features of IDBI Loan against Property
Listed below are the features of IDBI loan against property scheme.
- The loan is sanctioned against existing property owned by the applicant.
- The loan can be used for any purpose ranging from business expenditure to education needs.
- Competitive rates
- The loan comes in three options- Regular, interest saver and overdraft.
- The loan account is linked to the applicant’s Flexi Current account with the bank.
- The loan is available for salaried, self-employed professionals and non-professionals residing in India.
- High loan amounts up to Rs.10 crore
- Loan tenors up to 15 years
- The loan can be applied for online
- Easy and hassle free application process
- Dedicated team of customer service
Benefits of IDBI Loan against Property
Listed below are the benefits of IDBI loan against property.
- High loan amounts- The bank offers high loan amounts up to Rs.10 crore for its IDBI loan against property.
- Long tenor-The loan comes ta high tenor periods of up to 15 years.
- Utility-The loan can be utilised for any personal expenditure and there is no restriction on it.
Eligibility criteria for IDBI loan against property
Listed below is the eligibility criteria for IDBI loan against property.
- Available for salaried individuals and self-employed professionals and non-professionals.
- The applicant should be the owner of the property being mortgaged.
Fees and charges for IDBI loan against property
Listed below are the fees and charges for IDBI loan against property.
- Prepayment charges- No prepayment charges after six months of final disbursement. Prepayment charges of 2% on principal outstanding amount is applicable within six months of final disbursement.
- Processing fee- Up to 1% of the loan amount.
IDBI loan against property interest rate
- IDBI Regular loan against property interest rate- 11.25%
- IDBI Loan against property with interest saver interest rate- 11.50%
How to avail IDBI loan against property?
It is very easy to avail IDBI loan against property schemes. One can apply for it online through the bank’s official website or visit one of the bank’s branches. The applicant can also apply for the loan through third party financial websites.