IDFC First Home loan interest rates start from 6.90% p.a. With these schemes, you can get a home loan up to a maximum of Rs 10 crore. There is a flexible repayment tenure of up to 30 years so you don’t even have to worry about your monthly EMI.
IDFC First Bank Home Loan Full Details
|Loan amount||5 lakh to 5 crore rupees|
|Rate of interest||6.90% to 8.50%|
|Tenure||Up to 30 years|
|Minimum EMI||Rs.659 per lakh|
|Processing fee||Up to Rs.10,000|
Key Features of IDFC First Bank Home Loan
The best features of IDFC First Home Loan are mentioned below:-
- You can get loan amount from minimum 5 lakhs to maximum 5 crores.
- IDFC First Home loan interest rates vary between 8.25% to 15.75% p.a.
- The processing fee is up to Rs 10,000.
- The maximum repayment period can be up to 30 years for salaried people and up to 25 years for self-employed people.
- The minimum EMI can be as low as Rs 751 per lakh.
- 8.25% interest rate is applicable for the tenure of 30 years.
Benefits of IDFC First Bank Home Loan
Following are the benefits of availing IDFC First Housing Loan:
- You can get a loan up to 90% of the cost of the property depending on your eligibility.
- IDFC First Bank Home Loans are available in more than 57 cities across India.
- One can avail interest subsidy up to Rs 2.67 lakh under PMAY scheme.
- There are a variety of innovative and competitive income and surrogate programs available to suit your needs.
- The processing of the loan is simple and hassle free.
- Minimum turnaround time
- Also offers pre-approved loans as per your profile, with zero hidden charges.
IDFC First Bank Home Loan Interest Rate
Given below is the IDFC First Home Loan interest rate:-
- Floating interest rate : 6.90% to 8.50% p.a.
- Fixed rate of interest : 11.45% to 15.75% p.a.
IDFC First Bank Home Loan Eligibility Criteria
IDFC First Home Loan eligibility depends on the following factors:
- Salaried, self-employed people, partnership firms, micro, small and medium enterprises can apply.
- The minimum age of the borrower should be 23 years or more at the time of availing the loan
- The maximum age requirement is 70 years at the time of loan maturity.
- Self-employed applicants must have a minimum of 3 years of experience in business with a positive net worth.
- Salaried persons should have minimum 3 years work experience.
- The applicant should have a clear payment record of past loans and statutory payments.
- The credit score of the applicant should be good.
Documents Required for IDFC First Bank Home Loan
IDFC First Home Loan documents requirement details are mentioned below:
|Type of document||Accepted document|
|Photo identity proof||Any: Aadhar Card/Passport/PAN Card/Voter ID/Driving License|
|Address proof||Any one: Aadhar Card/Ration Card/Passport/Bank Account Details/Driving License/Latest Utility Bill (Electricity Bill, Telephone Bill etc.)/Property Purchase Agreement (in case of owned properties).|
Proof of income
- Salary slip of last 2 months
- Income Calculation or ITR of the latest year along with Form 16
- ITR/Form 16 for last 2 years if bonus is considered in eligibility
- Bank statement of last 6 months showing salary credit.
- Repayment track or bank statement proof and loan sanction letter or amortization schedule.
Self Employed People:
- ITR with Income Calculation
- Balance Sheet and P&L Accounts
- Sales tax return or VAT return for the number of months not covered in the latest financial year.
- Credit card statement for the last 6 months
- Copy of contract order and Form 16A (only if income is from contracts)
- Bank statements for the last 6 months of the business account of the firm or company and the savings accounts of the individual borrower and co-borrowers (if income is being considered).
- Repayment track or bank statement proof, and loan sanction letter or amortization schedule.
Proof of business
- Shop establishment certificate
- Sales tax return or VAT return
- Landline or postpaid mobile phone bill (paid and not older than 90 days from the loan application)
- Business license or professional license (sales tax number, importer’s exporter code)
- Electricity bill (paid and not older than 90 days from the date of loan application)
- Registered / Notarized Rent Deed
- Property Registered Deed Property Allotment Letter by Government / Registered Societies
- Property papers (unregistered sale deed + GPA)
- Latest updated bank passbook / month details in the name of the borrower (CPV should confirm the same address)
Proof of property
- Photocopy of original sale deed
- Allotment letter/possession letter
- NOC and other documents from society as per legal report
IDFC First Bank Home Loan Charges & Other Fees:
Home loan in IDFC First Bank includes various charges, such as IDFC First Home loan processing charges, foreclosure charges, etc.:
|Processing fee||Up to Rs.10,000|
|Foreclosure fee|| |
|EMI bounce charges||Rs.400 per bounce|
|Charges for Repayment Instrument Swap||Rs.500 per change request|
|Fee for copies of documents/duplicate list of documents||Rs.500 per request|
|Default interest||2% per month|
|Duplicate NOC/NDC||Rs.500 per request|
|Cancellation of disbursement check||500 per cancellation|
|MCLR to EBR type||0.5% or Rs.20,000, whichever is less|
|Switch fees||Up to 0.5% of the outstanding loan amount (applicable for variable rate loans for conversion from MCLR to EBR).|
|Product conversion fee||Up to 0.5% of the outstanding loan amount (applicable for converting small loan to ordinary home loan).|
|Re-pricing fee||Up to 2% of the outstanding loan amount|
|Other statutory/mortgage construction charges, such as Stamp Duty, MOD, MoE, etc.||according to actual|
IDFC First Bank Home Loan Comparison with other home loan lenders:
|Home loan banks||Maximum loan amount||Maximum tenure||Rate of interest||Processing fee|
|IDFC First Bank Home Loan||Rs 5 crore||up to 30 years||6.90% to 8.50%||up to Rs.10,000|
|Axis Bank Home Loan||Rs 5 crore||up to 30 years||6.90% to 8.40%||1%, Minimum Rs.10,000+ GST|
|Citibank Home Loan||10 crore rupees||up to 25 years||6.65% to 6.90%||Up to Rs.5,000|
|RBL Bank Home Loan||10 crore rupees||up to 25 years||10.30% to 12.50%||up to 1.50%|
|Federal Bank Home Loan||Rs 15 crore||up to 30 years||7.65% to 7.80%||0.50%, minimum Rs.10,000 and maximum up to Rs.45,000|
IDFC First Bank Home Loan Balance Transfer & Top-up
If you already have an ongoing home loan from any other lender, you can switch to IDFC First Bank Home Loan with their Fastrack Balance Transfer facility. Following are some of the advantages of doing this:
- Additional top-up facility is available based on your repayment track record of the existing home loan.
- Balance transfer accepted from all banks, HFCs and NBFCs
- If you do balance transfer from Leading Bank or NBFC then get legal report exemption.
- attractive interest rate
- Top up loan amount is available up to 2 crores.
- Can be taken for a tenure of up to 30 years.
What is the IDFC First Bank Home Loan application process?
If you want to avail IDFC First Home Loan then you can apply online. The home loan application process of IDFC First Bank is as follows:
Application: You can apply for IDFC First Bank Home Loan by filling the online form through the bank’s website and the bank representative will get back to you. You can also do the same by visiting their branch.
Document submission: You can either visit any of the IDFC First branches to submit your home loan documents or ask their Relationship Manager to meet you for document collection.
Application and Asset Verification: A bank representative will contact you regarding the verification of your details and will schedule a personal discussion with you.
Disbursement: After your IDFC First Home Loan application and property is successfully verified and you are considered eligible by the bank, the bank will disburse the agreed loan amount to your bank account.
How to pay IDFC First Bank Home Loan EMI
The borrower can pay his IDFC First Home Loan EMI through any of the following modes: online or offline:
Electronic Clearing System (ECS): In case of ECS, you need to give a standing instruction to your bank to allow IDFC First Bank to auto-debit the EMI amount every month.
Post-dated cheques (PDCs): In case of post-dated cheques, the borrowers have to sign several check sheets in advance in favor of IDFC First Bank so that the bank can deposit them on the given payment dates. Sufficient funds should be kept in the account to be able to opt for the post-dated check facility as the payments made may come back if the borrower does not have enough money in his account every month.
Standing Instructions (SI): If you already have an account with IDFC First Bank, you can allow them to debit the amount directly from your account at the end of each month. This process is called standing instruction.
The borrowers have the additional option of changing the payment method, but they will have to visit the IDFC FIRST Bank branch to inform the bank about these changes. You need to request IDFC First Bank to make the change in payment mode.
Types of Home Loans offered by IDFC First Bank
IDFC First Bank home loan types depend on the purpose for which the home loan is taken, such as:
- Purchase of Ready-to-Move Property: Loan can be taken for buying a ready-to-move house/flat
- Purchase of Under Construction Property: You can avail a loan to buy a house/flat that is currently under construction.
- Self-construction: Loan can be availed for the cost of construction of your house.
- Composite Loan: This loan can be taken to buy a plot and build a house on it
- Plot Purchase: This loan is for those people who want to buy land or plot for their own use.
- Home Extension and Renovation: With this plan, you can choose to renovate or expand your existing home.
- Balance Transfer: If you wish to transfer your existing Home Loan outstanding amount from any other bank or financial institution to IDFC First Bank Home Loan, you can do so through the Balance Transfer facility.
- Top-up: This is an additional loan offered by the bank against your existing home loan amount, which helps you meet your personal monetary needs.
IDFC First Bank Home Loan FAQs and Answers (FAQs)
Question: Do I need to make a down payment for my home loan?
Ans: Yes, the borrower has to make a down payment for the home loan as IDFC First Bank offers LTV ratio up to 90% of the cost of the property. You will have to arrange the remaining 10% yourself.
Question: Do I need to visit IDFC First Bank branch to avail home loan?
Answer: No, there is no need to visit any IDFC First Bank branch to apply for the loan. You can apply for a home loan online through their website or mobile application (which can be downloaded from Google Play and Apple App Store).
Question: Do I need a co-applicant to apply for IDFC First Home Loan?
Answer: No, it is not mandatory to be a co-applicant to apply for IDFC First Home Loan. However, applying for a loan with a co-applicant can increase your eligibility for the loan.
Question: Does IDFC First Home Loan require a guarantor?
Answer: No, IDFC First Home Loan does not require a guarantor.
Question: Does the bank do any verification to assess my eligibility for a home loan?
Answer: Yes, the bank does some verifications to assess your eligibility for the loan. Their team will discuss with you over the telephone or in person to collect certain information in order to process your application. They also check your residence address (as mentioned in your KYC documents), your office address and some additional checks to approve your loan request.
Question: Is the home loan interest rate in IDFC First Bank fixed or floating?
Answer: The bank offers both fixed and floating home loan interest rates to the customers.
Question: What is the maximum loan amount I can get under IDFC First Bank Home Loan?
Answer: You can get up to 90% of the value of the property (minimum Rs 5 lakh and maximum Rs 5 crore) depending on your eligibility.
Question: Does the change in interest rate have any impact on the home loan amortization program?
Answer: If you opt for a floating interest rate home loan, the repayment tenure will be affected. EMI can be changed only on the request of the customer.
Complete details of IDFC First Home Loan have been told in this post. What is the interest rate of IDFC First Home Loan? What are the documents required for IDFC First Home Loan? What is the eligibility for IDFC First Home Loan? How to apply for IDFC First Home Loan? What is the IDFC First Home Loan customer number? Everything is explained in detail.