What collateral will I have to provide for getting an IDBI Bank Loan Against Property?
The equitable mortgage by the memorandum of the entry (first mortgage of your property) will be your security for the loan. This will be financed in the normal way of depositing title deeds or similar collateral security as and when required. The property used to avail a loan must not be vacant land. The loan will only be approved if the property has an approved map plan and falls within a municipal area.