Urban Money

IDFC FIRST Bank Home Loan

IDFC FIRST Bank
4.5

Purchasing your dream home has become easier with top notch banking services offered by IDFC Bank. It gives you the finest home loan interest rates on housing finance and a large selection of properties. You can now apply for a home loan with IDFC online and take advantage of the lowest interest rates coupled with minimal documentation and speedy processing.

  • IDFC FIRST Bank
  • Home Loan
Loan Amount:₹1L - ₹5Cr
Interest Rate:6.5% - 14%
Processing Fee: Up to 3%
Tenure:30 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Easy Apply
IDFC FIRST Bank

6.5% - 14%

Up to 3%

₹1L - ₹5Cr

Tenure(1 - 30 Years)

Details

Features & Benefits of IDFC Home Loan

  • Customised home loans
  • Minimal Documentation
  • PMAY Scheme
  • Maximum Tenure
  • Lower Interest Rates
  • Loan Transfer and Top-up facility
  • Quick and Simple loan procedure

IDFC Home Loan Overview

Purchasing your dream home has become easier with top-notch banking services offered by IDFC Bank. It gives you the finest home loan interest rates on housing finance and a large selection of properties. You can now apply for a home loan with IDFC online and take advantage of the lowest interest rates coupled with minimal documentation and speedy processing. You may even track the status of your home loan after the completion of your application. The home loan eligibility criteria have also been expanded to make them more accessible. If you already have a home loan, you also have the option of easily transferring it!

With IDFC FIRST Bank, you get to live in your dream home.

Eligibility Criteria and Factors Affecting IDFC Home Loan Eligibility

To avail a home loan with minimal documentation you need to stick with below depicted home loan requirements:

For Self-Employed Individuals

Needs to be an Indian resident Must have an annual income of at Least  ₹1.5 lakh
Applicant’s age must fall within 23-70 years 12 to 300 months of loan tenure
Business continuity for at least 4 years

For Salaried Individuals

For Indian and Non-Indian residents Minimum annual income of  INR 1 lakh
Applicant’s age must fall between 21-60 years Tenure - 12 to 360 months
Three years of experience (Minimum)

IDFC Home Loan Fees and Charges

Applicable Charges Amount
Processing Fees Up to 3 percent of the loan amount
Charges on bounced EMI INR 400
Copies of submitted documents INR 500
Duplicate list of submitted documents INR 500
Duplicate NOC or No Due Certificate INR 500
MCLR to EBR type 0.5 percent of outstanding principal amount
Home loan rescheduling charges INR 300
EMI Pick-up INR 350
Cancellation charges and  Rebooking Charges 1 percent of the principal amount in addition to the interest component.

IDFC First Bank Home Loan Interest Rates 

A home loan might help you achieve your dream of purchasing a new house. With home loan interest rates starting at 6.50 percent p.a., IDFC FIRST Bank will assist you with a property loan. The IDFC FIRST Bank home loans are simple and feasible to acquire for every qualifying applicant due to the low monthly instalment, little documentation, and speedy processing. You can draw a maximum loan of INR 5 crores at the lowest possible interest rate. Along with the lowest interest rates, IDFC First Bank also provides the lowest EMI of INR 632 per lakh.

Employment Type Product Home  Loan Rate
For Salaried Applicant Home Loan 6.5 percent onwards
Home Loan Balance Transfer 6.5 percent onwards
Home Loan Top - Up Top-Up interest rate will be the same as balance transfer ROI.
For Self-Employed Applicant Home Loan 6.7 percent onwards
Home Loan Balance Transfer 6.7 percent onwards
Home Loan Top - Up Top Up interest rate will be the same as balance transfer ROI.

Factors Affecting IDFC Home Loan Interest Rate

The IDFC home loan interest rate is influenced by a number of factors. The following are the key factors that aid IDFC in establishing the interest rate on home loans secured by an applicant.

  • CIBIL/Credit Score: The three-digit CIBIL/Credit score is the foundation of any bank loan. A high score can help you acquire a low-interest IDFC home loan, whereas a low score can result in you paying a high-interest rate or having your loan application refused.
  • Loan Repayment Tenure: Because the home loan is a long-term borrowing, it is best to discuss the interest rate with the officials. Lower the repayment tenure, higher the EMI and lower the interest rate.Whereas, longer the repayment tenure, lower the EMI and higher the interest rate. 
  • Type of Interest Rate: There are three sorts of interest rates available for a house loan: floating, fixed, and blended. A variable rate of interest fluctuates in response to changes in the Reserve Bank of India's policy rate. IDFC FIRST Bank offers you home loans with a floating rate which are affordable.
  • Loan-to-Value Ratio: The LTV ratio refers to the percentage of the loan offered on the property. The higher the percentage, the bigger the loan the bank is willing to provide the applicant. Because of the additional risk associated in lending, bank home loan interest rates will be higher. By making a high down payment, you can lower the loan amount and get the best home loan interest rate.
  • Location of the Property: The resale value of a property in a premium location with all of the necessary facilities is higher than that of a property on the outskirts of town. As a result, banks offer lower-interest loans for properties with higher resale value, while charging higher interest rates for properties with lower resale value.

Documents Required for IDFC Home Loan

Following is the list of documents required for IDFC home loan:

  1. Valid Identity Proof such as Aadhaar Card, PAN Card or Voter ID
  2. Valid Address Proof like Aadhaar Card, and utility bills
  3. Valid Income Proof 
  • Salaried: Salary slip of last two months/ITR or Form 16/bank statement
  • Self-employed : ITR/ balance sheet/P&L statement/bank statements or CC statements
  1. Property Proof
  2. Photocopy of Sales Deed together with title documents
  • Allotment Letter or Possession Letter
  • No objection certificate

How Does the EMI Calculation Work for IDFC Home Loan?

To calculate the IDFC home loan EMI, enter specific details in the home loan EMI calculator or EMI formula. These details are loan amount, interest rate and repayment tenure. 

Enter these values in the EMI calculator and within seconds your monthly EMI will be calculated.

To calculate EMI manually count on depicted formula:

EMI = [P*R (1+R) *N] / [(1+R) N-1]

Where,

P represents Principal Amount, R represents Interest Rate, and N represents repayment tenure.

Balance Transfer IDFC Home Loan

IDFC First Bank offers FAST TRACK Home Loan Balance Transfer to support transfer of existing loans in minimal time. Count on IDFC’s Balance Transfer loans and unlock several amazing features such as:

  • Attractive rate of interest 
  • Loan Amount upto INR 2 crores
  • Repayment tenure upto 30 years
  • Legal Report Waiver
  • Balance transfer service available for from all NBFCs and banks
  • Top-up facility

IDFC Home Loan Customer Care Number

You can get in touch with the customer care executive by calling on their contact number  or via email.

Contact Number 1860 500 9900
Email ID [email protected]
[email protected]

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does IDFC provide home loans at the best rate?

Yes, IDFC provides home loans at a best interest rate starting from 6.5 percent.

What is the interest rate of home loan in IDFC?

For salaried employees home loan is available from an interest rate of 6.5 % onwards, whereas for self employed the starting interest rate is 6.7%.

Does IDFC check for CIBIL score for home loan?

Yes, IDFC First Bank takes CIBIL score into consideration to determine the best possible rate of interest for the loan applicant.

What is the maximum home loan amount I can get from IDFC First Bank?

At maximum, you can avail a home loan amount of INR 5 crores. IDFC offers the lowest home loan interest rate of 6.5% based upon certain factors such as cibil score, repayment history, financial stability, etc.

Can I take two home loans at a time?

Yes, you can have two home loans at a time, as there is no such law which barriers to servicing one loan at a time.

When does the loan repayment period start?

Loan repayment period starts from the very next month when your loan amount gets disbursed in your loan account.

Does IDFC have a fixed rate of interest on a home loan?

IDFC offers home loans at a floating rate of interest.

How to apply for a home loan in IDFC online?

You can easily apply for a home loan by visiting the official portal, clicking on the personal loan section, followed by apply now. Enter required details, and upload a few documents and click on submit. That is it you are done.

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